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 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 free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.1% - 15% Floating
    999 + applicable tax
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 13.25% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Chennai Car Loan is Rated as "Excellent!" by 3110 Users

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    Promised Interest Rate

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    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
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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 11 Dec 2017

    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.

    Check For Latest: Gold Rate in Chennai Or Silver Rate in Chennai

    Chennai Car Loan Reviews

    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the HDFC bank and the interest rate is around 8.5%. I would like to say that the customer service is okay with them and the loan amount got disbursed within fifteen days of time. I am happy with the HDFC bank car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Very good sevice"
      0.5 4.0/5 "Great!"
      The HDFC bank has disbursed my car loan within 10days of time. The customer support is good with the HDFC bank and the required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are average with the HDFC bank car loan services.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the HDFC bank around 3 years ago. The customer support gave me prompt response . I got the required loan amount form the HDFC bank and they have disbursed the loan amount within a day time. The rate of interest and the charges are average with the HDFC bank car loan service.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 04, 2017
    • Kotak Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      My car loan was taken with KOTAK 2 years back .The loan amount was 5 lakhs and the interest rate was 9.45% which was avergae in the market . I had a very good loan process here and they have sanctioned the loan with they committed time also . My overall experience was good and its recommendable..
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 01, 2017
    • review Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have taken a consumer durable loan from bajaj the service was very good and I have purchased my lg ro water filter and stove through bajaj consumer durable loan service. The documents part was very easy collected directly from the showroom for the 0 % interest rate and they got charges for processing the documents it was a good experience with bajaj for my consumer durable loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2017
    • Tata Finance Car Loan
      "Good service but high rate of interest"
      0.5 3.0/5 "Satisfactory"
      I decided to purchase a Tata car and so i went ahead and applied for my car loan with Tata finance. The service and response from them was very good. My application was acknowledged immediately and i was contacted by them for further details, However the rate of interest was at 8.8% and was a little high.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 28, 2017
    • Bank Bazaar Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I am using Bankbazaar.com mobile application which was easy to use it was been recently I know about the service of Bankabazaar.com the customer support was good with the service of Bankbazaar.com the response was very good the information was proper it was a good experience with Bankbazaar.com.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • Sundaram Finance Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Sundaram finance car loan service was good they given some time for me to submit the documents for the loan process but I was been engaged with my personal issues so I unable to process further with my loan process it was the main reason for cancellation of my loan process with sundaram finance.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, i have taken loan for Rs 5 lakhs with the rate of interest of 11.25% which is nominal when compared to other banks. This was pre approved loan so no much documents were required. Customer service was good and they followed up on time. The loan amount was approved based on the ex-showroom price.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 23, 2017
    • SBI Car Loan
      "Car loan with SBI"
      0.5 4.0/5 "Great!"
      I have taken a car loan from State bank of India. The approved loan amount was 9 lakhs. The monthly EMI is 14000 and the tenure is for 7 years. The rate of interest was 8.7%. The process and the documentation with the bank done well. Its approchable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • Bank Bazaar Car Loan
      "Very good services"
      0.5 4.5/5 "Excellent!"
      I like Bankbazaar because they have been prompt and there are no hassles. The customer services are good. They were very much helpful and they were on regular with the follow up calls and the website is clear and the details are easy to understand and it is not a hassle to place a request.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • TVS Credit Services Car Loan
      "Average experience and high on charges"
      0.5 3.0/5 "Satisfactory"
      After approving my car loan I got my payment only after 20 days. TVS credit services has delayed and they were also high on the rate of interest. I got a rate around 13.63% I think. There are processing charges as well. I purchased a Chevrolet Beat beat.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • Bank Bazaar Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The customer service is really good from the bank bazaar side . The website was real helpful and user friendly for me .it eligibility calculator on the website is not up to the mark . Rest everything was very good from the bank bazaar side .proper follow ups were made on time .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • Oriental Bank of Commerce Car Loan
      "It Could Have Been More Better "
      0.5 1.5/5 "Bad"
      I am happy with the experience i had with oriental bank of commerce . The bank was not giving a full approval for the amount i asked for the loan . The Customer service was good but it could have been the best one i felt that . They did not provide it saying its against the policy . They directly said no they did not give it a try for once also . The Documents were collected for the loan process . But i did not avail for the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • Axis Bank Car Loan
      "Fast approval"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Axis bank. They are providing good service and giving the best offers. They charged 5 % for pre closure which they didn't inform to me. It was on time and the process was very easy. Documentation process is very simple. The representative was very kind and helpful.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2017
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The bank bazaar service was good, they have made a immediate call back in regards to my car loan application. The customer support is very quick and fast in their response. I used bank bazaar website which is easy to use and customer friendly.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2017
    • Sundaram Finance Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have postpone the car loan plan at present , So that was the reason I haven't got the car loan with sundaram finance. The sudaram finance gave good response , immediately they have call back and they have explained the product and the rate of interest which they have offered me was average when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken the car loan from HDFC bank, my loan application was approved and the requested amount was disbursed. The loan amount was for Rs 2 lakhs with the rate of interest of 10.75% which is high when compared to other banks. The customer service was good, they provided door step service for the collection of documents. The process was smooth and the loan amount was approved within the given time.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Bank Bazaar Car Loan
      "One stop solution"
      0.5 4.0/5 "Great!"
      Bank bazaar is a one stop solution for all financial products. The customer service and responsiveness was excellent here. I have applied through their website and I have not faced any technical errors so far. My overall experience was excellent so Its recommendable .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 14, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan is with HDFC bank. I have taken 10 lakhs and the interest rate was 8.5% which is satisfactory . It was a very easy and the loan process is also fast here .The processing fee was 6000 including Insurance charges . They have provided door step service for collecting documents. My overall experience was good so I would like to recommend the same to others also.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 13, 2017
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