If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Get your car loan quote in just seconds
    We need a little info to see if you qualify for discounts.
    • I live in & work in .
      I make Rs. per month.
      I have to drive a
    • on my ride.
    23,000,000+ Happy Customers with loans & cards
    YOUR SEARCH ENDS hERE
    Compare multiple options and choose the one that best suits you

    Compare the best car loan offers in town and locate the lowest rates!

    Over 25 offers to compare!

    This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

    Breaking down offers

    We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

    Cheaper than dealer

    There's a good reason why thousands of customers choose BankBazaar- we're cheaper than most dealers. Best part- by applying here, you can get the lowest rates AND still demand all those freebies from your car dealer!

    Why apply online?

    You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

    Done comparing! Now what?

    We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

    Still have a gazillion questions?

    Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

    We'll connect you to the bank

    We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

    Landing Previous Arrow
    Have a question? Leave your email here Thank You! Sorry! That looks invalid. Please try again.
    loading
    Bankbazaar Car Loan - Overview

    We found 34 Car Loan - Overview
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.90% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 10% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free 100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 15.5% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.80% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
     Loading your search... Loading your search...
  • Car Loan Reviews

    • Bank Bazaar Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      My experience with Bankbazaar was actually good. They were immediate to contact me and inform me the details. The Chennai office was very efficient as they also followed up right through the process. The website is also good and very much comfortable to use.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      The formalities for my car loan was completed on time and I also got the loan on time as well. HDFC Bank has done a good job and the experience is perfect. I have taken a MARUTI SUZUKI SWIFT. The interest rate was around 9% and the processing charge was normal.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The process at Bankbazaar was good and it was a on time process. The website is also user friendly and the details on the site is very much clear. It is simple so any customer can get understand and follow. There were follow up calls as well till the end.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Very good services"
      0.5 4.5/5 "Excellent!"
      HDFC Bank has offered me a car loan and the process was on time. The interest rate was of 8.5% and the processing charges was minimal. The customer support was good and the documents was collected on time and there were updates provided as well.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      The services from Bankbazaar is good and there are no hassles to get my loan through. The team contacted me and explained all the details clearly. The website is very clear and it has very useful details. It is very informative and supportive to any customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I am happy with HDFC Bank for the car loan services. Since I changed the model there was some delay in the process. I was to take MARUTI SUZUKI IGNIS SIGMA and then I went for Grand I10. The interest rate and processing charges was normal. I got a rate of 8.5%.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Good. Can do better"
      0.5 5.0/5 "Blown Away!"
      The customer service was on time and they contacted me initially and also processed my details to the bank. But it would have been better if the updates are matching with the process of the bank. I received an email update that my loan was approved after my loan was disbursed and I got the vehicle.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Awesome experience"
      0.5 5.0/5 "Blown Away!"
      It was an awesome experience at HDFC bank and the executive Mr. Sai done a excellent job and completed the whole process in a jiffy. I am also satisfied with the rate of interest and processing charges. It was a very fast and fantastic process. They have done a great job.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Another product I bank with is the car loan with HDFC Bank. The process was immediate and the loan disbursed was also good. I been banking with them for long and there are no issues with the bank. They have always done the best of services and they are very responsive.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The website is good and very much easy to browse through, all the details are mentioned in one single page Bank bazaar was very professional in the customer services. The response was on time and they followed up very well right through the process overall good service
      Was this review helpful? 0
      , pune
      Reviewed on Sep 23, 2017
    • TVS Credit Services Car Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      The process and services were good at TVS credit services. The executive came over and collected my documents on time and processed my details for the car loan. But they are very high on the interest rate and processing charges. I got a rate of around 20% and I would recommend them
      Was this review helpful? 0
      , pune
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Fantastic services"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience with Bankbazaar. The customer support is great and their follow up calls is also up to the mark. The website is good and there are no hassles in the details as it is transparent. The response was always prompt when ever I reached out to them.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      It was a great experience at HDFC Bank and I got the car loan within three days. A very fast and convenient process. The loan was also as expected and the rate of interest was around 8.5%. The processing charges was also normal. The after loan services are also good.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The process at Bankbazaar was great. It was a very nice experience overall. The team followed up well and the response was prompt. The website is good and very user friendly and it was easy to follow up very much supportive to check the bank offers.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      The services at HDFC Bank is good. The response is also on time and the document collection as well. The rate of interest was around 8.75% which is on the higher side and the processing charges is also high on the car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar was perfect, they done their job well as a mediator. The customer support is good as they contacted me immediately after my registration online and informed me the details very clearly. The website is also good and very much informative.
      Was this review helpful? 0
      , bareilly
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Poor services"
      0.5 1.0/5 "Really Bad"
      It was a very poor experience with HDFC Bank for the car loan. Though I got the loan processed on time. The very first EMI payment has not been up to the mark. Since my personal bank stopped the payment due to the KYC not being updated, though it was. I went up to the HDFC Bank count and paid the emi at the counter. The counter has not updated my payment and due to which the cheque was bounced. I had to pay the penalty charges though I made the payment on time.
      Was this review helpful? 0
      , bareilly
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      The website is good at Bankbazaar and the customer services they provided was on time. There were a number of follow up calls. The details was clearly conveyed and the details on the site is also simple and easy to understand and follow. Satisfies overall.
      Was this review helpful? 0
      , varanasi
      Reviewed on Sep 23, 2017
    • HDFC Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I am pretty happy with the services of HDFC Bank. They have done a good process for the car loan. The customer services are good and the response was on time. The loan letter is also sent on time. I got the rate of interest of 9%. The processing charges is also normal.
      Was this review helpful? 0
      , varanasi
      Reviewed on Sep 23, 2017
    • Bank Bazaar Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The team at Bankbazaar has done a good job and the overall process was swift and easy. They contacted me on time and informed me the details and was very proactive in forwarding my information to the banks. They followed up on a regular basis as well.
      Was this review helpful? 0
      , nasik
      Reviewed on Sep 23, 2017
    Common Loader Icon
    Car Loan - Overview is Rated as "Great!" by 30234 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Car Loan - Overview

    You're eligible for a Car Loan if you:

    01
    02
    03
    04

    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck


    Your eligibility depends on

    01
    02
    03

    Earn more than minimum income
    required

    Loan capped @
    85% Ex-Showroom price

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 7 years


    Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary - slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Car Loan Interest RatesUpdated on 24 Sep 2017

    Car Loan Details
    Interest Rate (Monthly reducing balance) 8.60% to 16.25%
    Processing Fees Varies with bank
    Loan Tenure 1 year to 7 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    Car Loan - Overview

    Car loans are the simple means to a glorious life milestone- owning your dream car. Almost all of us want to own that shiny set of wheels and drive it triumphantly, into the sunset. However, owning a car (vehicle in general) in India is a costly proposition, one that usually demands the impetus of a sizable financial assistance from banks/ financial institutions that have dedicated loan products in this regard. Almost all private/public sector lenders in India offer car loan options with terms and conditions that are highly customer friendly, affordable and scalable. By qualifying against a very simple list of identity, income and credit history qualifications, you can be the proud owner of your own brand new car.

    Apply for Car Loan Online

    Good news for potential new car buyers!!!

    Repo Rate will have a proportional effect on EMIs that are paid to repay a car loan borrowed from a lender .Banks and lenders are now working on festive season schemes which can be offered on home car loans. Individuals who have been waiting for the opportune time to purchase a loan will not have to wait any longer. Capitalize on these festive offers to avail car loans at lower interest rates.

    Why Choose a Car Loan?

    Choosing a car loan in India has two distinct reasons and advantages. Firstly, cars are expensive. This is a costly investment that is usually not completely affordable in the case of a typical middle class Indian. While his/her savings may account for a sizable portion of the purchase amount of the vehicle, a significant portion of the aforementioned purchase must be covered by the amount as provided by the car loan. Secondly, massive purchases (such as buying a car) with liquid cash could get you on the IT department’s radar, plus, you lose the chance to build up crucial credit history by subscribing to a car loan and religiously adhering to the repayment cycle. The credit history thus built, will help you procure more loans in the future. Hence, car loan in India are the surest and safest way to purchase your ideal vehicle.

    Car Loans - Features and Benefits

    When it comes to car loans in India, in general, the following features and benefits are freely offered. Note that, the following is a generalized look at the advantages offered by car loans in general. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.

    • Helps you purchase a better car than the one available in your budget. While this may not be a rule, it holds true for a vast majority of car purchasers in India.
    • Allows you to procure a vehicle quickly- without spending too much time arranging for the money through the time tested concept of ‘saving for it’.
    • Helps you manage the cost of purchase of the new car by spreading it across a longer duration of time. Thereby, this keeps you in control of your spending and makes the car much easier to pay for.
    • Most car loan offerings in India are secured loans, meaning, the car serves as the security/collateral for the loan. This poses little financial risk for you- at worst, you default on the repayments and lose the car, plus your credit score is damaged to smithereens. However, you do have a measure of control over the proceedings. PS- Don’t default on your car loan EMIs.
    • Procuring a car loan is usually simpler as compared to other loan products. Individuals with slightly unsavory credit scores can also hope to nail one down. However, this option differs from bank to bank.
    • Car loans in India often utilize the fixed interest rate option when it comes to repayment via EMIs. This means, you are always assured of a fixed amount that needs to be repaid on a monthly basis. This takes the surprise out of the financial planning that goes into the car purchase process. Thank god for that!!
    • The actual maximum loan amount depends on the vehicle to be purchased and varies from bank to bank. Mostly however, this is 100% of the vehicle’s on-road price. The repayment tenure usually stretches from 5-10 years and offers different interest scales for different tenure slabs.
    • Most importantly, a car loan helps you buy your dream car. Aside from being a purely transport option, the car serves as a confidence booster and your means to assert the hard earned financial freedom.

    Car Loan - Why Apply with BankBazaar.com?

    BankBazaar.com is an online aggregator of car loan products as offered by banks and other financial institutions across India. Perceptively, checking out and applying for a car loan on this customer friendly website offers the following unbeatable advantages-

    • Comprehensive List of Car Loans

      Browse through and get all the information about the most popular car loans available in India. Having so many options before you allows for informed decision making, based on the analysis of the various features, pros and cons offered by the car loans.

    • Compare and Select

      Breeze through all the car loan options before you and select the one that best satisfies your requirements and respects your limitations. Traditionally, this step would entail a lot of running around and enquiries, however, BankBazaar.com turns this into an intensely informative, interactive and private affair that could be completed from the comforts of your home or office.

    • Check your Eligibility

      A simple and interactive wizard helps to ascertain your qualification for the car loan and throws up the best options in line with your requirements. This saves time and cuts out the middlemen.

    • Easy Application Process

      Applying for a car loan on BankBazaar.com is as simple as simple can be. After selecting your car loan and furnishing some essential details on the website, the process is taken over by the bank offering the car loan. Save on all the leg-work, get your car loan with a few clicks on the computer mouse.

    • Robust Customer Support

      Have a query or concern with regards to the car loan in question? The expert customer support team from BankBazaar.com is always at hand to sort all your issues. Procuring that ideal car loan was never more simpler.

    • 100% Free

      Making use of the various offerings from BankBazaar.com, including friendly tools like ‘Car Loan EMI Calculator’ is completely free of charge. Convenience meets simplicity, at 0% monetary investment.

    Applying for a car loan on BankBazaar.com involves the following steps,

    • On the BankBazaar.com homepage, browse through the various menu items listed on the navigation bar at the top of the page. Select the first item on the list named ‘Loans’. Herein, select ‘Car Loan’. ed
    • Immediately, on the adjoining drop-down, you can see a whole listing of car loan offerings from various lenders in India. Alongside this, the options ‘Get Quote’ and ‘Explore’ are also easily visible.
    • ‘Get Quote’ and ‘Explore’- Clicking on either of these options will unveil an interactive wizard that will help us determine your exact requirements and expectations with regards to the car loan. Complete the forms before you and provide specific information as and when required. Next, choose from the various car loan options that are suggested as best fit scenarios for your requirements.
    • Continuing from point 3 (post the choice of a car loan product) and point 2 (selecting a car loan product directly from the main dropdown without running through the wizard), the page spread before you provides complete information about the selected car loan product.
    • The page details almost everything you need to know about the car loan, plus offers additional details through helpful links like ‘Check Eligible Loan Amount’ and ‘Check if you’re Eligible’. The ‘Apply Now’ button is prominently displayed on this page (the exception being in cases where BankBazaar.com isn’t a partner of the concerned bank/financial institution and thus, isn’t authorized to facilitate the application for the respective car loan product). Click on this button to set your car loan application process in motion.
    • Spread before you is an interactive loan application form. Complete the same and provide all the information as required. This form is next forwarded to the concerned bank for further processing. Ideally, the concerned bank will get in touch with you within the next 48 hours.
    • From this point on, the concerned bank will keep it touch and will provide you express details about the status of your loan application. Routine SMS and email intimations will constantly keep you in the loop, and our dedicated customer support team can be reached 24x7 in case of any concerns or queries with regards to your loan application.

    In terms of popularity, the following banks offer the most sought after car loan products in India,

    HDFC Bank Car Loan- Funding 100% of the intended car’s on-road price and offering a repayment tenure of upto 7 years, HDFC bank has always been a solid option when it comes to car loans in India. The terms offered by this loan product is very flexible, and the cake gets even more sweeter for existing HDFC bank customers who get the option of pre-approved car loans. Whilst the bank offers a very competitive interest rate on its car loan product, the prospect of EMIs amounting to just Rs.1671/lakh makes the deal that much more lucrative. No wonder car loans from HDFC bank have always remained an enduring favorite amongst the Indian public.

    Aside from the features listed above, HDFC Car Loan offers quick and hassle free loan processing, fixed interest rates that aren’t affected by market fluctuations, the option for car loans without the necessity for income proof and associated documents, car loans amounting to 6x of your annual income, and other such customer friendly features that are backed by a robust customer support initiative. Indeed, car loans from HDFC bank are feature rich, affordable, immensely popular and worth your undivided attention.

    ICICI Bank Car Loan- When it comes to a complete, feature-rich car loan option in India, few can match upto the versatility and simplicity as afforded by the ICICI Bank Car Loan. Offering funding to match 100% of the ex-showroom price of the vehicle, the car loan experience at ICICI is driven by powerful 24x7 customer support and ICICI’s brand of customer relationship management. The other pleasing features include loan tenure of upto 7 years, pre-approved car loans for existing ICICI customers, minimal documentation, hassle free application process and a simple option to apply for the car loan online. ICICI bank has configured its car loan product to be as customer friendly and approachable as possible.

    When it comes to a typical Indian customer, the applicable interest rate and the other associated charges holds great prominence with regards to the prospective car loan. In both these cases, the car loan from ICICI bank rules the roost. Alongside these factors, the consistent goodwill enjoyed by the ICICI bank and the positive feedback that it consistently receives with regards to its loan products must prove ample reasons to invest your interest in ICICI bank car loans, when you are out looking for one.

    SBI Car Loan- As India’s premier public sector bank, the State Bank of India (SBI) enjoys a level of popularity and support from the general public that few other public/private sector Indian banks can match upto. In this light, the SBI Car Loan is an intensely customer centric loan product. Offering very competitive interest rates, comfortable repayment tenure of upto 7 years, loan amounts that match upto 85% of the proposed vehicle’s on-road price and 0% pre-payment or foreclosure charges, the SBI car loan has its legion of loyal and enduring fans. Unique features such as the overdraft facility and the provision of optional SBI life insurance cover has contributed to SBI car loans’ lasting popularity.

    For a typical, first time car loan subscriber, the numero uno priority is in relation to the confidence, comfort and simplicity that his/her choice of car loan provider can elicit. In this regard, the public sector behemoth named SBI has little competition in India. Known for its people centric approach, the car loan product from SBI is highly sought after and will continue to remain a premier choice in the years to come.

    Axis Bank Car Loan- A premier private sector bank, the car loan product from Axis Bank is commended for its simple application procedures, customer friendly terms and conditions, robust customer support initiatives and adherence to the modern ways of personal banking. The bank offers upto 85% of the proposed vehicle’s on-road price, and in the case of some select car models, this number can hit 95%. Other friendly features include an attractive interest rate, comfortable repayment tenure ranging from 1-7 years, provision of loan to a wide demographic of individuals including salaried, self-employed, partnership firms, corporates, limited liability partnerships, etc. The true strength of the Axis Bank Car Loan is the wide popularity it enjoys amongst its target audience.

    Simplified eligibility criteria, minimal documentation and the ease of online application are some of the features that work strongly in favor of the Axis bank car loan. The bank has in store, car loan offerings that match upto the most discerning tastes and complies with the most budget conscious requirements. Configured to emerge as the most ideal car loan product available in the Indian market today, the Axis bank car loan will surely engage 100% of your undivided attention.

    Comparing Car Loans from Different Banks

    Bank. Loan Amount.Tenure.Interest Rate.Features.
    HDFC Bank100% (ex-showroom price)Upto 7 years10.50%-12.50% (depending on individual factors)
    • Fixed interest rates.
    • Loan approval in 30 minutes flat.
    • Low down payment and lower EMIs.
    ICICI Bank100% (ex-showroom price)Upto 7 years10.75%-12.75% (depends on the loan tenure)
    • 100% funding matching vehicle’s ex-showroom price.
    • Very streamlined loan application, approval and disbursement process.
    • Easy online application process.
    SBI 85% (On-road price, when net annual income is upto or above Rs.10 lakhs)Upto 7 years10.30% (may range upto 11.10% for differing conditions)
    • Interest calculated on daily reducing balance.
    • Financing based on the vehicle’s ‘on-road’ price.
    • No advance EMI.
    Axis Bank85% (ex-showroom price) 95% (on select models)Upto 7 years11.50%-12.50% (depending on individual factors)
    • One of the best interest rates offered in India.
    • Special schemes for Axis Bank salary account holders.
    • Loans offered from a minimum of Rs.1 lakh onwards.
    Magma Fincorp100% (ex-showroom price)Upto 5 years12%-16% (depending on individual factors)
    • Min loan amount- 3x annual income (salaried), 6x annual income (self-employed).
    • Minimal documentation.
    • Easy online, offline application process.

    When it comes to selecting the car loan that works best for you, some fundamentals will come in handy. The following list explains the do’s and don’ts when choosing the right car loan,

    Compare, Compare, Compare

    Check out the maximum number of options available to you. Not all car loans are created equally- and finding the best loan could involve some work. BankBazaar.com can help you here by helping you check out and compare between the various car loan and used car loan options available to you.

    What’s the Interest?

    The applicable interest rate is potentially the biggest factor when it comes to choosing the right car loan. Not surprisingly, the lower the interest rate, the better. This condition holds true even when a lower interest rate would mean that some of the expected features aren’t available in the loan.

    Keep it Simple

    Pay heed to your financial limitations and choose a car model that perfectly suits your budget. This will imply that your car loan is in line with your set requirements. Don’t fall prey to up-selling tricks at the car showroom.

    Hidden Fees and Charges

    Sometimes, what appears as obvious will have a hidden component. Be completely aware of the hidden fees and charges concerning the car loan, as also be cautious of time bound incentives and packages- they will expire soon and you may be left with a lesser deal than you hoped for.

    When applying for a car loan in India, across any of the possible lenders, the following documents must be submitted for verification. Note that, in their individual capacity, the lender may request you for more proofs and documents.

    • Know Your Customer (KYC) Documents, including, identity proof, address proof, age verification, completed application form with photographs and substantiated signatures. The associative documents could include PAN card, Voter’s ID, Ration Card, Aadhaar Card, etc. (any government issued document).
    • Income Proof as proved by 6 months bank statement, upto 3 months salary slips and income tax returns.
    • PAN Card- this helps to establish the potential borrower’s credit history.
    • If the applicant is self-employed professional/ non professional or a business/partnership firm, the bank may demand for a number of additional documents including business ownership proof, profit-loss documentation, etc.

    In order to be eligible for a car loan in India, the applicant must qualify against a certain set of expectations. Generally, car loan eligibility is dependent upon the following factors-

    • The applicant must be an Indian citizen.
    • He/she must not be younger than 21 years and older than 60 years at loan maturity.
    • The applicant must have a secure employment, with regular income and tenure at the same job for atleast 2 years.
    • He/she must have a respectable annual income that properly demonstrates his/her capacity for loan repayment. If spouse is signing up as co-applicant, then his/her salary is also considered.
    • Must possess a landline/cellphone that marks his address, and occupation of that address for an expected duration of time.

    Kindly note that all the numbers and variables here may differ from bank to bank. In their individual capacity, banks may have additional qualification procedures.

    The interest rates applicable to car loans in India will differ from bank to bank. These lenders depend on their unique criteria and base lending rates to decide upon the applicable car loan interest rates. However, in India, car loan interest rates ranging between 9%-15% are generally expected and considered competitive. Kindly refer to individual banks’ car loan pages on BankBazaar.com for more information in this regard.

    When we speak of a Car Loan EMI Calculator, we are referencing to an online tool that assists in the electronic computation of the Equated Monthly Installments (EMI) as applicable to your car loan. On BankBazaar.com, the interactive, time saving and informative Car Loan EMI Calculator will simplify this otherwise tedious and uninspiring task. This calculator exhibits the following characteristics,

    • Speed- Precise, informative EMI calculations in mere seconds.
    • Comprehensive Information- Get info on EMI, amortization details and much more.
    • 100% Free- Making complete use of this friendly tool costs you nothing, now and forever.

    Case Study

    Mr. Singh has had a lot of experience in dealing with loans. It wouldn’t be the first time he has applied for a loan and it wouldn’t be the first dire situation that a loan has come to his aid. It all started when Mr. Singh didn’t have the capital required to finance his daughter’s high school education. He was on the verge of selling his vehicle to pay his daughter’s fees, but thanks to a friend, he didn’t have to sell a single thing to get the money that was required. His friend spoke to him and made him understand the benefits offered with an education loan. As Mr. Singh had a good credit score with CIBIL, it was easy for Mr. Singh to procure an education loan from a leading bank in India in a matter of days.

    Years later, Mr. Singh would use the services of a bank to apply and procure a two-wheeler loan to purchase a new two-wheeler for his daughter. Lucky for him, the education loan which he had taken earlier, was paid back to the bank without any delays. This, along with a good credit card history, improved his credit score which made it easy for Mr. Singh to procure a second loan to purchase a new two-wheeler.

    Years went by and it was time for Mr. Singh’s daughter to get married. There are a lot of expenses that a marriage can demand and it is the dream of any parent to try and provide their children with the best marriage ceremony possible. But, Mr. Singh was financially strapped and he didn’t know how to come up with the capital that was required.

    That’s when Mr. Singh decided to apply for a personal loan with the same bank that has helped him out generously in the past. The personal loan was offered to Mr. Singh at an affordable interest rate. Mr. Singh was so satisfied that he even procured a car loan to help him purchase a new car for his daughter and her soon-to-be husband.

    At the end of it all, Mr. Singh was able to provide a comfortable life for his daughter and also repaid all his debts to the bank on time. A loan can be of great help in hard times and banks now offer different types of loans such as car loans, two-wheeler loans, personal loans, and education loans at affordable interest rates. Some banks even do not require a collateral to be provided when applying for a loan. Loans can be a valuable safety net for a person that provides financial security as well as finance an individual’s needs.

    Car Loan Application Checklist

    Step.Requirement.Inference.
    Submit Income ProofBank Statement (last 6 months)
    Pay-Slips (last 3 months)
    IT- Returns (last 2 years)
    Lender wants to establish your ability to repay the borrowed amount.
    Submit Proof of Address and IdentityPAN Card, Voter’s ID, Aadhaar Card, Passport, etc. Lender wants to establish your nationality, identity and permanent address.
    Credit HistoryPAN Card Lender wants to check your past credit records and establish if you can be trusted to make regular repayments.
    Information About VehicleSales Receipts from the Showroom from wherein the Vehicle was Purchased.Lender must confirm that the deal was affected as intended.
    Proof of Insurance and Driving LicenseCopies of the Vehicle’s Motor Insurance and your Driving License.Lender must establish that all laws and protocols are followed with regards to the purchased vehicle.

    Car Prices in India

    With the automobile industry expanding at a rapid pace and with more and more car manufacturers establishing their bases in India, buying a car has become a hassle-free procedure. Car prices in India vary depending on the segment of the car purchased and also with the additional features provided by the manufacturer. BankBazaar offers a comprehensive list on car prices across various models of cars sold in India. Be it a hatchback, sedan, luxury sedan, SUV or MUV, we equip you with the necessary pricing information to help you decide on the right car suited for your needs and current financial situation.

    Car Dealers

    Car dealerships in India are committed to providing quality services across all areas of car servicing and maintenance. Majority of car showrooms in India have tie-ups with the automakers to impart training to their technicians in maintenance, diagnostics, system check, etc. Staff training and mushrooming the facilities is a continuous process taken up by dealers to ensure that customers receive the best value for the money they pay. Right from sales of brand new cars and used cars to periodic maintenance and customer support, the dealership outlets offer a wide variety of services. Nowadays, most dealers list out their services online to ensure a seamless customer experience without requiring face-to-face interactions.

    Car Loan

    Car Loan Tips

    Buying a car has become much easier these days with a variety of loans offered by banks and other financial institutions. So, if you are planning for to get your favorite vehicle financed, here are some tips for making the right decision.

    Negotiate with the Dealer

    If you plan to avail a car loan through dealership finance, it’s always advisable that you negotiate for the best offer. Dealers usually have a sizeable margin on new car sales which can come in the form of discounts if properly negotiated.

    Compare Interest Rates

    You dealer is more likely to suggest you the bank they have tied up with. But as a buyer, you must compare offers from different banks and choose the one that suits your requirements.

    Know your Credit Score

    Know your credit score before applying for a car loan as incongruities in the report may often affect your credit profiles. Banks, most of the time, quote a higher interest rate if the credit score is found to be ranking low.

    Choose a Shorter Repayment Tenure

    Do not stretch the tenure of your loan unnecessarily. Like any other form of debt, a car loan too should be repaid at the earliest to secure your finances. While long tenures have low EMIs, the total premium outgo when calculated at the end of the loan term would be much higher than a loan with a short tenure.

    Read the Fine Print Carefully

    Make sure you have read the loan document carefully before signing the contract. Factors such as interest rate, foreclosure charges, and other important terms and conditions should be given a thorough read.

    Car Loan Checklist

    While applying for a car loan, providing the right documents can simplify the entire loan approval process. Some banks may ask you for additional set of documents which other banks may not require. Here’s a general checklist of documents that most banks ask while applying for car loans:

    Proof of Income

    Take copies of your salary slip and account statement from the bank along with proof of additional source of income, if any.

    Your Loan History

    Your bank may want to know the details of loans that you have taken in the past. The lender may ask you for your credit card statements and/or no objection certificates from other banks, in case you have an outstanding loan payment.

    Proof of Residence

    You have to submit a valid government issued document as a proof of your residence. Make sure that the document you submit shows your name and permanent address. You can provide documents such as Aadhaar card, Passport, Voter ID card, etc.

    Details of Your Vehicle

    While purchasing a new car, you may be required to submit the buyer’s order or copies of other purchase documents to your lender. It should include the price of your car, its identification number, year of manufacture, make and model, etc.

    Insurance Proof

    You should submit copies of your vehicle insurance documents as a proof that your new car is adequately covered for all road mishaps and eventualities.

    How much funding can I expect in terms of the car loan?

    This factor differs from bank to bank. While some banks offer the complete 100% of the vehicle’s ex-showroom price, banks such as SBI offer upto 85% of the vehicle’s ‘on-road’ price. Generally however, the minimum loan amount will be equal to Rs.1,00,000.

    Can I pre-pay the entire loan amount? What are the conditions involved?

    Yes, you can prepay the entire car loan and save on vital interest payments in the future. However, most banks will allow the pre-payment option after you have chalked off 6 months on your loan tenure. Plus, you will be expected to pay a small fee as pre-payment penalty that will be dependent on the leftover loan amount.

    What car models are financed by the standard car loan in India?

    Unless otherwise specified, almost all small to medium sized cars, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the purview of car loans available in India. However, as mentioned, refer to the loan brochure for exceptions to this rule.

    When applying for the car loan, do I need a guarantor/ security?

    Almost all car loan products available in India are secured loans, with the procured vehicle itself acting as the customary security. Most lenders in India will not insist upon any guarantors, however, if your annual income does not match upto the expected requirement, then you may be expected to sign-up a co-applicant and/or guarantor.

    What are the commonly available car loan repayment tenures?

    Repayment tenures usually range from 12 months to 84 months (1-7 years).

    Super Duper Deals: Apply for Car Loan from BankBazaar & Get Rs.2500 Amazon Gift Voucher

    BankBazaar is offering you an amazing deal on Car Loan product with Instant approval on BankBazaar.com website and win an Amazon gift voucher worth Rs.2500/-.

    How to participate in the deal?

    • Check your eligibility for car loans and apply for a suitable product through the BankBazaar website.
    • Choose the loan product and apply for it through BankBazaar website or app.
    • Once your loan is disbursed, you will receive a gift voucher worth Rs.2,500 from Amazon.
    • The Amazon gift voucher will be sent to the email ID you specified in your loan application.
    • To redeem the gift voucher, visit you will have to visit the Amazon website or use the Amazon app.

    How to use the gift voucher at the Amazon website?

    • Given below is the step-by-step process to claim your gift voucher on Amazon:
    • Find the claim code provided in the e-gift voucher from Amazon
    • Login to your Amazon account
    • Choose the option “Apply a Gift Card to Your Account”
    • Enter the claim code in the space provided and select “Apply to Your Balance”

    Important points to note

    You will not be able to redeem your gift card using the Amazon.com 1-Click service unless you redeem the card and add the funds to your account first

    • Super Duper Deals is an offer launched by BankBazaar in partnership with Amazon and it is effective from 1st of September 2017
    • The offer will end on 30th of September 2017
    • For details on Amazon Gift Vouchers and the usage limits, visit the Amazon website
    • Redemption of the voucher shall be governed completely by the terms and conditions set out by the merchant
    • The participants should be above 18 years of age as on the date of submission of their application for car loan

    *Partnering Banks Include*:

    The gift vouchers will be dispatched on approval of a Car Loan application made through BankBazaar portal in any of the participating banks:

    • DENA BANK
    • ICICI BANK
    • HDFC BANK
    • SUNDARAM FINANCE
    • TVS CREDIT SERVICES
    • CAPITAL FIRST
    • AU SMALL FINANCE BANK

    Happy Shopping!

    Disclaimer*:

    BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.



    • Everything You Need To Know About Car Loans

      Did you know? Most Car Loans in India are secured loans (the car serves as the security/collateral). Also, the maximum loan amount depends on the vehicle you wish to purchase, but most banks offer up to 100% of the vehicle’s on-road price. So, are you eligible? You are eligible if you’re over 21 years and less than 60 years at loan maturity and have a secure job with a regular income (at least Rs. 2,40,000 per annum). If you are co-applying for it with your spouse, then their salary is also taken into consideration. A little insight into interest rate and fees: Interest rates - 9.85% to 13.65%, processing fees - Rs. 500 to Rs. 5,000 and Pre-Closure Charges - 2% to 4% of the outstanding loan amount. Keep these documents handy: Photo ID and age proof, Signed application form with photograph, Residence proof and Bank statement for the last 6 months. Salaried applicants need last 3 months salary slips and Form 16/Income Tax Returns. Self-employed applicants need Last 3 years Income Tax Returns with computation of income and last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account. Got it? You are now buckled up to choose the right Car Loan for you. Go ahead!

      Stay up to date! Daily finance news at your fingertips. Explore Car Loans on Mobile App

      BankBazaar News About Loan

      22nd August 2016

    Read Car Loan news or Enjoy it on the go Google Play

    • Government’s push for small cars to drive away Honda’s focus in India

      The government’s move to hike the tax that’s levied on larger cars has proven to be an incentive for small cars but has correspondingly made global companies, like Honda, shift their focus away from India. Yoichiro Ueno, President and Chief Executive of Honda Cars India, stated that the sub-4 meter tax structure has isolated the Indian market from various global markets. He also stated that the promotion of smaller cars has created an imbalance. After the new GST scheme was unveiled, the prices of passenger vehicles had dropped by around 2% to 15%. The government later corrected this drop by introducing three different tax slabs. This prompted car makers like Toyota, Honda, and Fiat to increase the price of their products by around Rs.15,000 to Rs.1.6 lakh. Other companies like General Motors have also felt the brunt caused by the focus on smaller cars. Companies like Maruti Suzuki, Tata Motors, and Hyundai are specialists in the compact cars segment and have benefited immensely from the changes that were imposed by the government.

      19th September 2017

    • Skoda to set up eco car platform in India

      In what could change the four-wheeler market in India forever, car manufacturers Skoda are all set to roll out an eco car platform and wish for a 5% share in the industry by 2025. According to Skoda Auto CEO Bernhard Maier, the eco car platform is something we are currently evaluating and there are a number of scenarios we are thinking about. One of them could be that we develop a new product line-up on our own. We’ve got a fantastic platform called MQB which is feasible to meet the requirements of the Indian market also in the future, which means after 2020. We are in deep discussion with not just our partner Volkswagen but also our supplier network that we want to establish in India when the plan finally materialises. He added by saying that they are not only talking about the third biggest market in the world, we are also talking about the most competitive market in the world when it comes to cost-sensitive products. This is a challenge we are happy to take on to see how competitive we can be.

      15th September 2017

    • Mercedes-Benz will offer electrified versions by 2022

      As a part of its initiative to become fully electric, Mercedes-Benz will offer electrified versions for every car by year 2022. As stated by Dieter Zetsche, the Chief Executive of Mercedes-Benz owner Daimler, this smart-city car brand will come up with at least 50 electric versions of the passenger cars in hybrid and fully electric model.

      As per Daimler, Mercedes-Benz is venturing into the production of electric cars to capture the mass market across the globe. Since electric cars come with lower cost margin than the diesel versions, the company has set its target to convert each and every model into an electric variant. Dieter said that the brand is targeting to save 4 billion euros by taking up the electric car production plan.

      12th September 2017

    • CARS24 to Digitize Car Selling Process

      Automobile portal CARS24 unveiled an online auction platform to enable thousands of car buyers from across the country to bid on cars they are interested in. The platform makes car selling a smooth experience for car owners and helps them get the best deals on used cars.

      Car sellers can access the technology driven app once they register their cars for an evaluation. CARS24 determines the accurate price for cars using certain algorithms and car owner’s transaction history. The app facilitates scientific inspection of the car and lets the in-house experts of CARS24 upload the reports online.

      Concurrently, the Authorised Buyers App allows interested buyers to take part in the live auction and avail different support services from CARS24.

      8th September 2017

    • Maruti Suzuki to enter electric car sector soon

      The Government of India has decided to migrate to electric cars by 2030 to promote a pollution free environment in the country. This has led many car manufacturers to start modeling their products in electric variants. Recently, India’s biggest auto major Maruti Suzuki also announced its plan for producing electric cars in India.

      Mr. R.C Bharvaga, Chairman of Maruti Suzuki India, has hinted towards a great joint venture between Toyota and Suzuki from which Maruti Suzuki could benefit greatly. The company plans to start a manufacturing plant of Lithium Ion batteries facility in India, along with OEM suppliers Deso and Toshiba which will help Maruti Suzuki build best quality components.

      If Maruti Suzuki can manage to manufacture its own components, the total cost of Maruti cars will reduce drastically. The GST on these cars will also reduce to just 12% from the current 20.5%.

      6th September 2017

    • Bookings for the New-Gen Hyundai Verna Sedan Breaches 7,000 Mark

      The recently launched Hyundai Verna Sedan has been receiving an overwhelming response from buyers as bookings for the same crosses the 7,000 mark in a short span of time. Hyundai Motor India Limited claims to have received over 70,000 queries for the car, of which, over 40 per cent are specifically for the petrol variant.

      Available in both petrol and diesel variants, it features auto/manual gearbox options for both and also comes packed with numerous segment-first features. The new 2017 Hyundai Verna seems to be another blockbuster car from the Korean carmaker. The launch has been well timed as it arrives to catch the festival season in India and Hyundai plans to deliver 10,000 units of the new Verna sedan by Diwali which will be be celebrated on 19th October.

      31st August 2017

    • Apple cancels intentions of building self-driving car

      Apple has cancelled any notion regarding the development of an autonomous vehicle. The company was planning to work on creating a self-driven automobile a few years ago.

      Apple is instead now focussing on the fundamental technology to create an automobile that drives on its own.

      The chief executive of Apple, Timothy D. Cook, mentioned that the entire company is working towards building autonomous systems.

      The primary feature of this new system is a self-driving shuttle service that carries Apple employees from one building of Apple to another. Most likely, this vehicle will be an automobile manufacturer’s commercial vehicle which will then be tested by Apple for its autonomous driving technology.

      28th August 2017

    • Focus shifted on software in self-driving car project

      Code named “Titan”, Apple’s self-driving car project is all set to divert its focus on developing technology for driverless vehicles instead of concentrating on manufacturing the entire car itself. Apple are currently testing their self-driving shuttle service which is being used to ferry employees between different campuses located in Silicon Valley. The vehicles are manufactured by a commercial automobile manufacturer while Apple have contributed to the software part of the self-driving vehicle. The shuttle projected has been christened by Apple as “PAIL” which stands for “Palo Alto to Infinite Loop”.

      24th August 2017

    • Hyundai wants a clarification on luxury cars category

      Hyundai Motor India is seeking some sort of clarity from the government on the extra cess that could be levied on large cars. The company is seeking an explanation from the government to clarify the definition of a luxury car as defined by the GST council for taxation purposes. According to the current GST rates, Hyundai’s version of the sedan like the Elantra and Verna will attract the same tax rate as luxury models. The clarifications made by the company are in light of the government’s move to tax regular large vehicles as luxury vehicles. Under the GST regime, SUVs and larges cars that come with an engine capacity of 1,500cc with a length that exceeds 4 meters attracts a cess of 15% with an additional top tax rate of 28%. Companies like BMW, Mercedes-Benz, Toyota, and Audi have already stated that this increase in cess would hamper any efforts that have been made towards any future expansion.

      23rd August 2017

    • 25% hike in luxury car cess likely this week

      The government plans on increasing the ceiling on cess to 25% from the current 15% on sports utility vehicles (SUVs) and luxury cars. This increase will be placed over the peak rate of the goods and services tax (GST). This move will be available for consideration by President Ram Nath Kovind very soon. The GST Council had earlier recommended that the cess that’s levied on all passenger vehicles which are over four meters and whose engine capacity is 1,500cc and above, should be increased to 25%. Even after the ordinance, the GST Council has stated that the total tax and cess might not go beyond 50%. This move will not benefit car makers like Mahindra & Mahindra, Mercedes, Audi, BMW, Toyota, and JLR as this move has stunted any and all growth plans which these companies had in mind.

      21st August 2017


  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.