If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • loading

    We found 3 Chennai Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12% - 15.5% 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
    8.75% - 13% 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
    Loading your search...
    Close

    Compare Car Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

  • Chennai Car Loan is Rated as "Excellent!" by 3235 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Chennai Car Loan

    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
    04
    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 Sep 2018

    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

    • Sundaram Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with Sundaram Finance for car loan was very good, the process was smooth and i received my loan amount on time. Customer service was good and they responded on time. The tenure period for this loan is 4 years but i preclosed the loan in 1.5 years. I have to pay interest for 4 years as preclosure charges.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 19, 2018
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 1 year, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. Mobile application is easy to access and is user friendly.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • TVS Credit Services Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have my car loan application approved with TVS CREDIT and my experience was good, the process was smooth and i received my loan amount on time. The loan amount was for Rs 2.2 lacs with 3 years with nominal interest rate. Customer service was good and they responded on time.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • Capital First Car Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      Capital first is pretty good for the car loan experience. The customer services and response is good. They have done a good job for me. The rate of interest and processing charges are normal and they had a better deal. I am more than happy with them.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 07, 2018
    • Bank Bazaar Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      This is my first experience with Bankbazaar as they contacted me on time and informed me the details. The process was smooth and easy and there are no hassles in the process. There were follow up calls too. The website is also good and it is informative.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2018
    • TVS Credit Services Car Loan
      "Good. Can do better"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from TVS credit services. The process was on time. The tenure is for three years. I have taken a Maruti Swift. The rate of interest is around 13% and the processing fees was taken. They have charged around 7k for the processing fee and insurance and other charges as well. The loan amount was of 2.83 Lakh.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2018
    • Kotak Car Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      After completing my first car loan, I have taken a second one from Kotak Mahindra bank again. This time it is for buying a Hyundai Verna. The customer services and response is good and there are no hassles in the process. The rate of interest is around 12%.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2018
    • Kotak Car Loan
      "Good in service"
      0.5 5.0/5 "Blown Away!"
      Three years back I have taken a car loan from Kotak Mahindra bank to buy a Ford Fiesta. The customer services and response is good and there are no hassles for this loan. The process to get the loan is good and easy and there were no hassles in the overall experience. Satisfactory overall.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2018
    • Kotak Car Loan
      "Best experience"
      0.5 4.5/5 "Excellent!"
      My car loan experience was good with Kotak Mahindra bank, the process was smooth and they disbursed the loan amount on time. I am happy with the customer service of this bank as their response was very good. My loan was approved based on the ex-showroom price.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 30, 2018
    • review Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken a Car Loan from the Shriram Finance for 10000, interest rate was very high, response is not good. Their customer support is not up-to the mark and the response is also not good. It hasn't been a nice experience with them.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 29, 2018
    • Capital First Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan is with CAPITAL FIRST which was taken 10 years back. The loan amount was 6 lakhs and the interest rate was satisfactory . The tenure period was 3 years . There is no inconvenience faced and they have provide door step service for collecting documents,. It took just 3 days to approve the loan.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 23, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI 1 year back. The loan amount was 4 lakhs and the Interest rate was satisfactory . The tenure period was 7 years . The customer service and responses was up to the mark. The loan was approved on time and the documentation was quite smooth.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 18, 2018
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with AXIS BANK 2 year back. The loan amount was 3.5 lakhs and the interest rate was very satisfactory . The tenure period was 5 years but i pre closed it in 2 years it self.I was charged 5% for pre closing here and it can be done only after 1 year. I had a smooth process and the loan was approved on time.
      Was this review helpful? 8
      , chennai
      Reviewed on Aug 02, 2018
    • Magma Car Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      My experience with Magma Fincorp was not satisfactory. I had a car loan with them and the whole process was not up to the mark. The rate of interest and processing charges was high and when I went over to close the loan, there were a lot of charges taken.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 02, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take car loan from the state bank of India . They have given promising rate of interest with nominal processing fees . They did instant approval for the loan . Am happy with their customer service and response in terms of car loan process. They have the tenure period of 3 years .
      Was this review helpful? 8
      , chennai
      Reviewed on Jul 27, 2018
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The overall experience with this car loan had been good where the loan amount which they had provided had been satisfactory as well. The interest rate with them had been nominal when compared with the market rate. Their customer support and the staff response had been good where there has been a good response.
      Was this review helpful? 5
      , chennai
      Reviewed on Jul 26, 2018
    • IndusInd Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Indusind bank , where the rate of interest is nominal one . They took 5 days for approval and documentation. Where i use to pay monthly through ecs for 5 years . And there is no processing fees.Overall am satisfied with personal loan from hdfc.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 25, 2018
    • TVS Credit Services Car Loan
      "Need to improve the customer care"
      0.5 5.0/5 "Blown Away!"
      I have got the loan after that there is no contact with them. I'm unable to contact the customer care. Whenever i call to the customer care, the busy tone is coming otherwise it says the number does not exist. I'm satisfied with the customer care. After that i'm not interest to call the customer care. Processing fees is nominal only. I'm not aware of the interest rate and its okay for me. Loan process is very fast service. They did not delayed in sanctioning the loan.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 19, 2018
    • Union Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan from Union bank of India . Am not satisfied with the rate of interest which is high They did quick documentation process and approval Their customer service is as there is proper response from them. They provided the tenure period of 7 years but i have pre closed the loan one year .
      Was this review helpful? 3
      , chennai
      Reviewed on Jul 17, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan has been very good and i had a very good experience with them. It has been a simple process. The loan amount which they had given had given has been satisfactory and the interest also had been good as well. There has not been any issues faced with the banking services offered by them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 29, 2018
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.