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
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    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
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    Perks
    Fees & Charges
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    Eligibility Criteria
    13.1% - 15% Floating
    999 + applicable tax
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
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    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
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    Perks
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  • Chennai Car Loan is Rated as "Excellent!" by 3216 Users

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    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

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    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
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    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 16 Jul 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

    • 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
    • Bank Bazaar Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with bankbazaar so far, they provide good services when compared to all other sources in the market. Customer service was good with bankbazaar and their response was on time. Mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      The car loan application process was quite smooth with HDFC bank, the loan amount was disbursed within 1 week. The loan amount was for Rs 3.2 lakhs with nominal interest rate. My loan was approved on ex-showroom and the tenure for this loan is 5 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank for 5.5 Lacs, I got the loan with in 1 day. Everything was easy, the loan was applied and approved at the showroom. The agent was proactive and helped me to get the loan in no time Overall it has been a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2018
    • Tata Finance Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Tata Finance for 5 lacs. . I got the loan amount with in 20 days, Process was easy. The whole documentation was also very smooth. Overall it has been a smooth loan experience with the Tata Finance. The interest rate is also nominal when comparing to other banks in the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      It is good. Limit is satisfied with my card. I am getting no offers and no reward points from my card. I am using since 1 month. It is a life time free card. Documentation i have done through the on line i got my card in 1 month. No call connects to the hdfc customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
    • IndusInd Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from IndusInd bank and my experience was good, the loan amount was based on my requirement and the rate of interest was comparatively low. Customer service was good with this bank and the tenure for this loan is 3 years. My payment is auto deducted through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan experience has been good with them. Where the whole process in getting this loan has been smooth and easy. The rate of interest has been okay with them and the loan amount which they had provided has been satisfactory as well. There has not been any issues faced and it went well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2018
    • SBI Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 5 years back. The loan mount was 6 lakhs and the interest rate was satisfactory .The customer service and responses was up to the mark.The processing fee was nominal. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Axis bank and my experience was good, the loan amount was for Rs 4-5 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 30, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Recently I have got the car loan from the HDFC bank around 2 months ago. The customer support service and the response is good with the HDFC bank and they have disbursed the loan amount within 12 days of time. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Car Loan
      "Very good service with no charges! "
      0.5 5.0/5 "Blown Away!"
      I took a car loan from SBI, believe me I got the loan amount with in a day. It must be because of the job profile. I got the loan for 7 Lakhs cleared the loan with in 2 Months. There were no part payment charges , Pre-closure charges and No processing charges. SBI is the best for car loans and their interest rate is also competitive.
      Was this review helpful? 0
      , chennai
      Reviewed on May 21, 2018
    • Bank Bazaar Car Loan
      "Good response and fast approval"
      0.5 4.5/5 "Excellent!"
      I got good response through bankbazaar. The executives were very helpful. I applied for a car loan though bankbazaar. The procedure was very easy and simple. They have the comparison option which we can easily compare with all the financial sectors.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • TVS Credit Services Car Loan
      "TVS car loan"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from TVS CREDIT SERVICES and the approved loan amount was 1.90 lakhs. The rate of interest was 14%. The monthly emi is 16000 for tenure of 13 months .There was some processing fee from TVS credit services. Easy documentation done.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Around 2 years ago, I have got the car loan from the KOTAK MAHINDRA BANK. The customer support service and the response is good from the Kotak and they have disbursed the loan amount within a week time. The rate of interest and the charges are average here.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • TVS Credit Services Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have taken a car loan from TVS CREDIT SERVICES and the approved loan amount was 4.17 lakhs. The rate of interest was 14%. The monthly emi is 10490 for tenure of 5 years.There was a processing fee of 1% of the approved loan amount. The customer service and response was good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • Bank Bazaar Car Loan
      " Comparable among banks"
      0.5 4.0/5 "Great!"
      The service provided by bankbazaar is comparable regarding the financial products. In bankbazaar there are lots of banks. We can choose the best offer with the best interest. Comparison is very helpful and time saving.The executives are very good and supportive. The website was really easy to navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      There was some problem with the Application of my ICICI Car loan, documents collections was postponed however the Communication was very good. Overall the application process was quick and hassle free. Even though the loan wasn't processed it was a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • Bank Bazaar Car Loan
      "Good Financial website"
      0.5 5.0/5 "Blown Away!"
      It was totally a 100% output from bankbazaar end. I could able to compare all the financial products. My experience with bank bazaar was really over whelming.The process was very fast and everything done in one go. Can be recommended to others.
      Was this review helpful? 0
      , chennai
      Reviewed on May 15, 2018
    • TVS Credit Services Car Loan
      "TVS car loan"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from TVS CREDIT SERVICES and the approved loan amount was 2 lakhs. The rate of interest was 13 %.The monthly emi is 6000 for tenure of 4 years. I had to do the follow up. There was no proper response from TVS regarding my car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2018
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