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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    Chennai Car Loan

    Buying a car is like a dream come true for many. If you are a resident of Chennai and want to buy your desired car, your car purchase can be funded by a low-EMI car loan offered by top banks. The loan can be applied online without any paperwork.

    We found 3 Chennai Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.1% - 15% Fixed
    1999
    50K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.95% - 13.40% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Chennai Car Loan is Rated as "Excellent!" by 3285 Users

    Fees & Charges

    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Chennai formerly known as Madras, this 369-year-old city is the capital of the southern state of Tamilnadu and is India's sixth-largest city in terms of population.It serves as one of the main gateways to South India and has a thriving local culture and art scene and is one of the major destinations for medical tourism. It is considered as one of the world's fastest growing cities.

    About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.


    You’re probably eligible for an Chennai Car Loan if you are

    01
    02
    03
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    Chennai Car Loan Minimum Age

    At least 21 years old

    Chennai Car Loan Maximum Age

    Less than 67 years old

    Chennai Car Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Chennai Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Chennai Car Loan amount eligibility is based on these factors

    01
    02
    03
    Chennai Car Loan Minimum Salary

    Minimum income required Rs.2,40,000 per annum

    Chennai Car Loan Maximum Loan to Value

    Loan capped @
    85% Ex-Showroom price

    Chennai Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Chennai Car Loan amount by these steps

    01
    02
    Chennai Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Chennai Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Chennai Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Chennai Car Loan Interest RatesUpdated on 23 Jan 2019

    Chennai Car Loan Details
    Interest Rate (Monthly reducing balance) 10.5% - 12.75%
    Processing Fees Rs. 500 to Rs, 5,000
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% to 4% on outstanding loan amount
    Guarantor Requirement No guarantor required

    Chennai Car Loan

    With its scorching southern humidity, deafening traffic and scarcity of outstanding sights, the atmospheric capital of India has always been considered on the dreary side when compared to other metros of the country. Hugging the coast of Bay of Bengal, Chennai is home to a strapping populace of 6.9 million people. Real estate progression and traffic bedlam threaten to consume Chennai’s fascinating amalgam of Asian pace and spiritual grace. But the chaotic yet strangely synchronized growth of cosmopolitan charm never fails to refine the general standard of living. The city’s soaring economy owes aplenty to its well-established automobile business and hence the sobriquet ‘Indian Detroit’. Statistics show that Chennai had over 12 million 2 and 4-wheeled automobile registrations in 2008.

    Owning a vehicle nowadays is a necessary luxury. And almost everyone depends on car loans to make the dream real. It is predicted that this 2015 is going to be big for car deals in Chennai since the price of funding one have become much cheaper and less hectic. Cheaper doesn’t translate to reduced costs. Car loans have become unavoidable assistants in making that dream car your own. The financiers keep terms and conditions of auto loans competitive for enticing as many aspirant car owners as possible including the utmost parsimonious. Chennai car loan market is quite tough and they come up with attractive offers every now and then. Whether you are looking to finance a new or used car, loans that suit wallets of all shape and size.

    From a chronological perspective, car loan rates have nearly reached rock-bottom. Ironically, buying a new car seems a cheaper option than getting a used car. Banks used to classify customers applying for car loans as ‘risky customers’. This is because even though car loan was a tenable debt, if the customer ceased to repay the money, they could seize the collateral but might find it difficult to resell it while a dealer can easily resell it. Big banks had personal loans and credit card users that earned them bucks. Hence the race between moneylenders was quite aggressive until recently. This trend is undergoing a paradigm shift and now banks too are after that piece of dessert.

    If you are a potential car purchaser, their loss is your profit since it is one of the few sectors of the loaning industry where the demand will only increase. When you apply for car financing in Chennai, you will have to produce a number of related documents. Duplicate copies of photo-bearing national identity cards, current and permanent residential address proofs, employment references, monthly income proofs (salary slips) and your previous debt obligations if any will be required. The dealers/ banks can also access information regarding legal steps that may have been taken against you (if any) using your given account details.

    The chosen dealer or bank might provide you with manufacturer discounts, such as lesser interest rates or even cash back on any particular make. These ads and offers might slip your notice as they are often seasonal. Ensure that you ask them specifically if the model you are seeking has such offers. An informed decision almost always means less regret.

    Chennai Car Loan FAQs

    Here are some frequently asked questions about Chennai car loans:

    1. How to apply for a car loan?

      Eligible applicants/potential buyers can apply for a car loan by visiting the nearest bank branch or downloading a car loan application form from the bank website. The duly-filled and signed car loan application form can be submitted to the bank along with the necessary identity, age, income, and address proofs. The bank will verify the details, process the application, and approve or reject it depending on the applicant’s car loan eligibility.

    2. How to check car loan eligibility?

      Most lenders have a car loan eligibility calculator on their websites. The eligibility of an applicant depends on his or her age, income, and credit score. Car loan eligibility criteria differ from lender to lender. Before applying for a car loan, check whether you are eligible for the loan so as to avoid rejection. Enter personal details such as age, income, and occupation into the eligibility calculator. The tool will check your eligibility and let you know the maximum loan you can get.

    3. What is the eligibility criteria for a car loan?

      The applicant can be a salaried or self-employed person, aged between 18 and 65 years, with a good credit score of 750 or above, have a steady income and a stable occupation with minimum 2 years of work experience in the same field. The applicant’s credit score represents the creditworthiness of the individual. The minimum monthly/annual income of the applicant represents his or her loan repayment capacity.

    4. How is a car loan repaid?

      Car loans are repaid through equated monthly installments (EMIs) wherein a fixed amount of money is paid each month to the lender over a specified period of time called the loan tenure. EMI consists of principal and interest.

    5. How to calculate car loan EMI?

      The free online car loan EMI calculator available on the lender’s website or a reliable third-party website can be used to carry out quick and accurate EMI calculations. The tool is simple and easy to use. Enter your proposed car loan details such as the loan amount, loan tenure, and interest rate into the tool. The results will consist of the principal amount, the interest, EMI, and the outstanding due after each EMI payment.

    6. What is the processing fee for a car loan?

      Lenders charge a small percentage of the principal loan amount as processing fee that is deducted upfront at the time of loan disbursal. Some lenders waive off the processing fee for existing customers or as a discount on special occasions for new customers.

    7. What is car loan prepayment?

      Lenders allow borrowers to prepay their car loans in part or full before the end of its tenure called prepayment/preclosure. Borrowers are granted such an allowance only after 6 to 12 successful EMI payments. Lenders levy a prepayment fee which is a percentage of the prepayment amount as a penalty for prepaying a part or the whole of the loan before the end of its tenure. The prepayment fee depends on the period of the loan tenure at which the prepayment is made.

    8. What is car loan foreclosure?

      A car loan can be repaid in full before the end of its tenure provided you have sufficient funds to do so. Lenders charge a foreclosure fee as penalty for pre-closing the loan before its time. Foreclosure is allowed only after 12 successful EMIs. Before foreclosing a car loan, make it a point to calculate if its beneficial to do so. Sometimes, car loan foreclosure can affect your credit score and even reduce your interest savings because of the foreclosure fee and other service charges.

    9. What happens if a borrower defaults on his or her car loan?

      If a borrower defaults on a car loan, then the lender can foreclose the loan by putting up the car (purchased using the car loan) for auction to make up for the outstanding dues. After repossession, the borrower is given the choice to bid for the car in auction if he or she can manage to get sufficient funds to do so.

    10. How to improve the chances of car loan approval?
      • Ensure you meet the minimum net income requirement set by the lender.
      • Improve your credit score. Maintain a credit score of 750 and above.
      • Choose an affordable loan amount which is within your repayment capacity.
      • Check your car loan eligibility before applying for one.
      • Apply for a car loan with a bank that you are already banking with.
      • Choose a make and model of car that is within your capacity to purchase.

    Chennai Car Loan Reviews

    • Bank Bazaar Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      I don't have any issues with bankbazaar website till now. I have visited the website for the first time for purchasing the car loan. Through facebook advertisements, i have come to know about the bankbazaar website. They have given me a proper response and they have clarified all my doubts.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      I don't have any issues with bankbazaar website till now. I have visited the website for the first time for purchasing the car loan. Through facebook advertisements, i have come to know about the bankbazaar website. They have given me a proper response and they have clarified all my doubts.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Capital First Car Loan
      "Worst Service"
      0.5 1.0/5 "Really Bad"
      I have got the call from Capital First. They have collected all my documents for the next day but there was miscommunication from their end. They have offered me a interest rate of 14.5% but they have confirmed the rate of 13.5% and i have declined the insurance. After the approval, they have deducted the insurance charges also without any prior intimation. They have not given the insurance papers also till now. I'm unable to reach our their customer care people. I'm planning to close this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Recommendable website"
      0.5 4.0/5 "Great!"
      Bankbazaar gave me a multiple offers to choose the best product. Many of my friend has taken a loan through bankbazaar hence they have recommended me about this website. Support team was helpful when i approach for the car loan and they have done the documentation process.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • ICICI Bank Car Loan
      "Recommendable loan"
      0.5 4.0/5 "Great!"
      Because of I'm salary holder of ICICI hence i thought of good interest rate. The overall process and documentation process was smoother one. Processing fee was zero and I'm satisfied with the interest even though they would have given better. They sanctioned the loan on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Federal Bank Car Loan
      "Very good experience"
      0.5 4.0/5 "Great!"
      I have got my card loan through FEDERAL BANK . While getting the loan the process is very easy and the documentation part is also very easy . The tenure period is sufficient and the rate of interest and processing fee is very nominal . The loan amount is very satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 19, 2019
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my car loan with Kotak mahindra bank recently ,like 2 months before i took this loan, and i am happy with the loan amount they have given me ,it was sufficient for me, and the rate of interest they have charged me up to 9.3% which was nominal for me and the processing fee they have charged me was nominal, the loan amount process went smoothly. the overall service rendered by them was really good.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 17, 2019
    • Kotak Car Loan
      "Interest rate should be economical"
      0.5 3.5/5 "Pretty good"
      I done the foreclosure of my Kotak Mahindra car loan, because I felt the interest rate is higher. The customer support is good they are working 24/7 . They preclosure charges around is around 2% on remaining outstanding . I got the NOC letter within 3 days.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 05, 2019
    • HDFC Bank Car Loan
      "Its Good Expreience"
      0.5 5.0/5 "Blown Away!"
      My car loan is running with HDFC , with the interest rate around 10.9% for the tenure of 2 years, there was no processing fee. They gave me the best tenure period as per my expectation. The documentation is very hassle free after loan approval, the car has been delivered on time.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 04, 2019
    • review Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It was not a good experience i had with this car loan and i had taken this loan almost three years back. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges made by them but they should be making improvements.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Got the loan on time"
      0.5 4.0/5 "Great!"
      My car loan was purchased from SBI. I bought this loan in January 2018. Dealer has selected the SBI car loan options. I was taken the loan amount of Rs. 6 lakhs. I have been paying the EMI of Rs. 50000. I have selected the tenure period of 4 years. Documentation process was really fine.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 03, 2019
    • Kotak Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been good and the loan amount which they had provided has been sufficient. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of charges which they had made so far.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 30, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I have got a car loan from State bank of India. The flexibility of the loan services from SBI, i have selected this loan. The processing fee was convenient and the interest rates very less when i compared to other banks. I have done the pre-closure for this loan with no charges. The service from State bank of India is fine.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan through STATE BANK OF INDIA , they offered sufficient loan amount to me . I receive my loan within few days the process was very prompt with this bank . . The tenure period is good and rate of interest it is nominal in the market .
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 22, 2018
    • YES Bank Car Loan
      "Okay bank for car loan"
      0.5 5.0/5 "Blown Away!"
      There is no communication between the call centre and me and they used to auto debiting money from my account as a EMI. I have taken the loan amount of Rs. 6.5 lakhs and I'm not satisfied with the interest rate which they have provided me was 13% since the dealer has provided the loan from YES bank and i don't have option to choose the other bank
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 19, 2018
    • IndusInd Bank Car Loan
      "High Interest Charges"
      0.5 4.0/5 "Great!"
      My brother has taken a car loan with Indusind Bank and i was a co-applicant. The interest rates which they have for this loan is pretty much hire. It would be good if the interest rates comes down . At the time of applying there was a bit delay as things did not go well and later when i joined as co applicant things were taken care.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 19, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Service in this bank is really great and perfect, they have processed the loan very quickly and no other documents they asked, like income proof anything, with the ITR they completed everything and gave me the loan, they will intimate about the emi debit like a week before.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 15, 2018
    • review Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Reliance capital limited from past one year, the rate of interest they have charged me was nominal and they have charged me processing fee or not i have no idea, the loan amount they have given me was sufficient according to the car price i got my loan, overall service is good.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "GOOD BANKING"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA where the process is very quick and very fast process. The loan amount is satisfactory also the rate of interest is 8.75% also there is a pre closer charges applicable and 5 years to repay the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 12, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The Car loan experience with them has been really quick and the process has been simple as i was having my salary account with them. The loan amount was sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which they had made so far.
      Was this review helpful? 6
      , chennai
      Reviewed on Dec 10, 2018
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