If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Secured Car Loan

    India has witnessed a steep rise in the demand for cars. Indians have displayed an avid interest in acquiring more high-end cars, and this trend has continued unhindered by limits on financing since there are companies that are ready to finance up to 100% of the ‘on-road cost’ of the cars. Banks and other financial institutions offer car loans schemes that enable their customers to easily own a car but deciding on the right car finance/car loan option is very challenging.


    Car loans in India are of two types: secured and unsecured car loans. It is important that you choose the right car loan scheme that is beneficial for you and ideally comes with “no strings attached”. Some conditions and policies may lead you to pay more than you accounted for. Since the last global financial crisis, unsecured loans have become limited in India.

    Secured car loan as a form of financing is one in which the borrower has to place a collateral or security with the financial institution, while taking the car loan. Most car loans are secured either by the vehicle you intend to buy, or with a financial deposit of any form which would reduce the risk for the lender. Secured car loans offer better terms and lower interest rates compared to unsecured car loans. If you are using your car as the collateral, then you can avail an attractive rate of interest which ensures that your repayments will be affordable and won't weigh heavily on your finances. However, if you default on the loan, your lender can sell the car used as collateral, to pay off your loan and cover up the losses.

    The average repayment tenure for a secured loan is up to 7 years, and the monthly installment amount is smaller than that of an unsecured loan. This type of financing offers some advantages, one being that it comes with a lower interest rate and flexible income requirements. Since the loan is backed by an asset, income level is not a major constraint for application. Eligible individuals ideally have a stable income, or income from other sources such as investment, etc.

    Secured car loan Interest Rate

    Secured car loans are available at a fixed interest rate. This benefits you since the repayment amount won't be affected by any fluctuations in interest in the future. However, fixed rate loans aren’t as flexible as variable rate loans and in order to make additional payments/ pre-payments, a penalty will be levied.

    Loan Terms Secured Loan

    A secured loan usually has a shorter term and thereby, the repayment amount will be higher so that it can be paid off in time. However, a secured loan ensures lower risk to the lender and hence, the interest rate applicable will be lower than that of an unsecured one.

    Features and Benefits
    • Fixed interest rate and installment throughout the duration of the loan.
    • Enjoy lower interest rate by using your car as collateral.
    • Loan term ranging from one to five years, or up to 7 years in some Banks.
    • Option to choose from weekly or monthly installments.

    Secured Car Loan Reviews

    • ICICI Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the ICICI BANK and i have been using it since from last more than 4 years. The rate of interest was nominal with this loan when compare to the other loans. It is a good loan to use also they provided the loan amount which was good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • SBI Car Loan
      "Very good customer service"
      0.5 5.0/5 "Blown Away!"
      I taken my New car in Maruti Swift Desire with the help of SBI . Maruti showroom has tie up with the SBI , so immediately approved my loan . It is very fast response from SBI executive . They given me the correct interest rate . Now another 12 months EMI is pending .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • 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? 1
      , 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? 1
      , 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? 1
      , 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
    Common Loader Icon

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

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.