Thank you for your interest in Car Loan from SUNDARAM FINANCE. Unfortunately, we do not have a tie-up with SUNDARAM FINANCE currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Car Loan from SUNDARAM FINANCE. Unfortunately, we do not have a tie-up with SUNDARAM FINANCE currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Earn more than minimum income
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)||9.35% - 23.00%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
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.
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.
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.
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-
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.
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.
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.
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.
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.
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,
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.
|Bank.||Loan Amount.||Tenure.||Interest Rate.||Features.|
|HDFC Bank||100% (ex-showroom price)||Upto 7 years||10.50%-12.50% (depending on individual factors)|
|ICICI Bank||100% (ex-showroom price)||Upto 7 years||10.75%-12.75% (depends on the loan tenure)|
|SBI||85% (On-road price, when net annual income is upto or above Rs.10 lakhs)||Upto 7 years||10.30% (may range upto 11.10% for differing conditions)|
|Axis Bank||85% (ex-showroom price) 95% (on select models)||Upto 7 years||11.50%-12.50% (depending on individual factors)|
|Magma Fincorp||100% (ex-showroom price)||Upto 5 years||12%-16% (depending on individual factors)|| |
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,
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.
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.
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.
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.
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-
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 10%-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,
|Submit Income Proof||Bank 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 Identity||PAN Card, Voter’s ID, Aadhaar Card, Passport, etc.||Lender wants to establish your nationality, identity and permanent address.|
|Credit History||PAN Card||Lender wants to check your past credit records and establish if you can be trusted to make regular repayments.|
|Information About Vehicle||Sales 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 License||Copies 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.|
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.
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).
The Diwali Dhamaka Flash sale is back again! Apply for a car loan through BankBazaar.com and upon approval of the car loan, you not only get to own your dream car but you can also purchase any item of your choice with a complimentary Amazon Gift Voucher worth Rs. 5,000. This promotional offer is valid for all car loan applications made from October 18th, 2015 to November 14th, 2015.
Once the car loan application has been successfully sanctioned by the concerned bank, customers will receive the Amazon gift voucher in the e-mail address specified in the loan application form. The car loan approval has to be made by the bank by January 15th 2016, at the latest, otherwise the applicant will not be eligible for availing the promotional offer. This offer is valid on car loan products offered by specific banks only. In order to identify the same, a banner has been placed against relevant products, which displays the Flash Sale/ Amazon Gift Card Badge.
Individuals who are 18 years old or above, are eligible to apply for a car loan through BankBazaar.com and avail this offer. The validity of the promotion is restricted to only one voucher per product for an applicant.
Thinking of buying that new car you saw in the showroom? Want to upgrade your car to a bigger one for the convenience of your extended family? Looking out for a Car Loan? Whatever your need may be, you can easily avail a car loan through BankBazaar.com.
Now, finance your dream of buying a car with an additional bonus! BankBazaar.com has been offering various offers and promotions on various financial products time and time again and this time we are offering you an exciting promotional offer on car loans. This limited period car loan sale will be available on car loan applications made through the site, wherein you can get an goCash from Goibibo worth Rs.5000 for approval of your car loan by the respective bank.
In order to be eligible for this offer, the following conditions must be met:
The goCash from Goibibo offer is valid for car loans from select banking partners only and these Banks will have the Goibibo Card banner.
Terms and Conditions
Once a customer is eligible and meets all the terms and conditions stipulated, the goCash from Goibibo that he/she is qualified for is sent to the customer's e-mail address that is specified in the loan application form, upon the concerned bank's approval of the Car Loan application.
Dussehra is celebrated with enthusiasm all over the country. It’s considered an auspicious time to start new ventures. Dealers and sellers put up their best offers and schemes during this season making Dussehra the best time to drive home in your own car! If you have your heart set on buying a car, the lack of finance is almost never an issue. With BankBazaar, you can find the best finance scheme to buy your car. With a few details from you, the BankBazaar portal will compile a list of eligible loans for you to browse, explore, compare and make an informed choice. Check your eligibility will be mainly based on your employment, work experience, age and income. You will also be entitled to vouchers and offers when you apply on BankBazaar. A car loan that suits your budget and convenience is just a few clicks away.
Make this Diwali a joyous one with a new car for yourself or your loved ones. The want of finance can be solved with a suitable car loan that fits well into your budget. On BankBazaar, you can access all car loans that you may be eligible for depending on your age, income, work experience and credit score. View the details of the loans you may be interested in. You can compare different offers to see which loan would be better for you. BankBazaar also has special Diwali offers on car loans from partner banks. Explore the range of car loans available on the BankBazaar portal to find the best deal for you to drive home in your own car this season.
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!
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22nd August 2016
Audi has given the RennSport (RS) treatment to its smallest sedan, the A3, and labelled it the RS 3. The Audi RS 3 was unveiled at the ongoing Paris Motor Show, with its five-cylinder engine, which is 26kg lighter than the RS 3 Sportback. This is a high performance Audi with a 2.5 litre TFSI engine that will run on petrol generating 400PS of power and 480Nm of torque.
The body of the RS 3 sedan is almost similar to that of the Audi S3 saloon with large twin-exhaust tailpipes and a diffuser to enhance its aerodynamics at high speeds. The Audi RS 3 will be launched in Europe by next year, while the Mercedes-Benz CLA AMG buster may be launched in India later on. For those eyeing the AMG, it would seem like a good idea to start looking at various car loan options available in the market.
24th October 2016
Korean car manufacturer Hyundai has released their premium car, the Hyundai Elantra 2016 in nine different variants.
Speaking on the issue, an executive said that the move was decided upon to cater to the different demographic of buyers and to provide buyers the freedom that suits their needs best.
The all new Elantra comes with a price tag of Rs. 12.99 lakh for the base variant and Rs. 19.19 lakh for the top-end one. It is expected to go head to head with other premium cars like Toyota Corolla, Chevrolet Cruze, and Skoda Octavia.
Available both in petrol and diesel variants, the car will come with a 2.0 litre and a 1.6 litre engine respectively. While the petrol variant churns out 152 PS of power and and 192 Nm of torque, the diesel variant produces the same 128 PS of power and 260 Nm of torque.
The car, equipped with premium specs, has been priced rather competitively and is expected to scorch the market over the upcoming month in the market.
18th October 2016
As the festive season is soon approaching, Audi is vying to sell a whole lot of its Q3 baby-SUV variants at discounted prices.
In a limited period offers, Audi’s German manufacturers have begun offering splendid discounts and financing schemes for the young SUV.The company has come up with different offers and discounts for various states. For instance, prospective buyers in Delhi can drive away with a Q3 at a down payment of just Rs. 5,99,000 and a monthly installment deal of Rs. 48,800.
In Bengaluru, though, the situation is quite different as dealers are offering a no-interest loan on the Q3. Chennai is not far behind on the offers either buyers there will get a four-year warranty and service plan 4 percent interest, and a buyback option at 45% of the value after 4 years.In Mumbai, the prices have been slashed and the Q3 is starting at Rs. 30.78 lakh and an EMI option of Rs. 26,999.
This facelifted Q3 features a 2.0 litre diesel engine which puts out 176 PS of power and 380Nm of torque or 140 PS of power and 320Nm of torque depending on the tune of the variant.The 4-cylinder engine comes with a 6-speed manual or a 7-speed Tronic automatic transmission. This mini SUV is set to go against fellow peers like Mercedes Benz A-Class and BMW X1.
14th October 2016
Mercedes Benz revealed the E-Class All-Terrain and it has definitely turned heads. The car’s official debut is set for the Paris Motor Show 2016. The E-Class All-Terrain is equipped to handle light off-road driving without any hassle. It is a more rugged variant of the E-Class station wagon. The car is fitted with a 2.0 litre turbocharged diesel engine. The car can touch 194 PS or power and 295 Nm of torque. With a 9-speed automatic transmission and a four-wheel drive, this car is set to power down the roads. Mercedes Benz has not yet released a price tag for the E-Class All Terrain. The car is expected to be launched in Germany and the U.K. in 2017. It will have 4 driving modes that includes all-terrain, eco, comfort and sport modes.
13th October 2016
In July 2016, Hyundai showcased the 1st Anniversary Edition of the Creta in Bangalore, prices of which have recently been revealed by the manufacturer in Surat. The Anniversary edition of the Creta, which takes inspiration from SX+, will be priced at Rs 14.60 lakh petrol version and Rs 15.90 lakh for the diesel version.
Under the hood, the mechanics of the Anniversary edition Creta will continue to be similar to its predecessor, SX+ trim. It will be powered by a 1.6-litre, four-cylinder engine which comes coupled with 6-speed manual gearbox, fitted on the petrol as well as the diesel variant.
In terms of the exterior, the special edition Creta will be come in a Polar White colour featuring a black roof, dual tone- 7 inch alloy wheels, silver-toned skid plates and new body graphics. On the interiors, However, on the inside, majority of the features will continue to be similar to those included in the Creta. The only addition to be made will be the dual toned (black & red) fabric upholstery, leather encased steering wheel and dual tone dashboard in black & grey.
26th September 2016
Volvo Cars India has introduced the hybrid variant of its most powerful product in the country. With a sticker price of Rs.1.25 crore (ex-showroom, New Delhi), the luxurious Volvo XC90 Excellence T8 Plug-in Hybrid is similar in looks to the current model. The hybrid version of the SUV will exclusively be available in the top of the line Excellence trim of the XC90 range.
The most visible design change in the Volvo XC90 is its large vertical slat radiator grille with sleek headlamps on each side. While, the most significant change under the hood is that the 2.0-litre petrol motor is coupled to an electric motor. This model is the only Plug-In Hybrid SUV in its segment. Although the car carries a heavy price tag, you can opt for a suitable car loan to buy it.
23rd September 2016
Japanese automaker, Nissan has launched the facelifted version of its SUV X-Trail in the USA. Sale of the current generation updated Nissan X-Trail will first be seen in the States. The India-bound version of the SUV will be imported from India through the Completely Built Unit (CBU) route. Majority of the cosmetic changes have been made to its exterior, while the 2017 X-Trail’s interiors will almost remain the same.
The Indian variant, which is the hybrid version of the SUV, will have a 2.0-litre naturally aspirated petrol engine connected to an electric motor. Car lovers can start planning the purchase of this good-looking beast right away by looking at car loan options available online.
21st September 2016
Renault has launched the more powerful Kwid 1.0-litre engine in the company’s ex-showroom in Delhi. Almost similar in looks to the present Kwid model, this variant has been priced at Rs.3.82 lakh. Major changes in this model is under its hood, such as the 999cc three-cylinder DOHC engine that generates 68PS of power and a peak torque of 91Nm. The company also plans to include an AMT option with this engine. The new model of Renault is all set to give some serious competition to the likes of the Hyundai Eon, Maruti Suzuki Alto K10 and the Tata Tiago petrol.
19th September 2016
Lamborghini takes luxury to an all new level by launching the most spoken about car of the year, Centenario Roadster. So far, only 20 cars are manufactured and is currently sold at a whopping price of Rs. 15.2 crore. This State-of-the-art four wheeler was built to celebrate the 100th birthday of Ferruccio Lamborghini. The car’s body is made up of carbon fibre and the colour of the car can be customised to match the buyer’s taste. The interiors of the car is made up of alcantara and leather which can also be personalised to the buyer’s needs. The sophisticated dashboard of the car resembles the cockpit of an aeroplane. The engine generates 770ps power with a maximum speed of about 350kmph. Many leading banks and financial institutions will make use of this opportunity to generate new car loans.
15th September 2016
French carmaker Renault has unveiled the new India made Kwid 1.0 in Brazil. The Brazilian version will weigh 130 kg heavier than the one made for India. This version is likely to be offered with airbags as a standard fitment.
The 1.0 litre engine will come with a 5-speed manual transmission and optional AMT transmission to produce 75PS of power. Speaking of the interiors, the Kwid has undergone a considerable change in order to cater to the Brazilian market. It must be noted that the manual and automatic transmission models were displayed by Renault at Auto Expo earlier this year.
29th August 2016
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