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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    Unsecured Car Loan

    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 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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    Perks
    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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    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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    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    What you'll love
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    Fees & Charges
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    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
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    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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    Unsecured Car Loan is Rated as "Excellent!" by 26177 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.

    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
      "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.
      Was this review helpful? 0
      , 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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