• Car Loan - Compare & Apply Car Loan Online

    Car Loan - With interest rates as low as 7.00% p.a. and a repayment tenure of up to 8 years, you can find the most suitable car 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 2022

    Bank Name Car Loan Interest Rates Processing Fee
    Bank of Baroda Car Loan 7.00% p.a. onwards Rs.1,500
    Canara Bank Car Loan 7.30% 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 7.45% p.a. onwards Minimum of Rs.3,500 and maximum of Rs.7,000
    Federal Bank Car Loan 8.50% p.a. onwards Contact the bank
    SBI Car Loan 7.20% p.a. onwards New Car: Nil (offer valid until 31 January 2022)

    Car Loan Interest Rates

    Updated on 02 Dec 2023

    Car Loan Details
    Interest Rate (Monthly reducing balance) 7.00% onwards
    Processing Fees Depends on the bank
    Loan Tenure 1 year to 8 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.

    Here's a Tip!

    It is vital that you maintain a good credit score when you apply for a car loan. Apart from the loan getting approved quicker, lenders will offer low interest rates if your credit score is good. No security or collateral is required when availing a car loan. The car acts as the security.

    Listed below are some of the best car loan products you can opt for in 2022:

    Key USP Bank Features
    Loans for Luxury Cars HDFC
    • Effective interest rate is 7.95%
    • Tenure is up to 84 months
    • Maximum loan amount is up to Rs.3 crore
    • 100% financing of on-road price for select models
    Designed for professionals and agriculturalists with no Income Proof State Bank of India
    • Effective interest rate is 7.20% onwards
    • Tenure is up to 84 months
    • Up to 90% of the on-road price may be financed
    • Loan is provided for professionals and agriculturists
    Small Loans Axis Bank
    • Effective interest rate starts from 7.45%
    • Tenure is up to 96 months
    • Up to 100% of the on-road price may be provided as a loan
    • You can avail a loan of Rs.1 lakh
    Free Personal Accident Insurance Federal Bank
    • Effective interest rates start from 8.50%
    • Tenure is up to 84 months
    • No income documents need to be provided
    • Up to 100% of the ex-showroom price can be availed
    Low-Interest Rates for Used Cards and New Cars Canara Bank
    • Effective interest rate starts from 7.30%
    • Tenure is up to 84 months
    • Up to 90% of the on-road price may be provided
    • Lower interest rates are provided for women

    Eligibility Criteria and Documents Required

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

    • Age of the individual must be 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 loan
    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.

    Personal Loans vs. Car Loans

    When it comes to a big purchase – for example a car, we often resort to loans for the financing of the same. Both personal loans and car loans are two of the biggest and most common financing options that are availed by consumers.

    A Personal Loan can be used for any purpose. There are no bindings in the case of personal loans. However, car loans are particularly available for car purchases. To have a better understanding, you can check the pros and cons of both the products.

    Pros and Cons of Personal Loans


    • There are no restrictions in regard to the usage of the funds. The loan amount can be used for any purpose.
    • It offers the flexibility in the payment structure.


    • The interest rate for a personal loan is likely to be higher as it is an unsecured loan product.
    • Owing to its unsecured nature, personal loans also come with more stringent lending criteria.
    • Credit score plays a major role in ascertaining your eligibility for the loan.

    Pros and Cons of Car Loans


    • Car loans usually have a lower rate of interest.
    • It is easier to avail a car loan.
    • Since it is a secured loan, an individual with a mediocre credit score is also likely to be eligible for the loan.
    • The vehicle itself acts as a security against the loan.


    • You will be required to provide a down-payment.
    • The car will be hypothecated to the bank and you will receive the complete ownership only after all payments have been made.

    However, it is advised that you compare different loan products and then choose the one that suits your requirements.

    How to Calculate Car Loan EMI?

    The Equated Monthly Installments (EMIs) that you will pay will depend on a few key factors.

    • 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? – Choose 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 – Choose 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.

    In case of bad credit, is a long-term car loan a better option?

    According to financial experts, it is always recommended to opt for a short-term loan in case you have bad credit. Even though the monthly payments will reduce, the interest rates will be much higher for long-term loans. The interest rates are usually high in case you have bad credit, and long-term loans will further increase it. Negative equity is another risk that comes with long-term loans as well. Negative equity comes into effect when the value of the car is lower than the loan amount. The chances of the car needing repairs during the loan duration also increase. Over a duration of time, wear and tear occur and there are chances of major repairs which could increase the costs as well.

    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, 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 the 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 the 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.

    Things to keep in mind when availing a used car loan

    In India, buying used cars are very popular. There are various finance options also available in case you wish to buy a pre-owned car. Most Non-Banking Financial Companies (NBFCs) and banks offer loans for pre-owned cars. However, various points must be considered before buying a used car on loan. It is important that you compare the interest rates offered by various banks and NBFCs before selecting one. The loan tenure must also be chosen wisely. Even though the EMI amount will reduce for longer tenures, the interest rates would increase. The rate of interest for used car loans range between 8.8% and 17%. It is vital that you check the processing fees that are being levied as well. Few NBFCs and banks charge a high processing fee.

    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 the 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

    1. Can I get 100% funding to buy a car?
    2. 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, etc., that offers financing for up to 100% of the car’s on-road price.

    3. Can I pre-pay the entire loan amount? What are the conditions involved?
    4. 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.

    5. What car models are financed by the standard car loan in India?
    6. Unless otherwise specified, almost all small to medium sized cars, Commercial Vehicle Loan, 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.

    7. When applying for the car loan, do I need a guarantor/ security?
    8. 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.

    9. What are the commonly available car loan repayment tenures?
    10. Repayment tenures usually range from 12 months to 84 months (1-7 years).

    11. What kind of a credit score do you need to buy a car?
    12. 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.

    13. Will my credit score affect the interest rate?
    14. 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.

    15. What is the minimum credit score I need to get a car loan?
    16. 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.

    17. Should I take a car loan from the car dealership or bank?
    18. 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.

    19. Do banks offer finance for used cars?
    20. Yes. Many top lenders such as SBI, HDFC 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.

    21. What will lenders look for when I apply for a car loan?
    22. 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.

    23. What is the lowest EMI that I need to pay for a car loan?
    24. 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.

    25. How much down payment do I need to make to buy a car?
    26. 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.

    27. Can I get a lower interest rate if I have a good credit score?
    28. 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.


    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

    • Axis Bank
      0.5 4.0/5 "Great!"
      Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
      Was this review helpful? 401
      , kolkata
      Reviewed on Mar 21, 2020
    • Kotak
      "Good "
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Kotak Mahindra Bank. The car is secondhand and the model was INNOVA 2015 and the loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal and they given a good service.
      Was this review helpful? 336
      , tirupur
      Reviewed on Mar 20, 2020
    • HDFC Bank
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan directly through HDFC bank.The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned .
      Was this review helpful? 323
      , chennai
      Reviewed on Mar 19, 2020
    • HDFC Bank
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      I have chosen car loan from HDFC Bank on 3 years back. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and i am paying EMI amount of Rs. 12,157 and i have purchased Swift BSI. I given my documents to the showroom itself without any difficulty.
      Was this review helpful? 333
      , jaipur
      Reviewed on Mar 18, 2020
    • review
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken car loan through Tata Capital Ltd directly .The vehicle name is Hyundai Eon and this loan was sanctioned on proper time frame .This loan is still active and paid the premium on Emi basis.Customer service was good to me so far .The rate of interest and the processing fee was medium.
      Was this review helpful? 210
      , jaipur
      Reviewed on Mar 16, 2020
    • Tamilnad Mercantile Bank
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken car loan directly through Tamilnad Mercantile Bank.The rate of interest was very high, it was 14%.This loan was sanctioned on time without any delay .The car model was Maruti Suzuki Alto k10 vxi and there was no difficulties faced so far .This loan is still active and everything was good.
      Was this review helpful? 211
      , surat
      Reviewed on Mar 15, 2020
    • Axis Bank
      "Excellent service "
      0.5 5.0/5 "Blown Away!"
      My car loan journey started with Axis bank which was availed directly.The vehicle name is Maruti Ertiga and this loan is still active .The rate of interest and the processing fee was nominal .This loan was sanctioned on time without anydelay .I am paying the premium on EMI basis and there is no delay charges .
      Was this review helpful? 310
      , bangalore
      Reviewed on Mar 10, 2020
    • HDFC Bank
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Maruti showroom suggested to take car loan from HDFC on few months back. They have sanctioned the loan within one week.The amount got 6L with tenure period of 7 years. An interest rate of 9%. I done down payment of 1L. EMI need to pay of 9637 rupees. The car model is Maruti new swift. Their service is good.
      Was this review helpful? 293
      , kanchipuram
      Reviewed on Mar 09, 2020
    • YES Bank
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have availed car loan through YES bank directly.still this loan is active .The car model was Hyundai Creta and the rate of interest was quite nominal it was 9.60%and processing fee was very high. This loan was sanctioned on faster basis ,the loan process was clearly shared by the agent . I am paying the premium on EMI basis which will be done on time.
      Was this review helpful? 205
      , agra
      Reviewed on Mar 06, 2020
    • HDFC Bank
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      My car loan is going to be completed in this November. My salary goes into HDFC bank hence the guy keep on calling me to take the loan hence I have selected the car loan from same bank. In 2013, I have purchased the car loan by paying the down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay EMI amount of Rs. 6948 every month.
      Was this review helpful? 292
      , jammu
      Reviewed on Mar 05, 2020
    • Kotak
      "Less interest rate loan"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra bank because an interest rate is less. I have taken the loan amount of Rs. 7L and I made the down payment of Rs. 5L. I have selected the duration of 5 years. I have been paying EMI amount of Rs. 14,000 per month. Documentation process was hassle free.
      Was this review helpful? 315
      , bangalore
      Reviewed on Mar 05, 2020
    • HDFC Bank
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased my car loan with HDFC bank which i have taken in the month of December. There is no interest rate on fast approval so that reason i have availed this loan. I have taken the loan amount of Rs. 12.34 lakhs and i made the down payment of Rs. 50000. They have sanctioned my loan in 1 day.
      Was this review helpful? 392
      , vadodara
      Reviewed on Mar 05, 2020
    • Bank of India
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Bank Of India .The car model was 2018 and the name is Mahindra XUV and this loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal .This was a joint loan with my father.
      Was this review helpful? 249
      , indore
      Reviewed on Mar 04, 2020
    • IndusInd Bank
      "Best service "
      0.5 5.0/5 "Blown Away!"
      From INDUSIND Bank, i have taken a car loan and the loan amount was Rs. 4.50L and i made down payment Rs. 1.80L. Pre closure is there and the rate interest was normal , emi of Rs.9600 i am paying for the tenure of 5 years. Recently done a top up on this loan for personal use.
      Was this review helpful? 255
      , tirunelveli
      Reviewed on Mar 04, 2020
    • SBI
      "Good loan offer"
      0.5 5.0/5 "Blown Away!"
      I got car loan offer from SBI which showroom suggested to apply. The rate of interest is 9.7% is fine. I taken this loan on 3.5 years back. The amount was sanctioned of 6L was sufficient with tenure period of 5 years. The car model Mahindra E2O. I have not any down payment. There are pre closure and part payment are applicable.
      Was this review helpful? 621
      , bangalore
      Reviewed on Mar 04, 2020
    • TVS Credit Services
      0.5 0.5/5 "Unacceptable"
      I not able to contact customer service , executive and the manager they are not providing manager contact number so what can I do . I had came to the branch in Bangalore for foreclosure care loan no one are responsible and not taking proper response .
      Was this review helpful? 157
      , bangalore
      Reviewed on Mar 03, 2020
    • SBI
      "Very Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from State Bank of India because the interest rate is low and the bank service is good. They have offered a loan amount of Rs. 5 lakhs and i made the down payment of Rs. 1.25 lakhs. The interest rate is 9%. I have been paying the EMI amount of Rs. 10600 per month for the duration of 5 years.
      Was this review helpful? 215
      , ludhiana
      Reviewed on Mar 03, 2020
    • HDFC Bank
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Nexa baleno car through HDFC car loan . The rate of interest and the processing fee was very nominal and this loan is still active .This loan was sanctiooned on time without any hassles .The processing time was very fast and paying the premium on EMI basis .If pay the premium on delay basis there is no extra charges .
      Was this review helpful? 198
      , tirupur
      Reviewed on Mar 02, 2020
    • IndusInd Bank
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan through Indusind bank directly ,The rate of interest and the processing fee was very high since had requirement i have taken this loan .The car model was 2011and the name of the vehicle name is Maruti 800 i have taken this loan before 10 years .Everything was good to me so far and i am really satisfied with the service .
      Was this review helpful? 125
      , jaipur
      Reviewed on Mar 02, 2020
    • SBI
      "Good service "
      0.5 3.0/5 "Satisfactory"
      SBI is ready to provide the full loan amount of Rs. 10L for my car without any down payment. I didn't get the loan on time, i made one month EMI of Rs.13,000 after that i pre closed this loan. I got the normal interest rate, for pre closing they have charged only Rs. 500 and i purchased middle version car.
      Was this review helpful? 288
      , bangalore
      Reviewed on Mar 02, 2020
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