If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Zero-Down Payment Car Loan

    The auto finance availed to purchase a car of loan. Making a high down payment on your car can help bring down the total cost of your car loan. For instance, if the price of the car is Rs.15 lakh and you make a down payment of Rs.5 lakh, your car loan will be limited to Rs.10 lakh. The interest payments on Rs.10 lakh is lower than Rs.15 lakh. Most banks and non-banking financial companies in the country usually offer car loans up to 85-100% of the ex-showroom price of the car. You will have to cover the down payment, motor insurance cost, and road tax.

    If you don't have sufficient funds to make a down payment on your car, you must ensure your credit score is above 800 with a clean credit report with regards to old and existing loan repayments. It is difficult to get a car loan without down payment. You may have to opt for a loan against securities in such a case. However, this is not a smart financial decision. Instead, you can choose to save up money to make a down payment on the car of your choice.

    Post demonetisation of high-value currency notes (Rs.500 and Rs.1,000) in 2016 in an effort to transition into a digital economy while bringing down the circulation of black money, auto manufacturers and lenders joined hands to boost vehicle sales. Consumers are offered 100% on-road finance and car delivery without down payment in most dealerships in tier 1 and tier 2 cities in an effort to boost vehicle sales post demonetisation.

    Car Loan Eligibility Criteria for 100% On-Road Finance

    Top banks in India like HDFC Bank, ICICI Bank, and Axis Bank are offering 100% on-road finance to borrowers who meet the following eligibility criteria:

    • The applicant must be 25 years or above.
    • He or she must have a CIBIL score of 800 or above with no negative loan repayment history in the credit report.
    • The applicant must have a minimum annual income of Rs.3 lakh. The car loan amount will not be more than the applicant's net annual income. Existing loan EMIs plus the proposed loan EMI must be less than 50% of the applicant's salary.
    • He or she must be a salaried employee or a self-employed person with minimum 3 years of work experience.
    • The applicant's bank balance must be minimum 3 times the proposed loan EMI.
    • No cheque return history in the last 6 months in the applicant's salary account or business current account.
    • The applicant should be residing at the provided address for minimum 2 years.

    To find out if there are reliable zero-down payment auto finance available in India, do some research online. If there are zero-down payment car loan offers, check if you meet the eligibility criteria. Focus on improving your credit score by making regular EMI payments and credit card bill payments on time. Another method of improving your credit score is by balancing secured and unsecured loans.

    Documents Required for 100% On-Road Finance

    Here is a list of documents that an applicant must furnish along with a duly-filled and signed car loan application form:

    • For income proof, the applicant can submit the company ID card, salary credit in bank statement, Form 16 (in the case of a salaried employee) and VAT or ST registration with current account statement (for a self-employed individual).
    • For address proof, he or she can submit homeownership deed.
    • For identity proof and age proof, the applicant can submit PAN card, Passport, Aadhaar card, and recent passport-sized photographs.
    • Previous loan or vehicle ownership documents like RC of old car and loan agreement.

    Income proof for a salaried employee can include last 2 years’ Form 16, last 3 months' payslips, and last 6 months' salary account bank statement. Income proof for a self-employed individual can include the last 2 years' ITR, last 6 months' current account statement, Sales Tax certificate, Service Tax certificate, and VAT certificate.

    Those customers without the funds to make a down payment on a car of their choice can opt for a zero-down payment car loan. It is easy to apply for a car loan online. Visit the bank website to download the car loan application form, fill it up, and submit it along with the necessary document proofs. Use the online car loan EMI calculator to find out how much the loan will cost you on a monthly basis.

    Customer Reviews

    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with ICICI bank for long time, they have given me sufficient loan amount, and they have charged me nominal rate of interest in this loan , they have charged me up to 8.85% .And they have charged processing fee in this loan ,they have charged me up to 2000 rupees, overall experience was too good in this bank.Still the loan is running.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 22, 2019
    • SBI Car Loan
      "Car loan with lowest interest rate and easy repayment"
      0.5 5.0/5 "Blown Away!"
      I have bought my car loan from State bank of India. I have done the pre-closure and they have not charged anything extra money for that. I have got the loan in the year of 2018. They have provided me a car loan with the percentage of 9.25% and the documentation process was very easy.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 22, 2019
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan was quite good and the loan amount which they had provided has been sufficient as well. The interest rate with them has been nominal when compared with the market rate and the charges which they had made has also been nominal as well. Their customer support team had also been helpful as well.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have recently started using the services of Bank Bazaar to get my Car loan, and the process was simple. I came across their services while i was going through the internet and i had downloaded their mobile application which has a very good user interface. Their customer support team had also been responsive and was helpful at times.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had chosen my Car loan from them since i was holding my Salary account from them. The process in getting this loan has been simple and the documentation was also simple. The loan amount has been sufficient and they had charged with an interest rate of 9.5% which is nominal with the market rate. The processing fee with this loan has also been nominal.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • Capital First Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with my Car loan from them was quite good where the process has been simple. The loan amount has been sufficient and the interest rate with them has been nominal when compared with the market rate. There has not been any sort of charges which they had been making and the processing fee was nominal. Their customer support team had also been helpful as well.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with Bank Bazaar has been quite good and it was nice. They had been helpful for getting Personal loam, Home loans, Car loans and i had been using the mobile application of them which has been convenient in using. I had come to know about the services of them through advertisements and through my friends.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting loan was quite easy and smooth where it was not lengthy and they had collected the documents at the doorsteps. The loan amount which they had provided has been sufficient and the interest rate with them has been less when compared with the other banks. The charges which they had made has been nominal as well. Their customer support has also been responsive and was helpful.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience with Bank Bazaar while i was getting Car loan through them, i had been using the services of them for the last six months. I came to know about them through internet and i had used their website which has been convenient as well. Their customer support has also been responsive and has been helpful.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process was easy in getting the car loan from them and the loan amount was sufficient as well. The interest rate with them was nominal when compared with the market rate and the charges which they had made where also nominal. Their customer support also was helpful and i had not faced any issues.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "24/7 available bank service"
      0.5 5.0/5 "Blown Away!"
      To approach the bank for my car loan is very difficult for me. I have done the documentation through online. I got the car loan with the minimum effort because with the help of bankbazaar. I was searching the various products like mutual funds, loan and i have been checking the bankbazaar website for all kind of financial product. I go through this website for any kind of investment plan.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Easy and affordable car loan"
      0.5 5.0/5 "Blown Away!"
      It was available with the car loan with the minimum documentation hence i have selected the HDFC bank for my car loan. I have got the interest rate of 9.5% and I'm satisfied with the. At the amount of Rs. 2500 they have charged as a processing fee. They have sanctioned the loan time.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Its Excellent"
      0.5 4.5/5 "Excellent!"
      I just explored about the car loan offers through Bank Bazaar. I got best deal from ICICI bank, then I selected that option. Bank Bazaar executive called me connected with the bank on time without any hassles or without approaching anyone i had received the loan on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of Bank Bazaar for the last three years and whenever i go in Google to check any financial products where i had come to know about the services of Bank Bazaar. The process in getting my car loan through them was very simple and everything was done online. Their customer support has also been responsive and had a good communication.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had chosen to go with them since it would be easy in getting a loan through them. The process had went well and the loan amount which they had provided has been sufficient as well. The interest rate with them has been nominal when compared with the market rate. The charges which they had made has also not been high.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Its Customer friendly"
      0.5 5.0/5 "Blown Away!"
      One place to find all the financial banking offers and also I would say its easy to identify the best product. More over the site is nice to upload the documents for the loan products rather approaching the bank. Its a time saving website, the response is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Recommendable car loan"
      0.5 4.0/5 "Great!"
      My salary account belongs to HDFC bank, hence I thought go with the same bank for the car loan. I hope the interest rate is less for me and also paper work became very easy. Even my car loan got sanctioned within 3 to 4 days then I have purchased Tata Tiago car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with Bank Bazaar has been quite good and i had started using the services of them for the last couple of months. Everything has been done online which was easy and convenient. I had used their mobile application which has a very good user interface. Their customer support has also been responsive and was helpful.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan was quite simple and easy and the loan amount which they had provided has also been sufficient as well. I had chosen to go with them since the charges where very less with them as well as the interest rate which they where offering has been less when compared with the market rate which was around 9.2%. The customer support team of them has also been helpful at times.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Good website"
      0.5 4.0/5 "Great!"
      Bankbazaar is good website and the overall process was easy. One of my friend has suggested me about the bankbazaar website. This is my first experience with bankbazaar. I have checked my credit score through bankbazaar website recently.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
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