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  • Car Loan - With interest rates as low as 8.80% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs at BankBazaar. You can take the loan for 90% to 100% of the on-road price of the car.

    Compare Best Car Loan Interest Rates in India for 2019

    Bank Name Car Loan Interest Rates Processing Fee
    Allahabad Bank Car Loan 8.80% p.a. onwards 0.5% of the loan amount
    Bank of Baroda Car Loan 8.85% p.a. onwards 0.5% of the loan amount, subject to a minimum of Rs.2,500 and a maximum of Rs.10,000
    Canara Bank Car Loan 8.90% p.a. onwards 0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
    Axis Bank Car Loan 9.05% p.a. onwards Minimum of Rs.3,500 and maximum of Rs.5,500
    Union Bank of India Car Loan 9.10% p.a. onwards 0.5% of the loan amount, subject to a maximum of Rs.15,000
    Federal Bank Car Loan 9.15% p.a. onwards Minimum of Rs.1,500 and maximum of Rs.2,500
    SBI Car Loan 9.00% p.a. onwards 0.2% of the loan amount + GST as applicable, subject to a minimum of Rs.500 + GST and a maximum of Rs.3,750 + GST
    ICICI Bank Car Loan 9.30% p.a. onwards Up to Rs.5,000 (One Time Fee)
    HDFC Bank Car Loan 9.10% p.a. onwards Up to Rs.5,130(One Time Fee)
    More
    We found 9 Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.10% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.40% - 13.35% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.8K - 58.6K LEASE RENTAL RANGE/MTH
    No Processing fee
    - Flexi-Lease offer
    1-4 Years
    Car Lease
    What you'll love
    Documents
    Perks
    Think about
    Fees and Penalties
    Eligibility Criteria
    9.05% - 11.30% Fixed
    ₹3,500 - ₹5,500
    1L Min
    Up to 8 years
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Fixed
    1,500 to ₹2,500 One time fee
    Up to 100% (ex-showroom price)
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    Eligibility Criteria
    9.00% - 9.65% Floating
    0.25% (₹1,000 - ₹5,000)
    Up to 90% of cars value
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.65% Fixed
    0.23% (Max. ₹10,236) One time fee
    Up to 200 L
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.00% - 9.70% Floating
    ₹1,000 - ₹1,500 (+ GST)
    Up to 48 times monthly income
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.10% Fixed
    0.50%(max. 15,000)
    125L Max
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Car Loan Interest Rates

    Updated on 23 Sep 2019

    Car Loan Details
    Interest Rate (Monthly reducing balance) 8.80% onwards
    Processing Fees Starts from 0.2% of the loan amount
    Loan Tenure 1 year to 7 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    Note:The interest rates will differ from one bank to another. This makes it critical to compare the interest rates before choosing a loan to apply for.

    Listed below are some of the best car loan products you can opt for in 2019:

    HDFC Bank Car Loan – Loans for luxury cars

    • 100% financing of on-road price for select models
    • The maximum loan amount can be Rs. 3 crore
    • Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs
    • You can take a top-up loan after 9 months
    • Funding for comprehensive insurance
    Effective Interest Rate Tenure Max Loan Amount
    9.10% onwards 12 - 84 months Up to Rs. 3 Crore

    ICICI Bank Car Loan – Offers 100% financing of on-road price

    • The entire on-road price of the car can be funded through this loan
    • Existing customers are pre-qualified and pre-approved for car loans
    • The maximum loan amount is based on customer profile, vehicle cost, model variant, etc.
    • Interest rate depends on the tenure of the loan
    Effective Interest Rate Tenure Max Loan Amount
    9.3% - 12.85% p.a. Up to 7 years Up to 100% of on-road price

    SBI Car Loan – Loans for professionals and agriculturists with no income proof

    • Interest calculated on daily reducing balance
    • Financing is calculated based on the on-road price of the car
    • You can take the Loan if you work for the government or a private company
    • Self-employed individuals, agriculturists, professionals, and businessmen can apply for a loan under the SBI Car Loan Lite scheme, without submitting any proof of income
    • The max loan amount depends on the category you fall under
    Effective Interest Rate Tenure Max Loan Amount
    9.00% onwards Up to 7 years Up to 90% of on-road price

    Axis Bank Car Loan – Loans start from Rs.1 lakh

    • You can apply for a small amount under this scheme; loan amount starts from Rs.1 lakh
    • Financing up to 100% of on-road price on select models
    • Tenures of up to 8 years
    • No bank statements and income documents needed if you are pre-approved or have a salary account
    Effective Interest Rate Tenure Max Loan Amount
    9.05% onwards Up to 8 years Up to 100% of on-road price

    Federal Bank Car Loan – Free personal accident insurance

    • Financing of up to 100% of ex-showroom price
    • Longer repayment tenures of up to 84 months
    • No income documents required
    • Free personal accident insurance for borrowers that offers coverage up to Rs.10 lakh
    Effective Interest Rate Tenure Max Loan Amount
    9.15% onwards Up to 84 months Max Loan Amount

    Canara Bank Car Loan – Low-interest loans for new and used cars

    • Financing of up to 80%/85%/90% of the on-road price
    • Car loans are provided to new and used cars (not more than 5 years old) at the lowest interest rates
    • Long repayment tenure of up to 84 months
    • If the vehicle is registered to a woman, the interest rate is lower by 0.05%
    Effective Interest Rate Tenure Max Loan Amount
    8.90% onwards Up to 84 months 90% of on-road price

    Eligibility Criteria and Documents Required

    The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

    • Age between 18 years and 75 years
    • Minimum net monthly income of Rs. 20,000
    • At least 1 year of employment with the current employer
    • Must be salaried or self-employed, working for a government establishment or a private company

    To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:

    Identity proof (any of the following)
    • Aadhaar
    • Passport
    • Driving license
    • Voters ID card
    • PAN card
    Address proof (any of the following)
    • Aadhaar
    • Passport
    • Driving license
    • Ration card
    • Utility bills
    Proof of income
    • Form 16
    • Salary slips if you are salaried
    • Latest Income Tax Returns
    • Bank statements going back 6 months

    Note: Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take a used car loan are the same as above.

    Car Loan - Checklist to Follow While Applying for it

    Steps Requirement Inference
    Apply for a car loan Compare all offers available To find the loan that offers you the highest loan amount and the most affordable interest rate
    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 where 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.
    How to Apply for Car Loan?
    How to Apply for Car Loan?

    Car Loan Application Process on BankBazaar.com

    Getting a car loan is easy through BankBazaar. The steps involved in the car loan application process are:

    • Click here to start the application process
    • Choose the “New Car” option
    • Choose the car you want to buy (If your car is not listed, click on “Other Model”)
    • Enter some information about yourself
    • Tell us how to get in touch with you and click on “View offers”
    • Select the offer you like the most
    • Fill up the form with your personal and professional information
    • Click on “Submit” to complete the process

    When you apply through BankBazaar what you get is the BankBazaar advantage. What’s that you ask? Just this:

    • Comprehensive list of car loans
    • The ability to compare before applying
    • The ability to check your eligibility
    • Easy application process
    • Robust customer support
    • Oh… and all this is 100% Free!

    How to Calculate Car Loan EMI?

    The EMI (Equated Monthly Installments) that you will pay will depend on of a few key factors. These are:

    • The size of the loan
    • The interest rate that is applicable to the loan
    • The tenure of the loan
    • The processing fees

    The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI. To find the best compromise between an affordable EMI and duration you should check out our car loan EMI calculator.

    Choosing the Right Car Loan

    The following table explains the do’s and don’ts when choosing the right car loan:

    Do’s Don’ts
    Compare - BankBazaar.com can help you compare the various car loan options available to you. Eligibility - Do not apply for a loan amount that exceeds your eligibility, as this will result in the rejection of your loan application.
    What’s the Interest? – Chose a loan that offers you the best interest rate along with the loan amount you need. Multiple Applications - Do not apply with multiple banks as this will have a negative impact on your credit score.
    Keep it Simple – Chose the car before applying for the loan and make sure the cost of the car fits your budget. If your application is rejected, don’t continue to keep apply at different banks. Chances of rejection will rise.
    Hidden Fees and Charges - Sometimes what appears as obvious will have a hidden component. Be aware of the hidden fees and charges concerning the car loan. Relying on the Dealership for loans - The loan that the dealer offers may not have the best interest rate. So, check the other options.
    Special offers – There could be special offers available when you are applying for your loan. Make sure you take advantage of them Don’t pick a car with a high service cost because you already have the EMI and the insurance premiums to pay.
    Insurance – Check the insurance premium for the car as this is a recurring cost.

    RBI makes it mandatory to link all car loan interest rates to an external benchmark

    As per a directive issued by the Reserve Bank of India (RBI), all banks must link any new car loan interest rates to an external benchmark. The new rules will be effective from 1 October 2019. The latest RBI guidelines also state that banks will be allowed to change the spread once in three years. Depending on any external benchmark changes, car loan interest rates must be revised at least once every three months. Banks will have to link their interest rates to RBI’s repo rate, Financial Benchmark India Private’s (FBIL) three or six-month treasury bill, or any benchmark-linked interest rates that the FBIL publishes.

    Features and Benefits of Car Loan

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

    • It helps you purchase a car even if you don’t have all the money for it right now.
    • Most car loans will finance the on-road price of the car.
    • Some car loans will even finance 100% of the on-road price. This means no down payments.
    • With some banks offering financing in the crores, you are not limited in your choice of cars
    • Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan.
    • Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
    • Car loans in India often offer fixed interest rate options. This means, you are always assured of a fixed amount that needs to be repaid monthly.
    • Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
    • Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.

    Car Loan Approval - Steps to Get the Loan Approved Faster

    When you want to receive funds to purchase the new or used car that you have been eyeing for a while, it is better that you opt for a pre-approved loan. To avail such a loan, you can follow a few steps to quickly receive the required funds.

    • Check Your Credit Report You can check your credit report to verify your standing in terms of credit score. A score of 750 or more can get you a lower interest rate. However, the interest rate for a score of 650 to 750 will be slightly higher. If you have defaults in your report, or have a very low score, your application may be rejected.
    • Pay Your Bills on Time In order to avail a loan to purchase your dream car, you must have a minimum monthly pre-tax income and a manageable debt-to-income ratio (DTI). While it is usually not possible to change one’s income, you can improve your DTI by clearing off all your pending credit card debts.

    To create a better credit profile, you should always pay your bills on time. If that is not possible then you can make timely payment of your bills at least 6 months prior to the loan application. If you pay your bills on time, it assures the lender that you will also repay the Equated Monthly Installments (EMIs) on time. This, in turn, will help you secure a loan easily.

    • Look for Car Loan Options There are multiple options available in the market through which you can get a loan to purchase your new or used car. You should check the car loan interest rates of different banks and car financing firms in order to find the one that fits your needs.
    • Borrow as Less as Possible By paying a larger amount upfront as down payment, you can reduce the sum that you will have to borrow in order to match the price tag of the car you have chosen. If you borrow a lesser amount, you will be in a better position to repay your loan quickly since a smaller loan amount means smaller EMIs or a shorter loan tenure. Additionally, the amount that you will have to pay to your bank or car financing organisation as interest will also reduce.
    • Be Sure to Choose a Plan That Fits Your Budget The repayment capability of an applicant greatly impacts the approval of a loan that he or she has applied for. As you decide to get a loan to purchase the car that you have always wanted, you should make sure that you choose a scheme that you can afford. If you are already paying EMIs for other loans that you have availed, you should ensure that you can also pay the EMI of the car loan that you choose.
    • Pay Attention to the Terms of the Loan A car loan that has low monthly EMIs but consists of a longer tenure might not be viable for you. Before you finalise your financing scheme, you should always try to opt for a plan that carries the lowest interest rate and the shortest loan tenure as possible. Avoid being tricked into an expensive payment situation by ensuring that the loan terms are conclusive.
    • Get a Car Insurance with Complete Coverage While offering a loan, the main concern of banks and NBFCs is not to incur any losses. Therefore, having a full-cover insurance is a requirement for many organisations before sanctioning a car loan as it helps recover the balance debt in case there is an accident wherein the borrower is at fault.

    Foreclosing a Car Loan

    When you take a car loan, you can repay it in equated monthly instalments (EMIs) till the end of the repayment tenure. However, if you decide to pay off the outstanding loan amount before your tenure ends, you will be foreclosing or prepaying your loan. The foreclosure/prepayment facility is offered by most lenders for a penalty fee though some lenders may allow you to foreclose/prepay your car loan without charging you any penalty.

    You can foreclose your car loan if your income has increased and you wish to clear off your liability. It also takes away your burden of having to make monthly EMI payments. Foreclosing a car loan will release the hypothecation on the car and give you full ownership.

    As stated above, some lenders may charge you a penalty on loan foreclosure. Hence, before you decide to foreclose a loan, it is a good idea to go through the clauses associated with it carefully.

    Top-Up Loan on Your Car Loan

    If, after taking a car loan, you need quick or additional funds for purposes such as a wedding, home renovation, medical emergency, etc., you can get a top-up loan on your existing car loan. You can avail up to 150% of the car’s value as a top-up loan. Most lenders that offer a top-up on their car loans will require you to maintain a clear payment record for at least 9 months. The process to avail a top-up loan on your existing car loan is quick and requires minimal paperwork.

    Some of the banks that offer top-up on their car loans are HDFC Bank, Axis Bank, ICICI Bank, and Kotak Mahindra Bank.

    Car Refinancing

    When you take a new loan to pay off the outstanding balance on your existing car loan, it is known as car refinancing. You can choose to refinance your car loan if you wish to replace your current loan with better features such as low interest rates, extended repayment tenures, etc., or simply to change the terms of your current loan. The most common reason why people refinance their car loans is to save money. When refinancing a car loan, you can avail a new loan that offers lower interest rates which, in turn, will save you money. You can also lower your equated monthly instalments (EMIs) by choosing a longer repayment tenure with a new lender through car refinancing.

    Car refinancing is a good idea when there has been a drop in interest rates since you took your original car loan, your financial condition has improved, you are unable to bear the burden of high EMIs, and if you feel you did not get a good deal on your car loan the first time around. However, refinancing on a car loan does not make sense when you have already made a substantial repayment of your original loan, your car value has depreciated, the prepayment penalties are high, and when you have plans to apply for new loans in the future as refinancing may impact your credit score negatively.

    Loan against car can be availed in case of any financial emergency

    Similar to fixed deposits or gold, emergency loans can be availed against your car as well. The loans can be availed quickly and at certain times available at cheaper interest rates than personal loans. However, you will be able to apply for a loan only if the car is less than 5 years old. The rate of interest could range between 11% and 16% and a processing fee between 1% and 3% of the loan amount is levied. Up to 50%-150% of the value of the car can be availed as a loan and the repayment tenure could range between 12 months and 60 months. Loans can be availed at banks and Non-Banking Financial Companies (NBFCs) and all necessary Know Your Customer (KYC) and income documents must be submitted.

    Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles

    If you have taken a car loan to purchase an electric vehicle (EV), you can now enjoy a tax rebate of Rs.1.5 lakh on the interest paid. This was announced in the latest Union Budget (2019-20) by Finance Minister Nirmala Sitharaman and is a part of the government’s efforts to stimulate the adoption of environment-friendly mobility solutions. If you have purchased an electric vehicle, you will be able to avail a benefit of about Rs.2.5 lakh during the entire term of the loan. The government has also slashed the tax rates on electric vehicles to 5% from the earlier 12%.

    Car Loan Versus Car Lease

    Financing and leasing are two methods through which people can get a new car. In both cases, the car owner/lessee would have to make monthly payments. The bank/leasing company would have a stake in the vehicle as well.

    There are several differences between car leasing and car purchase through a loan. Listed below are some of the differences:

    • People who like to change cars every 3-4 years may find it more advantageous to lease a car as opposed to financing it. This way, the hassle of maintenance is also taken care of by the lessor.
    • When the lease period expires, the lessee can return the car to the leasing company. He/she does not have to go through the process of car valuation and sale, as would be the case if he/she owned the vehicle.
    • In the event of leasing a car, there is a restriction on the distance you can drive it for. This kind of restrictions are not there when you are the owner of a financed car.
    • Another disadvantage of leasing a car is the fact that you will be unable to customise the vehicle based on your personal preferences.

    Check Latest 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 with the additional features provided by the manufacturer. BankBazaar offers a comprehensive list of 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.

    Check Top Car Dealers in India

    Car dealerships in India are committed to providing quality services across all areas of car servicing and maintenance. Majority of car dealers in India have tie-ups with the automakers to impart training to their technicians in maintenance, diagnostics, system check, etc. Staff training and expanding 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 the sale 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.

    FAQs about Car Loans

    Can I get 100% funding to buy a car?

    The maximum amount of loan that you can avail to buy a car will vary from lender to lender. Most banks offer financing up to 90% of the on-road price of the car but there are some banks such as HDFC Bank, ICICI Bank, etc., that offers financing for up to 100% of the car’s on-road price.

    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 up to 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).

    What kind of a credit score do you need to buy a car?

    Just like with most loans, a high credit score above 750 is ideal. But you can still apply for a loan if your credit score is above 600. Remember, if your score is too low, your application may be rejected.

    Will my credit score affect the interest rate?

    Yes. Some banks will offer lower interest rates to applicants with high credit scores. Likewise, borrowers with low credit scores will have to bear higher interest rates.

    What is the minimum credit score I need to get a car loan?

    When you apply for a car loan, lenders will look for a credit score of at least 750. Below this score, lenders may be reluctant to lend to you as it indicates your low repayment capacity. Some banks may offer you a car loan despite your low credit score but they may charge a higher interest rate.

    Should I take a car loan from the car dealership or bank?

    Before you apply for any car loan, ensure that you explore all the options available. Once you explore, you will get an idea about the benefits offered by various lenders on their car loans. Compare the benefits offered and pick a lender that fits your requirements. Whether it is a bank or a car dealership, pick the one that offers better interest rates.

    Do banks offer finance for used cars?

    Yes. Many top lenders such as SBI, HDFC Bank, ICICI Bank, etc., offer loans to buy used cars. These lenders offer car loans for up to 85% of the car’s value provided that the car is not more than 5 years old. Used car loans can be repaid in a maximum of 7 years.

    What will lenders look for when I apply for a car loan?

    One of the most important factors that lenders consider before offering you a car loan is your credit score. As stated above, a credit score of above 750 can fetch you lower interest rates and other benefits. The other factors that lenders look for when you apply for a car loan are your employment status, residence and job stability, income, debt-to-income ratio, etc.

    What is the lowest EMI that I need to pay for a car loan?

    The amount of EMI (equated monthly instalments) that you will be paying towards your car loan will depend on the interest rate, loan amount, and the repayment tenure you choose. You can calculate the EMI by using the EMI Calculator tool available on the BankBazaar website. For example, let us suppose that you avail a car loan of Rs.1 lakh at an interest rate of 12% for a tenure of 5 years. Using the tool, we calculated the EMI and found it to be Rs.2,224.

    How much down payment do I need to make to buy a car?

    Making a higher down payment will mean that you will need to avail a lower loan amount to buy a car. When you avail a lower loan amount, there are chances that banks or lenders may offer you a car loan at lower interest rates. This is simply because if the loan amount is lower, the repayment will be quicker. So, though there is no hard and fast rule to how much down payment you should make, a higher down payment will ensure that your debt liability is lesser.

    Can I get a lower interest rate if I have a good credit score

    If your credit score is above 750, you can negotiate with the banks to offer you a car loan at a lower interest rate. Many lenders will let you negotiate on the interest rates since your high credit score is an indication of your high repayment capacity. Some lenders may also offer you a waiver on the processing fee if you have a good credit score.

    Disclaimer*:

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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Car Loan Reviews

    • Toyota Finance Car Loan
      "Average Loan"
      0.5 4.0/5 "Great!"
      My car loan was taken from Toyota. One of my colleague is working in Toyota hence i opted the loan with them. Their interest rates are very high it was around 16% approximately. I bought the loan amount of Rs. 2.5 lakhs and i have already close the loan 3 months back.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 20, 2019
    • HDFC Bank
      HDFC Bank Car Loan
      "Don't go to HDFC"
      0.5 3.0/5 "Satisfactory"
      I have taken the used car loan and they have said that the fixed rate of interest for 8.5% for my car loan. I bought the loan amount of Rs. 2.5 lakhs but when i repaid it was 3.8%. One executive misguided me by saying the interest rate is 17% in the year of 2013 hence i have submitted all my documents. I have already closed the loan and i have got the NOC letter also.
      Was this review helpful? 1
      , mysore
      Reviewed on Sep 20, 2019
    • ICICI Bank Car Loan
      "Rate of interest should be affordable"
      0.5 5.0/5 "Blown Away!"
      I bought Santro car through ICICI car loan, I availed loan amount of Rs. 2 lakhs for the duration of three years. The rate of interest is bit higher around 14% per annum now the loan emi was closed. I received my NOC Letter from the bank end, its good.
      Was this review helpful? 2
      , patna
      Reviewed on Sep 20, 2019
    • Axis Bank Car Loan
      "Smooth experience for the car loan"
      0.5 5.0/5 "Blown Away!"
      For purchasing Waganor I have availed car loan from AXIS, I took the loan amount of Rs. 4 lakhs for the loan period of five years. Still my loan is active I used to pay Rs.20,000 per per month as an emi, I think the rate of interest is economic. The process was smooth through the dealer and they disbursed the amount directly to the show room person.
      Was this review helpful? 2
      , patna
      Reviewed on Sep 20, 2019
    • Canara Bank Car Loan
      "Good and easy way for the car loan"
      0.5 5.0/5 "Blown Away!"
      My car loan with Canara bank experience is satisfactory, the field executive came to my place and done the process. Still my loan is active condition, every month the money goes through auto debit facility without any hassles and their bank staff are very helpful on my queries.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 19, 2019
    • review Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Taken my car loan from TVS Finance. This is the only company has processed the loan in a very fast manner hence i took from them. They have provided the loan on time and i'm satisfied with the interest rate provided by them. Documentation process was quite smooth.
      Was this review helpful? 5
      , bangalore
      Reviewed on Sep 17, 2019
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have purchased Eco4 car through State Bank of Indiaby doing a down payment of 75K and the total car value is 17L. The loan experience was good and it was completed before 2 years ago. The rate of interest is reasonable. The tenure period was 3 years.
      Was this review helpful? 6
      , faridabad
      Reviewed on Sep 17, 2019
    • review Car Loan
      "Quick response"
      0.5 5.0/5 "Blown Away!"
      When i purchased the new car from Renault Nissan, they have offered me a car loan. I got the loan amount of Rs. 3.33 lakhs. They have sanctioned the loan immediately once i book the vehicle. I have made a down payment of Rs. 1 lakh. I am yet to pay 16 EMI from the tenure period of 4 years. I am paying the EMI of Rs. 6998.
      Was this review helpful? 4
      , chennai
      Reviewed on Sep 16, 2019
    • SBI Car Loan
      "HYUNDAI"
      0.5 5.0/5 "Blown Away!"
      I am having a good experience with State Bank of India on car loan process. They have provided me only 75% funding to purchase the car but HDFC BANK is doing preapproved loan upto 90%. I got a good response and the service. The interest rate is very very good on that time. I have purchased a HYUNDAI VERNA.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Sep 14, 2019
    • Canara Bank Car Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      I am an employee of Canara Bank, I got the car loan easily. I just submitted the quotation and pay slip for the loan process, I availed the loan amount of Rs. 3.6 lakhs with the duration of 10 years this loan period is eligible only for the employees.
      Was this review helpful? 8
      , panipat
      Reviewed on Sep 13, 2019
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had applied for personal loan from HDFC Bank. Their rate of interest was nominal as comparison to other banks. I did not submit my documents, I was expecting their executive to collect my documents but no one turned up. HDFC Bank customer service was good.
      Was this review helpful? 5
      , agra
      Reviewed on Sep 13, 2019
    • IndusInd Bank Car Loan
      "Good Car Loan"
      0.5 5.0/5 "Blown Away!"
      Recently i have purchased the car loan from Indusind bank and my EMI is going to start and the first month amount is getting on 21st hence i have to put a balance in that. They have approved the loan immediately and the interest rates are fine and comfortable on that. They have charged me a processing fee which is a nominal. I just want a instant approval thats the reason i have chosen the Indusind bank.
      Was this review helpful? 6
      , secunderabad
      Reviewed on Sep 12, 2019
    • IndusInd Bank Car Loan
      "Rate of interst should be reduced"
      0.5 3.0/5 "Satisfactory"
      I felt Indusind bank car loan interest is huge, I availed Rs. 11 lakhs to purchase breeza vehicle, the on road price was Rs. 17,000 but I paid the some payment to the dealer with higher interest. The loan process was also hassle free then I paid all the emi and I got the NOC.
      Was this review helpful? 6
      , bangalore
      Reviewed on Sep 12, 2019
    • SBI Car Loan
      "Documetation base approval"
      0.5 5.0/5 "Blown Away!"
      When i took the loan from SBI, the banking people were excellent. The employees are very friendly and giving confidence to the customer. Whenever i went to the branch, the manager is treating me as a important individual. The given interest rate is nominal. I got the loan amount of Rs. 3.75 lakhs. I have pre-closed the loan with zero charges.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Sep 10, 2019
    • HDFC Bank Car Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I have taken a cal loan with HDFC bank on 2 years before which was processed directly to bank. The amount which was given for 5 lakhs for the tenure period of 3 years. I use to do payment on monthly EMI for 16,907 rupees. The car model was TATA car. The customer service is not much supportive.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Sep 09, 2019
    • Kotak Car Loan
      "Need improvement on the service and interest"
      0.5 3.0/5 "Satisfactory"
      Through car showroom I taken the vehicle loan, they sanctioned ex showroom price of Rs.2.60 lakhs for the duration of five years. The rate of interest is around 13% its higher when compared to others and they taken stamp duty charge of Rs.1000 and there is no proper response as well from the customer care. Its not easily accessible hence service needs to be improved.
      Was this review helpful? 6
      , coimbatore
      Reviewed on Sep 09, 2019
    • Capital First Car Loan
      "Excellent car loan"
      0.5 4.0/5 "Great!"
      Capital First people are doing a good job and trying to help the people. I made the down payment of Rs. 1.5 lakhs for my car loan and got the loan amount of Rs. 3 lakhs. Within 5 days, they have sanctioned the loan and the given interest rate is minimum which is valuable in the market. I'm paying the EMI amount of Rs. 8500 for the tenure period of 3 years.
      Was this review helpful? 3
      , thane
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing the car loan from ICICI. I took the loan amount of Rs. 5 lakhs and its nearly going to close because the balance amount is Rs. Just 80000. They have offered me a interest rate of 11% and i have made the down payment of Rs. 1 lakhs approximately. Every month the EMI amount is going from my account automatically.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      My car loan is with ICICI BANK because of the good interest rate and the processing was faster. The main thing is they are not charging for foreclosure after 18EMI's. The processing fee is included but its reasonable. The loan duration is 7 years. I have purchased Honda City by making down payment.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Hassle free experience with ICICI"
      0.5 4.0/5 "Great!"
      From ICICI I took the car loan, they gave me ex showroom of the car so my principal is around Rs. 6 lakhs for the duration of five years. The rate of interest is affordable and they taken some processing fee around 1% from the disbursement. I purchased honda i20 petrol car.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 06, 2019
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