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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    We found 34 Unsecured 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
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    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
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    Perks
    Fees & Charges
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    Eligibility Criteria
    8.95% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Paperless approval option available
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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
    Rs.2,500 Amazon voucher free
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    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
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    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
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    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
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    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
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    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
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    Perks
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    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
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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
    Rs.2,500 Amazon voucher free
    What you'll love
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    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
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    Unsecured Car Loan is Rated as "Great!" by 28375 Users

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    Car Loan BYTES FROM OUR KITCHEN

    With the increase in purchase of cars, it has become easier to secure a loan to buy a car. Car loans are usually secured loans given against some collateral, or title loans, which means the car itself stands as surety. But a borrower will have to produce salary slips, income proof, and credit history. But nowadays, there is the option of securing a loan without providing any security. These loans are known as unsecured loans and are given out on the basis of the creditworthiness of a customer. These loans are mostly available with small-time moneylenders or institutions rather than big banks.


    For people who cannot produce any security or salary slips, these unsecured loans are beneficial, although they usually come with higher rates of interest but more flexibility.

    In the case of an unsecured loan, the risk is higher on the side of the lender. If the borrower defaults or fails to pay back the loan, the ownership of the car will remain with the borrower. For the lender, the options of recourse for recovering the amount from the borrower are limited, but the borrower will be black marked in the credit world.

    When looking for an unsecured loan, the down payment plays an important role. Financial experts advise a 20% down payment of the total borrowing. The larger your down payment, the more bargaining power you will have in terms of interest, tenure and other conditions of the loan.

    Benefits

    • No collateral required

      Collateral or security is any asset a borrower can put up to stand as surety that he/she will repay the loan. In case the loan cannot be repaid, the lender/bank has the right to sell off or take possession of the collateral to recover the loan money that has not been paid. In the case of unsecured loans, there is no risk of losing any asset if the borrower cannot repay the loan. This feature is especially beneficial for students or freshers who don’t possess any assets yet.

    • Quick approval

      Since the requirements are lesser than secured loans and there is no security required, the loans are approved and processed faster.

    • Flexibility with tenure

      Borrowers can usually negotiate on the repayment term according to their repaying capacity and come to an agreement with the lender. In case of being unable to repay the loan, the borrower can again make an agreement to extend the tenure. This is solely subject to the flexibility of the lender.

    • Flexible interest rates

      The borrower can also negotiate the interest rate and may even have the option of choosing a fixed or variable interest rate.

    Apply for Car Loan Online

    Things to keep in mind

    • These loans usually have higher rates of interest.
    • Borrowers should have good credit history and be a low risk factor.
    • Remember, having no credit history could also affect your chances of getting an unsecured car loan.
    • Lenders may ask the borrower to show a stable source of income.
    • Family members can act as guarantors for unsecured loans, which means they are willing to pay if the borrower is unable to repay the loan.
    • Not repaying the loan doesn’t mean the borrower goes scot-free. In the future, a loan will not be sanctioned by any financial institution as the borrower will be black-marked. It is difficult to rebuild credit history, although not impossible.

    Unsecured loans have their advantages and disadvantages. The disadvantages shouldn’t be a deterrent. When looking for a car loan, weigh out all your options, check to see which type of loan suits you best. In case you decide to borrow an unsecured car loan, check with your bank to see what options they can give you. If you are looking for a small-time money lender or financial institution, be sure to check the trustworthiness of the lender. Do not be hasty and check for any invisible strings attached. Learn to ask all the right questions about every detail of the loan and the car. Make your dream of owning a car come true in the best possible way.

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  • Unsecured Car Loan Reviews

    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar is pretty quick in their response . It would be great if bankbazaar provides the suitable partner banks. The customer service and the response with bankbazaar is above average . The website of bank bazaar is easy to use and customer friendly. The data base questions can be reduced in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have dropped the car loan plan because it is tough to get the loan with Dena bank as well I had personal reason too so that was the reason I haven't proceed with Dena bank loan. The customer service and the response with Dena bank is average. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the car loan within 3 days of time from HDFC bank. The customer service and the response part is really good with HDFC bank. The rate of interest is nominal with HDFC bank car loan. I am happy and satisfied with the loan amount, because the required loan amount has been approved by HDFC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Satisfactory service"
      0.5 5.0/5 "Blown Away!"
      I got to know about bankbazaar through my friends referral. The customer service and the response is fantastic with bankbazaar. The website of bankbazaar is easy to use and customer friendly. It would be great if bankbazaar recommends the products with low interest rates. I am happy and satisfied using the bankbazaar service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I hold a salaried account with HDFC bank, so I got the car loan with HDFC bank with best interest rate, so that was the reason I haven't proceed with Axis bank car loan and moreover the Axis bank offers the loan with high rate of interest for all the products . The customer service and the response with Axis is average . The service which is provided by AXIS bank is very much average.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gives the best response in concern to any query or any product related queries. I am with bankbazaar for past 2 years. I got to know about bankbazaar through google web search. The customer service and the response with bankbazaar is really good. The website with bankbazaar is easy to use and customer friendly. I am happy using bankbazaar website.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • Sundaram Finance Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      Initially the Sundaram finance executives gave a call and explained me about the product and they asked me to submit the documents and I have done it, but still no one turned up with the status of my car loan application. The customer service and the response is good with Sundaram finance. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Through advertisements I came to know about bankbazaar, I am with bankbazaar for more than 2 years. The customer service and the response is very good with bankbazaar. The website of bankbazaar is easy to use and user friendly. The bankbazaar gives very good comparison with the products which is very helpful to get the product with the best price.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jul 25, 2017
    • Au Small Finance Ltd Car Loan
      "Below Average service"
      0.5 1.0/5 "Really Bad"
      The Au finance service is not up to the mark in regards to my car loan application. The customer service and the response need to be improved with Au finance. The rate of interest is high when compared with others. They gave below average service in concern to my car loan application.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I know bank bazaar through google web search. I am with bankbazaar for more than a year. The customer service and the response is average with bankbazaar. The website with bankbazaar is easy to use and user friendly. I would say that bankbazaar gave average service .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      Dena bank didn't give any kind of response in concern to my car loan application, so that was the reason I haven't proceed with Dena bank. Then I have proceeded with other bank and got the car loan with the best interest rate. The customer service and the response need to be improved with Dena bank. The rate of interest is nominal with Dena .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very Nice service"
      0.5 5.0/5 "Blown Away!"
      I got a fair idea about bank bazaar through Google advertisements. I am with bank bazaar for the past 1 year. The website of bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank-bazaar. I am completely happy with the service rendered by bankbazaar.com.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      The Required loan amount was not approved by Hdfc bank, that was the reason I haven't got the car loan with HDFC . I would like to say that the HDFC bank need to intimate about the eligibility criteria to the customers in prior. The customer service and the response is good with HDFC bank. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      For past 1 year I am with bank bazaar. I came to know about bank bazaar through my friend's referral. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. Glad to be a customer of bankbazaar.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't choose HDFC bank for my car loan due to high interest, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response was good with HDFC bank. The rate of interest is high when compared with others. But from the service point of view HDFC is doing good.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I get to know about bank bazaar through online web search. The customer service and the response was very good with bank bazaar. I am with bank bazaar for past 1 year. The web site with bank bazaar is easy to use and user friendly. I am satisfied using bank bazaar website.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank service was very good, but they told that they have seen the backlogs EMI's to be paid in my profile, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response part was good with HDFC . The rate of interest is nominal with HDFC bank. I got the required loan amount with other private finance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The overall experience at Bankbazaar was satisfactory. The process of the team contacting me was instant and I had no hassles with them. I got proper follow up calls and the website is also created well and it is very informative. The comparison options is useful.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Sundaram Finance Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Sundaram Finance contacted me initially and later there was no follow up from them for the car loan. It has been a average experience and there was no information given to me on the rate of interest and processing charges. I would not wish to recommend them too.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar surely deserve 5 star rating as I am very much impressed with their service. The team was prompt in contacting me and they informd me the details too. The information on the website is also clearly described, making it easier to navigate through the offers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 25, 2017
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