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
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    Eligibility Criteria
    9.00% 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
    Rs.2,500 Amazon voucher free
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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
    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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    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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    12.25% - 13.99% Fixed
    Up to ₹4000 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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    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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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
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    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
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    Eligibility Criteria
    8.90% Floating
    ₹500 to ₹7000 + S.T.
    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 27499 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
      "Proper Service"
      0.5 4.0/5 "Great!"
      My loan application was addressed in a proper way. I submitted the loan on their website immediately I received calls from their end and they inquired the information from me and forwarded my application to the bank. I received proper service from bankbazaar.com.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Delayed Response"
      0.5 4.0/5 "Great!"
      I did not receive that much good response from HDFC bank for the car loan service. Actually I got delayed response from the bank. Also initially I was planning for the second hand car later I afford new car so I did not continue the loan process with HDFC bank.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      Whatever information I had received from bankbazaar in regards to the loan application, it was really sufficient. Bankbazaar responded well and provided good service. I approached them through their website. It was very easy to handle.
      Was this review helpful? 0
      , bokaro
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I applied for the car loan with HDFC bank but then I did not avail the loan because I already have a car but this time I was planning to get a new car so I applied for the loan but had marriage function at home, hence I could not continue the plan and I postponed it. I received good response from HDFC bank.
      Was this review helpful? 0
      , bokaro
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had received immediate response from bankbazaar. I hap applied for the loan on bankbazaar website. At that time I found some difficulties but then the responses are good from them. The website has details about the bank along with the interest rate and other charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Response"
      0.5 4.0/5 "Great!"
      On my car loan application, I got proper service from bankbazaar when I visited their website for the loan. It was easy to apply for the loan on their website. They are very prompt in processing the application and they forwarded it to the bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Actually I was looking for used car hence I applied for the car loan with HDFC bank. But the bank is offered high interest rate when compared with other banks so I just cancelled my car loan application and I did not avail the loan from them. Response part was good, I received proper call from the bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The services offered by Bankbazaar has been good and it is a simple registration process for me to do when I applied for a car loan. The website is good and very much easy to navigate through. The information on it is very useful for any customer applying for a loan and this is not the first time with bank bazaar, I am with them for many years.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "DISSATISFIED"
      0.5 2.0/5 "Expected more"
      It was not a good experience with Dena bank for the car loan. I received a call initially and they were supposed to follow up with me. After which I got no calls from them and I was unable to continue with them. I do not wish to recommend this bank for the lack of response, even the customer service executives too were rude.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Helpful Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is good in providing proper information in regards to the loan. I did not face any challenges with bankbazaar at any point of time. The website is so simple to access and it is very informative. It is easy to choose the bank for the loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "No Response"
      0.5 5.0/5 "Blown Away!"
      I had applied for the car loan with Dena bank. I had chosen this bank with the help of online source. But I had taken the personal loan from them not the car loan. Because I did not receive any calls from Dena bank for the car loan for which I had applied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Professional services"
      0.5 5.0/5 "Blown Away!"
      The services rendered by Bankbazaar has been excellent. It is a nice experience and the team is very professional in communicating the details. The website is also perfect and user friendly. The details are clear and the process is smooth to register and compare.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am quite happy to use Bank Bazaar service, Their executive are very responsive they helped on loan process. The website is pretty easy and quite informative to check the eligibility and offers based on customer profile. Overall Iam fine with Bank Bazaar service.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Dena Bank has been good in the process for the car loan. The customer services and response has been good and I got the disbursement on time. The interest rate was around 11.15% and there was a minimal fee of Rs.500. The after loan services are smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has been doing a good job. The experience is good and overall no issues faced. The customer support is very responsive and they were on time all through my process. The follow up calls are also good because I was on track and I had got the basic details about the application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Capital First Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      It was an average experience with Capital first for the car loan. They need to be more specific in what documents they need. I was not informed initially about the cheque and later I had to arrange for the same which delayed the process of disbursement.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had received good response from HDFC bank towards my car loan application. I had been contacted by the bank for the loan and they provided the required information for the same. Rate of interest they have offered is 9% the loan amount I had opted for 3.50 lakhs and they have not charges any processing fee nor any charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is truly the best, they were giving immediate response and there was a proper coordination between the customer and Bank. I appreciate their way of approach. I am really satisfied with Bank Bazaar service. The web page is easy to check the bank quotations without any inconvenience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      Axis bank charges very high interest rate in concern to the car loan product, that was the reason , I haven't got the loan with Axis. In the other hand they gave good response and better follow up on my car loan application. But for sure will not recommend this loan to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I choose bankbazaar to get the assistance for the car loan which I am going to take. When I submitted my loan application on bankbazaar website, I had received good response from them. I got calls and messages from their team. Also they assigned my application to the bank without any delays. Their website is pretty much easy to handle.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
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