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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    Repayment Options for Car Loans

    We found 34 Repayment Options for Car Loans

    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 Paperless approval option available
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    9.10% - 13.25% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Think about
    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
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 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
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    100% financing on car value
    What you'll love
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    Perks
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    Fees & Charges
    Good To Know
    Eligibility Criteria
    9% - 11.50% Fixed
    Up to ₹5500
    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
    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    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
    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
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.00% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
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    Repayment Options for Car Loans is Rated as "Excellent!" by 26284 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Car Loan Repayment

    Car loans are becoming the usual way to purchase an automobile owing to the convenience and flexibility that comes with it. First of all, you don’t have to haggle with dealers for loans or empty your lifetime savings to buy a four wheeled dream. Instead, you can just apply from the comfort of your home and what's more, you can even repay in an instant through the click of a button.


    Repayment refers to the periodic payments that you make to satisfy the car loan. There are several ways by which one can repay a car loan – regular EMI, step-up EMI and step-down EMI to name a few. To avoid any hassles later, borrowers must be clear about the advantages and disadvantages of every repayment method before signing the car loan agreement.

    Car Loan Repayment Types

    Following are the six commonly offered repayment schemes.

    • Normal EMI

      The most common repayment method, a monthly instalment amount is decided based on the tenure and interest rate. EMIs are paid either at the beginning of each month or at the end of a month.

    • Step-Down EMI

      In this repayment method, the EMI amount gradually decreases from highest to lowest. The EMI reduces based on the number of payments done.

    • Step-Up EMI

      In step up EMI, the initial EMI is charged less and it increases based on the premise that the expected income of the borrower also increases. Generally, the EMI change would happen twice during the entire loan tenure.

    • Special tie-up Method

      Sometimes the dealer and the bank have a tie-up in a way that whenever there is excess funds, the same is used for prepayment of the car loan. This helps the borrower to reduce the principal as well as to reduce the total interest.

    • Balloon EMI

      In this method, borrowers are allowed to make lump sum payments towards the end of repayment tenure. The balloon method reduces the initial burden of a loan on the borrower.

    With banks offering you the flexibility to select a convenient repayment method, you should be able to zero-in the best scheme based on the interest amount offered, the loan quantum and your financial situation.

    Car Loan Repayment Schedule

    A car loan amortization calendar or schedule will show how your EMIs are used to pay off the principal and interest each month. A car loan repayment schedule calculator will give you information about the EMIs, interest on the outstanding principal and also how the principal decreases on a monthly basis because of the EMI payments.

    To arrive at a car loan repayment schedule, you can make use of an online amortization calculator. You will have to enter details like the loan amount, annual rate of interest and the total number of EMI payments. The calculator will project details about the EMI, interest on principal and also the reduced principal. These details will help you plan your prepayment and also to make future budgets.

    Car Loan Repayment Calculator

    A car loan EMI calculator when it comes to deciding the loan amount and tenure for the prescribed interest rate. Before applying for a car loan, you should calculate the affordability based on the interest rates and also decide on the tenure. This will not only ensure that you are not going overboard with the loan amount but also help you choose a vehicle that fits your budget.

    In an online car loan repayment calculator, you have to input the loan amount, tenure and interest rates. The calculator will instantly display the monthly EMI, total interest payable and other amortization details. This will help you plan better for the future since you will know the monthly EMI that will be debited for the car loan repayment. Also, you can keep changing the tenure and loan amount multiple times for the interest rates offered to arrive at a suitable EMI.

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  • Repayment Options for Car Loans Reviews

    • Bank Bazaar Customer Support
      "Okay "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com have provided me the information related to my financial queries in a good way. I would like to say that the website of the Bankbazaar.com is easy to access and the customer service is good one with them till now.
      Was this review helpful? 1
      , chennai
      Reviewed on May 27, 2017
    • Oriental Bank of Commerce Car Loan
      "Satisfied"
      0.5 2.0/5 "Expected more"
      I did not get the car loan with the Oriental bank of commerce because of provident fund . Customer service is fine with the Oriental bank of commerce and the response is immediate one with them. I would like to go ahead with them in the near future.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good and its linked one and its very useful one. I would like to say that the website of the Bankbazaar.com is good one and the response is immediate one with them and am using it from the last six months of time.
      Was this review helpful? 0
      , tirupur
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Due to my personal reason and some other issues, I did not went ahead with the HDFC bank and the customer service is good one with them and the response is an immediate one with them. In future, I would like to go ahead with them in future for my needs.
      Was this review helpful? 0
      , tirupur
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Best"
      0.5 4.0/5 "Great!"
      My experience with the Bankbazaar.com was really good and am with them from the last three years of time. Response was good one with the Bankbazaar.com and I got the call from them within fourteen hours of time. I am happy with the Bankbazaar.com.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Axis Bank Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have already arranged the money through some other sources like its directly from the car manufacturer finance itself, so I have not taken the personal loan with the Axis bank. The services are really good with the Axis bank and the rate of interest was around 9%, which was not okay for me.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Convenient banking"
      0.5 5.0/5 "Blown Away!"
      The process for the car loan was also a smooth process and I had to difficulties in the documentation. HDFC Bank has always been providing the best of services and the deal on the interest rate and processing charges is affordable and the after loan process is smooth too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      There is no lacking on the service part of Kotak Mahindra. They came directly to my place and done the entire process without giving any inconvenient. I am happy about that, its been a year my loan is running. Being a self employed person they came least interest rate of 9.5% it is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • L&T Finance Car Loan
      "Service has to be changed"
      0.5 1.0/5 "Really Bad"
      L & T finance limited executives are not responding well. When I went to foreclosure my loan, they said I have many to late payment charges but I did not do that. Then I raised the complaint to their nodal officer to release my NOC letter,after several complain my issue was sorted out.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • ICICI Bank Car Loan
      "Hassle free process"
      0.5 4.5/5 "Excellent!"
      ICICI interest rate is high for my new car because it was launched newly at the time, but for other car interest rate was good. ICICI sanctioned 100% of loan at on road value. Post process of my loan is excellent, my ECS is getting debited automatically.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is good , where I can get information about every bank. I am using Bankbazaar.com from the last one year of time for my financial information. I would like to say that the response is good one with the Bankbazaar.com.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Due to some personal reason, I have not taken the car loan with the Axis bank and the customer service was fine one with the Axis bank and the response is also good one with them. In future, I would like to go ahead with the Axis for the car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com had helped me in a good way, I am using it from the last one year of time. I would like to say that the website of the Bankbazaar.com is easy to access and I want to say everything is fine with the Bankbazaar.com, also there are no hassle.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2017
    • Sundaram Finance Car Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I had postponed the plan of getting the car loan for some other reason, so I did not go ahead with the Sundaram finance limited. Rate of interest and everything was okay for me and , I would like to go ahead with Sundaram finance limited.......
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had made an inquiry with the HDFC bank to get the car loan and the rate of interest was good one with the HDFC bank, also the customer service worked in a better way. In future, I would like to go ahead with the HDFC bank , if I am in need of their assitance.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Better "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is needful for me also I came to know about it through online search. Customer service is good one with them and I got the call from them very next day itself, also the response that I received from bankbazaar.com is really great.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had not taken the car loan from the Axis bank because I had arranged the funds from my end. I got the rate of interest as around 9% and I was okay with that and the customer service was also fine one with them. There are no drawbacks with them absolutely..
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Very good and customer friendly"
      0.5 4.0/5 "Great!"
      Experience is good with the Bankbazaar.com and am with them from the last three months of time. Website of the Bankbazaar.com is easy to access and the response is very good one with them and I have not found any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I do have some other personal reason and that's why I have not taken the car loan with the Axis bank. Customer service and other things are perfect with them. Rate of interest was around 9.7% and the customer service was fine one with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The rate of interest for the HDFC bank car loan is high like its around 13% The services are quite fine with them. My car loan .disbursement took 15 days of time documentation was really bad with them it was very lengthy process, It would be good if they reduces rate of interest for used car loans and documentation part.
      Was this review helpful? 0
      , jabalpur
      Reviewed on May 26, 2017
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