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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    Compare multiple options and choose the one that best suits you

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

    Over 25 offers to compare!

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

    Breaking down offers

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

    Cheaper than dealer

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

    Why apply online?

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

    Done comparing! Now what?

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

    Still have a gazillion questions?

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

    We'll connect you to the bank

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

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    Bankbazaar Car Loan

    We found 34 Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.95% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.25% - 9% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free 100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.50% - 15% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.30% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.85% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
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  • Car Loan Reviews

    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      I am aware of bank bazaar through web search. I am with bank bazaar for more than 5 years. I have got more than 2 products through bank bazaar. The bank bazaar helped me to choose a policy and not only the policy, it helps us to choose the best products in the market. The website of bank bazaar is easy to use and user friendly. I am satisfied using bank bazaar service.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 19, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I didn't got the car loan with Dena bank, because they never gave any kind of response in concern to my car loan application. The bank branch is also located very long from my place, so that was the reason i haven't got the car loan with Dena bank. The customer service and the response need to be improved with Dena bank. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Initially HDFC bank has promised me some thing around 8% of interest rate in concern to my car loan but they have disclosed my loan with 8.65% . They need to stick on their promises. The customer service and the response part was good with Hdfc bank. Within 3 days of time they have disbursed the loan. The rate of interest is low when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Initially HDFC bank has promised me some thing around 8% of interest rate in concern to my car loan but they have disclosed my loan with 8.65% . They need to stick on their promises. The customer service and the response part was good with Hdfc bank. Within 3 days of time they have disbursed the loan. The rate of interest is low when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The Service is really good with bank bazaar, because within a hour of time I got the call from bank bazaar executive . The place where we can know about all financial products in the market. I came to know about bank bazaar through promotional mails. I am with bank bazaar for more than 3 years. The website of bank bazaar need to specified by differentiating the products. The bank bazaar has offered me a satisfactory service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't got the response from Dena bank when I was in need of car loan , so that was the reason I haven't got the loan with Dena bank. The customer service and the response was good with Dena bank. The rate of interest is low with Dena bank and there was zero processing fee offer with Dena bank car loan. The timelines needs to be specified with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      I know about bank bazaar for past 1 year. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I get to know about bank bazaar through google web search. I am very much happy with the service rendered by bankbazaar.com.
      Was this review helpful? 0
      , davanagere
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      The best part I like about bank bazaar is their response , because I got immediate response from bank bazaar in concern to my car loan application. The customer service and the response is really good with bank bazaar. The web site with bank bazaar is easy to use and user friendly. The mobile application of bank bazaar is really helpful and supportive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 2.5/5 "Just OK"
      The HDFC bank executive told that they can do the commercial car loan vehicle only if I am having 5 cars in my name. So that was the reason I haven't got the loan with HDFC bank. The customer service and the response was average with HDFC bank. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.5/5 "Excellent!"
      For about one year I am a customer of bankbazaar.com. I got to know about bankbazaar through google web search. The customer service and the response provided by bank bazaar is really good. The web site of bank bazaar is easy to use and user friendly. I am happy with the level of service offered by bankbazaar.com.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't get the car loan from HDFC bank, because my loan got sanctioned by AXIS bank so that was the reason I haven't proceed with HDFC bank car loan. The rate of interest provided by HDFC is nominal . The customer service and the response was also good with HDFC.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I got the quick car loan from axis bank , because they processed the loan within 2 days of time. The customer service and the response is really good with axis bank. The rate of interest is nominal with axis. I am completely happy with the service provided by AXIS also the response provided by them was really good.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gives very good service to the customers by giving prompt followups to them. The web site of bank bazaar is easy to use and user friendly. The customer service and the response provided by bank bazaar is extremely good. I am completely satisified with the level of service rendered by bankbazaar.com.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Axis bank car loan process just took 3 days of time. They have approved and disbursed my car loan within 4 days of time. The customer service and the response was very good with axis and the rate of interest is nominal with axis bank and it can be compared with other banks too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service rendered by Kotak mahindra in concern to my car loan was very good. The customer service and the response with Kotak mahindra was really good . They took around 7 days to disburse my car loan . The required loan amount has been disbursed and I am completely satisfied with their service too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      Bank bazaar service is really good. The customer support reaches the customer on time and they gives the appropriate information to the customers. I am aware of bank bazaar through google web search. The customer service and the response with bank bazaar is supportive and helpful . The web site with bank bazaar is easy to use and customer friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Below average service "
      0.5 1.0/5 "Really Bad"
      Axis bank doesn't know how to treat the customer they gave a call and spoke to me as if they are doing a favour to me and without completing the call they dropped the call, which again gave me a bitter experience. The customer service and the response need to be improved with Axis bank. They were not ready to listen to the customer query and they were just explaining their terms and conditions on the call.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      This is a good service provided by bankbazaar.com to get prior approval after that we planned to get the car . We can save our time and money with this type of online service. thank you bank bazar, I hope my loan request would be acknowledged within a short span of time . I am waitin for your call. ....cahalapathi
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "User Friendly"
      0.5 4.0/5 "Great!"
      I like Bank Bazaar online service is excellent, I normally fill the online application form to check the eligibility of financial products, their executive are very prompt and good in resolve the queries. I am very satisfied to use Bank Bazaar site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2017
    • Capital First Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      There is no issue with capital first, only issues with my end. They were asking some documents from me, I have all other documents except rental agreement. I don't carry that. Hence I am unable to process with them. Again I am planning to reopen it.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 13, 2017
    Common Loader Icon

    Car Loan is Rated as "Great!" by 28307 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    You're eligible for a Car Loan if you:

    01
    02
    03
    04

    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck


    Your eligibility depends on

    01
    02
    03

    Earn more than minimum income
    required

    Loan capped @
    85% Ex-Showroom price

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 7 years


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

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

    Car Loan Interest RatesUpdated on 21 Jul 2017

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

    An Overview About Car Loan

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

    Apply for Car Loan Online

    Why Choose a Car Loan?

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

    Features & Benefits of Car Loans

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

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

    Why Apply for Car Loan on BankBazaar.com?

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

    • Comprehensive List of Car Loans

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

    • Compare and Select

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

    • Check your Eligibility

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

    • Easy Application Process

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

    • Robust Customer Support

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

    • 100% Free

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

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

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

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

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

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

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

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

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

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

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

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

    Comparing Car Loans from Different Banks

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

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

    Compare, Compare, Compare

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

    What’s the Interest?

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

    Keep it Simple

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

    Hidden Fees and Charges

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

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

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

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

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

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

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

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

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

    Car Loan Application Checklist

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

    Car Prices in India

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

    Car Dealers

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

    Car Loan

    Car Loan Tips

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

    Negotiate with the Dealer

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

    Compare Interest Rates

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

    Know your Credit Score

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

    Choose a Shorter Repayment Tenure

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

    Read the Fine Print Carefully

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

    Car Loan Checklist

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

    Proof of Income

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

    Your Loan History

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

    Proof of Residence

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

    Details of Your Vehicle

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

    Insurance Proof

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

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

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

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

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

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

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

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

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

    What are the commonly available car loan repayment tenures?

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

    Thinking of buying that new car you saw in the showroom? Want to upgrade your car to a bigger one for the convenience of your extended family? Looking out for a Car Loan? Whatever your need may be, you can easily avail a car loan through BankBazaar.com.

    Now, finance your dream of buying a car with an additional bonus! BankBazaar.com has been offering various offers and promotions on various financial products time and time again and this time we are offering you an exciting promotional offer on car loans. This limited period car loan sale will be available on car loan applications made through the site, wherein you can get an goCash from Goibibo worth Rs.5000 for approval of your car loan by the respective bank.

    In order to be eligible for this offer, the following conditions must be met:

    • BankBazaar.com, owned and operated by A&A Dukaan Financial Services Private Limited, is offering this promotion from 8th September 2016 and it expires on 5th October 2016, and only those who apply for a car loan during this period is considered eligible for the offer.
    • The time frame permitted for the Car Loan approval by the concerned bank is 20th October, 2016.
    • goCash requests for Car Loan approval beyond this period, is not entertained.
    • The applicants must be at least 18 years old or above, at the time of loan application.
    • Only one application per customer will be considered for the offer.

    The goCash from Goibibo offer is valid for car loans from select banking partners only and these Banks will have the Goibibo Card banner.

    Terms and Conditions

    • Cash or credit will not be available as an alternative for the goCash from Goibibo, under this offer.
    • A prohibition is instituted on the resale, reproduction, trade or modification of the goCash.
    • This Promotional offer cannot be clubbed together with any other deal, offer or promotion.
    • Employees of BankBazaar are ineligible for participation in the Promotion.
    • Modification of, addition to or discontinuation of the Promotion and/or its terms and conditions at any point of time without any prior notice, is the sole discretion of BankBazaar.
    • The eligibility of the participants to receive the goCash from Goibibo, is verified solely by BankBazaar. By being a part of this promotion, the participants confirm their acceptance of the stipulated terms and conditions.
    • Any loss or damage of the goCash from Goibibo is not a liability of BankBazaar.com, once it has been issued to the applicant.
    • The goCash from Goibibo would not be replaced or cancelled once it has been issued to the applicant.

    Once a customer is eligible and meets all the terms and conditions stipulated, the goCash from Goibibo that he/she is qualified for is sent to the customer's e-mail address that is specified in the loan application form, upon the concerned bank's approval of the Car Loan application.

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

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

    How to participate in the deal?

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

    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 July 2017
    • The offer will end on 31st of July 2017
    • For details on Amazon Gift Vouchers and the usage limits, visit the Amazon website
    • Redemption of the voucher shall be governed completely by the terms and conditions set out by the merchant
    • The participants should be above 18 years of age as on the date of submission of their application for car loan

    *Partnering Banks Include*:

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

    • DENA BANK
    • ICICI BANK
    • HDFC BANK
    • SUNDARAM FINANCE
    • TVS CREDIT SERVICES
    • CAPITAL FIRST
    • Au FINANCIERS LIMITED

    Happy Shopping!

    Disclaimer*:

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



    • Everything You Need To Know About Car Loans

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

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

      BankBazaar News About Loan

      22nd August 2016

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

    • Studies suggest new diesel vehicles are more environment-friendly than petrol cars

      According to studies, modern diesel vehicles are seen to emit less pollutants than cars running on petrol or gasoline. Although diesel has a bad reputation in this matter, in reality, the invisible emission of pollutants from petrol cars is far worse.

      Researchers have analysed the Carbonaceous Particulate Matter (PM) given out by cars. This is predominantly made of black carbon, secondary organic aerosol (SOA), and primary organic aerosol (POA). These pollutants are known to have harmful components that damage tissues of the lungs.

      Recently, newer diesel vehicles in the US and European countries have been mandated to be fitted with diesel particle filters (DPFs). These filters cut down the emission of pollutants significantly.

      Petrol engines are also seen to emit more pollutants at lower temperatures due to pronounced cold-start effect. So diesel cars fitted with DPFs are much more environment-friendly in comparison.

      However, it has been found that old diesel cars emit more pollutants than petrol cars. The amount of emitted nitrogen oxide that causes acid rain and smog are higher in these vehicles.

      17th July 2017

    • How do Self-Driven Cars Work

      Driverless cars have already made their debut in the auto-tech world, with tech giants like Google, Volkswagen and Apple among others sprinting towards the possibility of launching self-driven cars on the roads very soon.

      Still, many questions remain on the ability of these cars to perform on an actual road instead of a simulated scenario. To ease hesitation, many self-driven cars also offer the option of driving manually. Auto companies, however, are providing convincing evidence in favour of driverless cars, with technology on their side.

      Driverless cars will work similar to how a brain processes and stores information collected from the external sensory organs. The cars will be equipped with sensors in its bumpers, which will collect and store information in a computer mainframe. Sensors placed next to the wheels will obtain instruction for the destination from the mainframe and navigate the car.

      Cameras, Radar and Lidar will work as the sensory organs of the car. A camera located on top of the car with Lidar sensors will survey and measure distances from nearby vehicles and other obstacles. Lidar sensors use laser technology to obtain and process 3D image of the surroundings when driving, and thus, help the cars maintain a safe distance from all obstacles.

      14th July 2017

    • AI on the Road to Making a Big Impact in the Automobile Industry

      At Bosch’s R&D facility located in Renningen, Stuttgart, engineers are working hard to develop the next stage in integrating artificial intelligence with automobiles. The engineers are busy stress-testing sensors which will be incorporated into smart cars which will be released next year. These sensors are said to make a car understand various patterns which would make driving safe and also reduce the amount of emission produced by a car. Advances in technology have taken automobile companies a step further in their goal of producing a self-driven car. Top tech firms like Google, Apple, and Samsung are working closely with Bosch to develop applications to help incorporate these sensors.

      12th July 2017

    • Volvo to phase out petrol cars by 2019

      In what would be a grim announcement for petrol industries, Volvo is all set to phase out petrol cars by 2019. In response to this, energy futurist, Tony Seba said that electric vehicles would devastate the global oil industry by 2030. Seba predicts a catastrophe for the oil industry. He added by saying that, the rise of self-drive cars would bring down oil demand sharply which could reduce the price of oil to $25 a barrel within 10 years. Seba also predicted that 95% of people won’t own private cars by 2030 which would wipe off the automobile industry. This could destroy the global oil industry.V

      12th July 2017

    • Apple to Test Self-Driving Cars

      Apple, the technology mammoth from California is about to shock its fans with yet another blockbuster. The company has confirmed that it is interested in self-driving vehicles. Experts, however, are making strong efforts to get an idea about the company’s plans so far as market traction is concerned. Steve Jobs, the co-founder of Apple, who died five years ago, also thought about putting the software and hardware of the company into developing a smart car about ten years ago. The CEO of Apple, Tim Cook, said in mid-June that the company was working on a software that enables the operation of self-driving vehicles, dubbing it as the most important artificial intelligence project the company had undertaken in years.

      6th July 2017

    • Assembly of the Brand New BMW 5 Series Commences in Chennai

      The assembly of the brand new 5 Series from BMW has commenced in Chennai just a fortnight away from its launch. The seventh generation 5 Series vehicle is expected to hit Indian markets on the 29th of June, 2017. The vehicle is set to rival the E Class from Mercedes Benz, the XF from Jaguar, the A6 from Audi and the S60 from Volvo. The car will be offered with three engine options – two diesel and one petrol.

      22nd June 2017

    • Pre-GST offers announced by Audi

      Pre-GST offers have been announced by German Manufacturer, Audi, for vehicles sold in Mumbai, Delhi, and Gujarat. This offer is now available for the A4, A6, A3, and Q3 models. Discounts up to Rs.7.26 lakhs is expected with these vehicles . The company joins luxury car manufacturers like Mercedes-Benz, BMW, and Jaguar that have also announced pre-GST benefits for their customers.

      The Audi A3 Technology TDI will be available at a discounted rate of Rs.29.99 lakhs in Mumbai and Delhi. The Audi A4 Technology TDI will be available at Rs.36.99 lakhs and 37.49 lakhs in Delhi and Mumbai respectively. The A6 Technology TDI is available at Rs.46.49 lakhs and Rs.47.99 lakhs in Delhi and Mumbai respectively while the Q3 Premium TDI is now available at Rs.30.49 lakhs and Rs.30.99 lakhs in Delhi and Mumbai respectively.

      Experts suggest that this discount is available until stocks last as dealers are doing their best to clear out their existing stocks. Audi does not expect this deal to run after the end of this month as stocks are expected to be cleared out by then. This would be the best time to purchase a luxury vehicle and if a customer finds it difficult to finance his/her purchase, banks and lenders are now offering attractive interest rates and benefits on car loans.

      20th June 2017

    • Nissan Rolls out the New Micra

      Nissan has rolled out the Micra 2017, and it comes with a few additional features as well as a price hilde of Rs.14,000. Nissan comes with features such as 7.0-inch touchscreen, a 5.0-inch coloured display on the MID, a flat-bottom steering wheel, cruise control and lots more.

      14th June 2017

    • Mitsubishi launches Pajero Sport at Rs.29.7 lakh

      Giving stiff competition to SUVs in the Rs.20 lakh range, Mitsubishi has rolled out their latest variant of the Pajero Sport at an ex-showroom price of Rs.27.9 lakh. Powered by the standard Pajero 2.5 liter diesel engine, the latest variant comes with features such as chrome door handles, illuminated scuff plates, daytime running lights, flared wheel arch claddings, black radiator grille, front crash guard, DVD player for rear seat entertainment, power-folding outside mirrors and cruise control. The Pajero sport is controlled by a 5-speed automatic and a 5-speed manual transmission.

      13th June 2017

    • GST Rates Impacts Car and Bike Prices

      People looking to purchase a new car or two-wheeler are in for a surprise. The new base GST rate has been set at 28% for the automobile segment. The new rates will bear both good and bad news for people who are looking to purchase a new vehicle. The Government has proposed to have a cess of 1% and 3% levied on small cars of petrol and diesel variants respectively. Vinod Dasari, President of the Society of Indian Automobile Manufacturers (SIAM) has stated that the new changes made by the GST Council will see the prices of smaller vehicles increase by 2-3%. He also stated that the GST rates have a marginal impact on the Commercial and two-wheeler vehicles while three-wheelers will see a marginal increase in its price. Bigger vehicles which have an engine capacity of 1,500cc or more will see a reduction in taxation levied on them and will eventually lead to the reduction of its selling price.

      8th June 2017


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