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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.25% - 12.5% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    13.1% - 15% Floating
    0
    20,000 - 10L
    1-5 Years
    Response Time Within 30 minutes
    Paperless approval option available
    9.50% - 10.75% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    9.5% - 15% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    9.25% - 11.25% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    9.85% Floating
    0 One time fee
    1L - 2Crs Women's Special!
    1-7 Years
    Response Time Within 30 minutes
    13% - 14.5% Floating
    0.75% One time fee
    ₹ 1.5L - ₹ 25L
    1-7 Years
    Response Time Within 30 minutes
    100% financing on car value
    9.95% Floating
    0 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    16% Fixed
    1.25% (Min. ₹ 5,175) One time fee
    50,000 - 15L
    1-4 Years
    Response Time Within 30 minutes
    17% - 23% Floating
    1% One time fee
    50,000 - 15L
    1-4 Years
    Response Time Within 30 minutes
    11.95% Floating
    0 One time fee
    1L Min
    1-3 Years
    Response Time Within 30 minutes
    12% - 13% Fixed
    1% One time fee
    50000 - 10L
    1-4 Years
    Response Time Within 30 minutes
    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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