If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Car Loan - Compare & Apply Car Loan Online

    Thinking of buying a new car but running short of funds? Worry no more, as there is a wide range of car financing options available to you right here! With interest rates as low as 8.60% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs. Did you know that you can also benefit from an Amazon gift voucher when you purchase specific car loan products in the month of February from Bankbazaar.com? So why wait any longer?
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    Bankbazaar Car Loan - Compare & Apply Car Loan Online

    We found 28 Car Loan - Compare & Apply Car Loan Online
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.85% - 11.60% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.60% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.50% - 14.50% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    12.75% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    Eligibility Criteria
    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.95% - 13.40% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    11.50% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.05% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.55% Floating
    0.5% (min. ₹575)
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12.05% - 12.25% Fixed
    0
    1L to 15L
    1-6 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Car Loan - Compare & Apply Car Loan Online is Rated as "Excellent!" by 35379 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Car Loan Interest Rates

    Updated on 24 Mar 2019

    Car Loan Details
    Interest Rate (Monthly reducing balance) 8.60% onwards
    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. Listed below are some of the best car loan products you can opt for in 2019:

    HDFC Bank Car Loan – Best for Bigger Cars at Smaller EMIs

    • 100% financing for select vehicles
    • Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs
    • The maximum loan amount can be up to 6 times the annual income of the applicant
    • Quick loan disbursals
    • Comprehensive health cover
    • Funding for comprehensive insurance
    Effective Interest Rate Tenure Processing Fees

    9.25% onwards

    12 - 84 months

    0.4% of the loan amount subject to Rs.3000 min and Rs.10,000 max

    ICICI Bank Car Loan – Best for Existing Customers

    • 100% financing of on-road price
    • For existing customers, pre-qualified and pre-approved car loans with no requirement for income documentation and attractive interest rates
    • The maximum loan amount is based on customer profile, vehicle cost, model variant, etc.
    Effective Interest Rate Tenure Processing Fees

    9.30% onwards

    Up to 7 years

    Rs.3,500 - Rs.10 lakh

    SBI Car Loan – Best for Women

    • Loyalty car loan scheme for women with low interest rates
    • Calculation of interest on daily reducing balance
    • No foreclosure charges or pre-payment penalty
    • Financing of on-road price that includes insurance, registration, extended warranty, cost of accessories, annual maintenance contract, and total service package
    • The maximum loan amount for salaried individuals is 48 times net monthly income; for self-employed professionals, it is 4 times the net profit
    Effective Interest Rate Tenure Processing Fees

    9.30% onwards

    Up to 7 years

    Based on the loan amount

    Axis Bank Car Loan – Best for Minimum Amounts as Low as Rs.1 lakh

    • Loans starting as low as Rs.1 lakh
    • Financing up to 100% of on-road price on select models
    • Long tenures of up to 8 years for select car loan schemes
    • For Axis Bank salary customers and pre-approved customers, waiver of bank statements, and income documents
    • Loans for a diverse category of customers
    Effective Interest Rate Tenure Processing Fees

    9.25% onwards

    Up to 8 years

    Rs.3,500 - Rs.5,500

    Federal Bank Car Loan – Best for Free Personal Accident Insurance up to Rs.10 lakh

    • Free personal accident insurance for individuals that goes up to Rs.10 lakh
    • Schemes that don’t require income documentation
    • Longer repayment tenures of up to 84 months
    • Competitive interest rates
    • Financing of up to 100% of on-road price
    Effective Interest Rate Tenure Processing Fees

    9.20% onwards

    Up to 84 months

    Based on the loan amount

    Canara Bank Car Loan - Best for Maximum Loan Amount Without a Ceiling

    • No ceiling on the maximum amount that can be availed
    • Financing of up to 80%/85%/90% of the total value that is inclusive of registration charges, insurance premium, life tax, invoice value, and accessories
    • Minimum gross salary or gross annual income of Rs.3 lakh
    • Long repayment tenure of up to 84 months
    Effective Interest Rate Tenure Processing Fees

    9.00% onwards

    Up to 84 months

    0.25% of the loan amount

    Car Loan - Checklist to Follow While Applying for it

    Steps Requirement Inference.
    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.


    Features and Benefits of Car Loan

    Apply for Car Loan Online
    How to Apply for 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.

    • A car loan helps you purchase a better car than the one that you can buy with your savings.
    • It allows you to procure a vehicle quickly- without spending too much time arranging for the money through the time-tested concept of ‘saving for it’.
    • It helps you manage the cost of purchase of the new car by spreading it across a longer duration of time. Thereby, this keeps you in control of your spending and makes the car much easier to pay for.
    • Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan. If you default on the repayments, you stand to lose the car, plus your credit score is damaged. However, you do have a measure of control over the proceedings - just be careful of not defaulting on your car loan EMIs.
    • Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavory credit scores can also hope to procure one. However, this option differs from bank to bank.
    • Car loans in India often utilize the fixed interest rate option when it comes to repayment via EMIs. This means, you are always assured of a fixed amount that needs to be repaid on a monthly basis.
    • The actual maximum loan amount depends on the vehicle to be purchased and varies from bank to bank. However, this is mostly 100% of the vehicle’s on-road price. The repayment tenure usually stretches from 5-10 years and offers different interest scales for different tenure slabs.
    • Most importantly, a car loan helps you buy your dream car. Aside from being a purely transport option, the car serves as a confidence booster and your means to assert the hard-earned financial freedom.

    Car Loan - Why Should You Opt for it?

    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.

    Choosing the Right Car Loan

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

    Do's Dont's
    Compare - Check out the maximum number of options available to you. Not all car loans are created equally - and finding the best loan could involve some work. BankBazaar.com can help you here by helping you check out and compare between the various car loan and used car loan options available to you. 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? - 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. Multiple Applications - Do not apply with multiple banks as this will have a negative impact on your credit score.
    Keep it Simple - Pay heed to your financial limitations and choose a car model that perfectly suits your budget. This will imply that your car loan is in line with your set requirements. Don’t fall prey to up-selling tricks at the car showroom. Relying on the Dealership - The loan that the dealer offers may not have the best interest rate. So, check the other options.
    Hidden Fees and Charges - Sometimes what appears as obvious will have a hidden component. Be completely aware of the hidden fees and charges concerning the car loan, as also be cautious of time bound incentives and packages- they will expire soon and you may be left with a lesser deal than you hoped for.
    Insurance - Decide on the amount of insurance required. Choose the coverage and cost carefully after evaluating all options.

    Car Loan Application Process on BankBazaar.com

    Getting a car loan is easy through the BankBazaar.com website. You can secure the most appropriate car financing product within a matter of few minutes. The steps involved in the car loan application process are as follows:

    • Visit the home page of the BankBazaar.com website and select the Car Loan product from the drop down menu. The page that shows up will have a list of car loan offerings from various banks.
    • You can compare the loans and select one that suits your needs. You should check certain parameters such as the amount of loan available, eligibility, interest rate, etc.
    • Once you have decided on the loan, click on the “Apply Now” button to initiate the application process.
    • Once the application is submitted, you will receive an e-approval form instantly. Your application will also be sent to the bank that you have chosen to take the loan from.
    • You will soon receive a call from the bank. You can track your application through email notifications or SMS.
    • The bank will validate your eligibility and submitted forms and disburse the loan accordingly.

    Why Should You Apply for a Car Loan from BankBazaar.com?

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

    • Comprehensive List of Car Loans

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

    • Compare and Select

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

    • Check your Eligibility

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

    • Easy Application Process

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

    • Robust Customer Support

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

    • 100% Free

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

    How to Calculate Car Loan EMI?

    Banks and Non-Banking Financial Companies (NBFCs) offer new and used car loans at attractive interest rates for most makes and models of cars in the market. Car loans are repaid in Equated Monthly Installments (EMIs). Car loan EMI calculation can help you find out how much your car loan will cost you monthly. You can use the free online EMI calculator available on the bank website or a reliable third-party website to calculate the monthly cost of your car loan. The online tool can be used any number of times free of cost. It is advisable to use an online Car Loan EMI Calculator rather than calculating the EMI payments manually because of the probability of a human error.

    It is not only simple and easy to use but also gives instant and accurate results. The steps involved are as follows:

    1. Enter the car loan amount, loan tenure, interest rate, and processing fee into the tool.
    2. Click on the ‘Calculate’ button and you will get instant results in the form of an amortisation table which represents your car loan repayment schedule.
    3. The table will consist of monthly EMI payments, overall interest payment, the outstanding balance after each EMI payment, etc. With the help of a bar graph and pictogram, you can easily interpret your car loan repayment schedule.
    4. Depending on the results, you can choose your car loan tenure and decide whether you want to opt for prepayment or pre-closure of your car loan. A short loan tenure means a higher EMI payment but you can pay off your car loan early. A long loan tenure means a smaller EMI payment but your overall interest payment will be higher. Therefore, use the car loan EMI calculator to choose the right loan tenure.

    Maintain a low debt-to-income ratio wherein your EMI payments should not exceed more than 50% of your salary. If you have a high debt-to-income ratio then there are higher chances of defaulting on your car loan. Hence, it is important to choose an affordable car loan amount with the help of the car loan EMI calculator.

    Car Loan Approval - What You can Do to Ensure the Process is Smooth

    Whether you are planning to get a loan for a new or used car, there are many options available in the market to choose from. While you browse through all the banks and Non-Banking Financial Companies (NBFCs) to select the car loan that best suits your needs, you may want to opt for a plan that is pre-approved. Doing this will not only help you receive the funds that you require on time, but will also ensure that the process of your loan approval gets carried out as smoothly as possible.

    Banks and NBFCs approve the loan application of an individual only after carefully evaluating his or her credit history, net income, and total expenses. When you are eligible for a pre-approved car loan, it means that the concerned bank or financial services company is ready to offer you the funds required to help you purchase your dream car after carefully verifying your credit profile and repayment capabilities. Opting for such a scheme will make your loan application and approval completely hassle free.

    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. In order to avail such a loan, you can follow a few steps to quickly receive the required funds.

    • Check Your Credit Report
      There are a number of organisations that offer individuals the facility to check their credit report without any charges once every year. You can check your credit report to verify your standing in terms of credit and resolve the errors present such as late payment, collection, incorrect credit limit, etc. If a single error is left unresolved, it can negatively impact your credit score and cause hindrance in getting your car loan approved. By checking your credit report, you can get an idea of how your application will be treated by the lenders and will, therefore, help you take the necessary steps in advance.
    • 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 Your 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. Additionally, you should also have a Guaranteed Auto Protection (GAP) insurance which recovers the difference amount between the insurance loss of your car and the outstanding loan.

    How to Check Car Loan Eligibility?

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

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

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

    Car Loan Interest Rates

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

    Real Life Case Scenarios

    When a person lacks the financial backing, making big decisions in life becomes a problem. These decisions could range from anything like a marriage in the family, renovation of a house, to finance a child’s education, medical bills, purchase a new two-wheeler or a car. These big events in life require a certain amount of capital. This capital ensures that the individual’s needs are met. In such situations, a loan received from bank or any other financial institution can be a lifesaver.

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

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

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

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

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

    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 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.

    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 showrooms 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

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

    This factor differs from bank to bank. While some banks offer the complete 100% of the vehicle’s on-road price, banks such as SBI offer upto 90% of the vehicle’s ‘on-road’ price. Generally however, the minimum loan amount will be equal to Rs.1 lakh.

    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).

    Conclusion

    When you want to get the best deal in the market to finance your car, you should look for the scheme that best suits your budget and requirements. In order to ensure that you get the funds on time, you can check your credit report and try to resolve the issues to the best of your ability. Banks and financial services organisations often give priority to candidates who can pay a larger percentage of the total price of the car upfront. Making a large down payment not only reduces your risk liability, but also ensures that you don’t have to pay a huge amount of money as interest. This will also help reduce the cost of monthly EMIs that you will have to pay towards the loan

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    Maha March Sale 2019

    Apply for Car Loan from BankBazaar & Get an Amazon gift card worth Rs. 2500 on disbursal of your loan.

    How to participate in the deal?

    • Apply for an eligible Car Loan product on www.bankbazaar.com or Mobile app of bankbazaar.com
    • Get an Amazon gift voucher worth Rs. 2500 on disbursal of your Car Loan.
    • The voucher will be sent to the email ID provided at the time of making the car loan application after the disbursal of your Car Loan.
    • Users can visit www.amazon.in or Amazon app to redeem the Amazon gift voucher.

    How to use the gift voucher at the Amazon website?

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

    Important points to note

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

    • Super Duper Deals is an offer launched by BankBazaar in partnership with Amazon and it is effective from 1st of March 2019
    • The offer will end on 31st March 2019
    • For details on Amazon Gift Vouchers and the usage limits, visit the Amazon website
    • Redemption of the voucher shall be governed completely by the terms and conditions set out by the merchant
    • The participants should be above 18 years of age as on the date of submission of their application for car loan

    Happy Shopping!

    Top Trending Articles on Car Loan 2019

    • Cars Under 4 Lakhs

      The car industry in India is booming with new launches coming up every year from multiple manufacturers. While some car makers are targeting the customers who lean towards high-end cars by offering products that are packed with state-of-the-art features, others are focusing on the middle-class buyers who give preference to cars that are easy on the pocket and have better usability. While the intense battle among the manufacturers goes on, it is easy for the buyer to get confused which car to choose from all the available options that is not only affordable but suits his or her requirement the best. In order to help you make up your mind, BankBazaar has compiled a list of all the top cars under Rs.4 lakh that are going to make way to the Indian market in 2018. You can take a look at this list before making an investment so that you can learn what options you have, and which car best suits your needs. Read More...

    • Car Lease Vs Car Loan

      In order to help customers fulfill their dream of owning a car, innumerable financing organisations offer car financing solutions that can reduce their customers’ burden of paying a huge lump sum amount while making a four-wheeler purchase. The most commons car financing options that a customer can avail is car loan and car lease. While both are great ways to receive financial aid while buying the car of your dreams, you should learn how these two financial scheme differ from each other. This will not only help you make the right decision in choosing the best plan according to your needs, but might also be able to save you money in the long run. Read More...

    • Car Loan Schemes for Women

      As modern-day women strive to walk shoulder to shoulder with the men in all walks of life, there are a myriad of organisations in India that are coming up with numerous economical and financial schemes in order to help them reach greater heights. The lending industry is no different in such a scenario. Numerous banks and non-banking financing companies (NBFCs) have also joined the bandwagon to offer greater benefits to the women of the country in terms of car loans and help them become financially stable. When a female borrower applies for a car loan, the lender might offer her financial aid at a discounted interest rate along with other benefits depending on the needs of the customer. In order to become eligible for a car loan scheme designated for women, the primary borrower of the loan should be a female who holds a valid driving license and is an employee of a reputed organisation. The candidate might also receive some margin in the minimum income requirement to avail the loan depending on the financing organisation. Read More...

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    Car Loan Reviews

    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank previously,they gave me loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and even they have charged me processing fee which was okay,now i have closed this loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from the KOTAK MAHINDRA BANK . Their rates are much cheaper that other companies. The application process was easy and hassle free. I never had any issues with their services. I use to pay my EMI on time . Customer support is good here .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took car loan with State bank of India,The loan amount was sufficient,like based on my requirement they gave loan,and i have purchased Renault car , the rate of interest they have charged me was nominal,it is floating in nature,like based on the market value it use to change,they have not charged any processing fee, still this loan is running.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest was high with KOTAK MAHINDRA BANK , and there was processing fee for my car loan and it is nominal .The documentation procedure went smooth.I have chosen car loan through KOTAK MAHINDRA BANK . The customer service and response was better.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 23, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan amount was satisfactory, I pay an EMI on time. The tenure period is for good . Overall it was a very good loan experience e with the HDFC .It was a super fast loan experience. I took a car Loan from the HDFC BANK . The whole loan process was easy and super fast.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with ICICI bank ,Their service was prompt,and the loan amount which they have given me was sufficient based on the vehicle they have given me loan, and the rate of interest they have charged me was nominal,and even they have charged me processing fee that too was nominal,and still this loan is running,so far i have not faced any issue.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • review Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was good I have taken four wheeler loan from TVS credit my loan amount is 3Lack and 3 years tenure and rate of interested is 8.65% only 3 rest emi I have then finished this loan and their response is good I am satisfied with TVS credit limit.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I just submitted my papers for the SBI card loan through the consultancy, they do have one point of contact. But interest is really reasonable, the loan process was very hassle fee and the amazing part was zero processing fee on my loan disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • Kotak Car Loan
      "Process should be simple"
      0.5 3.0/5 "Satisfactory"
      I had car loan from Kotak Mahindra very long back, the process was lengthy and it has hassle documentation process. I was surprised regarding the way of loan, the interest and charges are good, however on road price of the card was approved on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was pretty good experience i had in getting my Car loan from them where the process had been quite good and the loan amount was sufficient as well. The interest rate with them has been nominal and the interest rate with them has been pretty good as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have taken Car Loan through ICICI Bank since got the information directly through Maruti showroom they have recommended ICCI Bank Car Loan . The car model is Maruti eeco .I have got the loan amount on time.The agent clearly explained the process .The rate if interest was high and also processing is high too.Not yet faced any issues on submitting the documents as well .The Overall Service is good as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 22, 2019
    • SBI Car Loan
      "Need more customer support for good relationship"
      0.5 2.0/5 "Expected more"
      I am not at all happy with the SBi customer service . SBI never respect the customers . From the beginning itself , I am not okay with the process and Bank . My showroom has delivered the car very instantly after the sanction of loan . I am happy with the interest rate .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • review Car Loan
      "Need to improvre services"
      0.5 1.0/5 "Really Bad"
      My car loan has been taken with SRIRAM FINANCE , i am giving 1 rating to this financial institution because o their services which is not so good . The tenure period is 4 year . They charge very high rate of interest with this bank . For everything thing i have to visit the office .
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 20, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost seven years back and the process in getting this loan was pretty much easy. The loan amount has been good and the interest rate with them has been nominal as well. There has not been any additional charges made by them and there was a help from their customer support team as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I had a car loan it was closed now with State Bank of India, I got the loan with the lower interest. The service was really nice, infact the rate of interest is lesser. From the bank I got the NOC letter after closing my car loan, overall it was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • Oriental Bank of Commerce Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a while back and the process in getting this loan was quite easy. They had offered me with a lesser interest rate and the charges which they had made has been pretty less as well. Overall their customer support has also been helpful at times.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Mar 20, 2019
    • Capital First Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from Capital First and its been 3 months. I have purchased i20 new car and they have provided me 85% funding. The interest rate is okay and the charges has been informed, after getting confirmation from me then loan amount was credited to account. The tenure is 36months.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 19, 2019
    • Reliance Commercial Finance Car Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have taken a car loan in Reliance Finance and it was suggested by the dealer. I have purchased a seconded car and the loan amount is 4.5L which was sufficient. The interest rate is high compared to others also processing fee is applicable. The customer service is not good and they need to improve on.
      Was this review helpful? 1
      , pune
      Reviewed on Mar 19, 2019
    • ICICI Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had been taken my car loan with ICICI bank previously, The loan amount which they have charged me was nominal,and th rate of interest they have charged me was nominal,they have charged according to the market price,and they have charged me processing fee or not i have no idea,like i took loan for 4,80,000,i need to pay extra 20,000 as charges,while closing loan they took to high charges,now 3 years happened i have closed this loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 18, 2019
    • ICICI Bank Car Loan
      "Average"
      0.5 2.5/5 "Just OK"
      I applied directly for Car Loan with ICICI Bank. I have applied for the Loan amount of more than 1lakhs six thousand for the tenure of 3 years ,rate of interest was high ,processing fee was high ,agent clearly explained the process ,rate of interest was less when the agent told and Tata Capital agent gave high rate of interest. While submitting documents it took so long .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 18, 2019
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