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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    Secured Car Loan

    We found 34 Secured 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 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
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    Fees & Charges
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    Eligibility Criteria
    9.10% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
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    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
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    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
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    Eligibility Criteria
    9% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    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
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    Eligibility Criteria
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
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    Fees & Charges
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    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
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    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
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    Secured Car Loan is Rated as "Excellent!" by 26177 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.
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  • Secured Car Loan Reviews

    • Bank Bazaar Customer Support
      "Good customer relevant option"
      0.5 5.0/5 "Blown Away!"
      Experience with the Bankbazaar.com is really good and the response , follow up are the major factors with them , which made me to like it. Option are good with the Bankbazaar.com and I came to know about it through advertisement. I am happy with Bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Could be more careful"
      0.5 2.0/5 "Expected more"
      Experience was good one with the ICICI bank for the car loan but there were some issues with the rate of interest negotiation. Customer service was really good with them and there were no worries with them and the response was an immediate one. Finally , I got the rate of interest as 9.45%, though lot of negotiation happened.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is really good one and its useful for me, also am using it for the last two years of time. Website of the Bankbazaar.com is very easy to access. Speedy process is the best one with the Bankbazaar.com, also am happy with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • TVS Credit Services Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      Services are fine with the TVS credit services and the loan amount got disbursed within a week of time. Customer service is fine one with them and there are no worries with them. They have provided me around 60% of the cost of car as loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 3.0/5 "Satisfactory"
      HDFC Bank has been good in the process for the car loan there has been no issues in getting the loan and the process after the loan was disbursed is also hassle free. The customer support is good and the response has been the best in collection of documents.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Easy to compare the loan across the banks"
      0.5 4.0/5 "Great!"
      I personally I don't want to do anything, I just visited Bank Bazaar, they had taken complete initiative and gave me car loan quotation of many banks rather visiting all banks checking the best offers. The site is very good, I compare the interest rate offered by various Banks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 19, 2017
    • Dena Bank Car Loan
      "Its Hassle free process"
      0.5 4.0/5 "Great!"
      I have not shortlisted the car now, we planning to purchase the car at next year. Because of this reason I didn't take car loan from Dena Bank, they are good in service. Dena reached me on time and they very eager to collect the documents for loan process and their interest rate and processing fee is also nominal.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been good and the process is simple. It was a excellent experience and I am happy that there was no delay in the banks reaching out to me. The follow up was also supportive and the website is too good. It is simple and easy.
      Was this review helpful? 0
      , indore
      Reviewed on May 19, 2017
    • Sundaram Finance Car Loan
      "Services are good. But high on processing fee"
      0.5 5.0/5 "Blown Away!"
      After I applied for a car loan with Sundaram finance the services was good. They were responsive and they kept me informed about the details. The rate of interest was of 9.6% and it was a reasonable rate for me. The processing charges was on the higher side.
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      , indore
      Reviewed on May 19, 2017
    • SBI Car Loan
      "Satisfied service"
      0.5 4.5/5 "Excellent!"
      I had a car loan experience with SBI. I bought the loan a year ago. They have disbursed my car loan within 6 to 7 days. Which is very quick and fast. The rate of interest is nominal with Sbi car loan department. I am happy with the loan amount they have provided. Overall it is a satisfied service with SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 4.5/5 "Excellent!"
      The services at Bankbazaar has been good and it was a nice experience as I got all the information I needed In one page without having to visit the bank physically. The website is pretty much useful and it would be better off there are lesser rates available on the site for the customer to choose the least.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • Axis Bank Car Loan
      "AXIS should provide loan at on road value"
      0.5 4.0/5 "Great!"
      I personally feel AXIS bank interest rate was high when compared with other banks, AXIS offered me 9.25% of interest on car loans but other banks are giving lower interest rate, AXIS giving loan only ex showroom value not at on road price. Thereby, I didn't take car loan from AXIS bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "High on ROI & charges"
      0.5 3.5/5 "Pretty good"
      HDFC Bank did respond to me on time when I applied for a car loan. I could not go ahead for the loan because I finally could not get the vehicle that I was looking for. The vehicle I preferred was "Chevrolet enjoy" and since the vehicle was not available and its because of which my plan was revoked. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Good Financial Advisory"
      0.5 5.0/5 "Blown Away!"
      I got quick response from Bank Bazaar, their representative are friendly on the loan part. Through face book I came know about Bank Bazaar then I placed the request for car loan they have reached on time. The website is easy and informative to search all the loan products.
      Was this review helpful? 0
      , porbandar
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "Hassle free and Good Experience"
      0.5 5.0/5 "Blown Away!"
      HDFC service is good but I didn't take car loan from them. Because I managed the whole car amount and I purchased the brand new car by own source. I am fine with HDFC service, their executive are polite and they offered reasonable interest rate and processing fee.
      Was this review helpful? 0
      , porbandar
      Reviewed on May 19, 2017
    • ICICI Bank Car Loan
      "Loan disbursement process has to be improved"
      0.5 4.5/5 "Excellent!"
      ICICI takes a very long time to disburse the amount to the car dealer, they had collected the documents on time but done the process delay. ICICI interest rate is good they quoted 9% but offered only around 8.75% on car loan and also they sanctioned 100% .
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Pretty easy site to navigate"
      0.5 4.5/5 "Excellent!"
      In simple terms I would say Bankbazaar is an informative website, I had been using Bank Bazaar site for one year. I do search many products through this site, Recently I gave car loan request to them, their follow up is very good, they regularly followed up on my loan application too.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "Interest rate has to be reduced as per market"
      0.5 3.0/5 "Satisfactory"
      HDFC provides the best interest rate for the car loan, they not giving lesser than 9.1% of interest. Hence I had taken car loan from other bank with best interest rate. HDFC agreed to sanction 100% of loan at on road value but I am not fine with interest rate. Therefore I was not willing to proceed further with them and there stopped the process.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2017
    • Magma Car Loan
      "Quick in process"
      0.5 5.0/5 "Blown Away!"
      It was an amazing experience with Magma Fincorp with regards to my car loan application. It was an excellent process and very convenient as well. The rate of interest was normal and the processing charges were also minimal when compared to other banks like HDFC Bank.
      Was this review helpful? 0
      , jodhpur
      Reviewed on May 19, 2017
    • Bank Bazaar Customer Support
      "Very good services"
      0.5 4.5/5 "Excellent!"
      The services rendered by Bankbazaar is really good and it was on time. I was given proper information and the team also followed up much with me till the end. The website is good because it is simple and easy to access and the comparison options has been very much helpful too.
      Was this review helpful? 0
      , jodhpur
      Reviewed on May 19, 2017
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