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 28 Hyderabad Car Loan
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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 11.10% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
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    8.60% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
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    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% financing on car value
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    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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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
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    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
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    8.80% - 13% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher
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    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
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    Eligibility Criteria
    11.50% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time : Within 30 minutes
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    Eligibility Criteria
    9.05% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    9.55% Floating
    0.5% (min. ₹575)
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
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    12.05% - 12.25% Fixed
    0
    1L to 15L
    1-6 Years
    Response Time : Within 30 minutes
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    Hyderabad Car Loan

    Hyderabad is the capital of Andhra Pradesh in Southern India.A city rich with history and tradition, Hyderabad now competes with Bangalore, Chennai for the crown of India's IT capital.

    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 Hyderabad Car Loan if you are

    01
    02
    03
    04
    Hyderabad Car Loan Minimum Age

    At least 21 years old

    Hyderabad Car Loan Maximum Age

    Less than 67 years old

    Hyderabad Car Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Hyderabad Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Hyderabad Car Loan amount eligibility is based on these factors

    01
    02
    03
    Hyderabad Car Loan Minimum Salary

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

    Hyderabad Car Loan Maximum Loan to Value

    Loan capped @
    85% Ex-Showroom price

    Hyderabad Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Hyderabad Car Loan amount by these steps

    01
    02
    Hyderabad Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Hyderabad Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Hyderabad 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

    Hyderabad Car Loan Interest RatesUpdated on 18 Nov 2018

    Hyderabad 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

    Car loans in Hyderabad

    Owning a car is generally seen as a luxury, but in today’s day and age it is more of an investment. When a customer makes an investment on a four wheeler he needs to consider certain aspects attached to it. How much return does he get in the long run? Is the investment on a car financially viable to him? To evaluate these aspects, a prospective car buyer needs to first understand how and what type of financing he would be availing for his new car. Getting customized car packages from car dealers can always entice a buyer but he needs to weigh the pros and cons attached. Car dealers tend to charge higher interest rates and also have numerous hidden charges in their packages which will only stretch a customer’s wallet. A safer option for a customer would be to avail a comprehensive car loan package from a bank and avoid all additional expenses. Car loans in Hyderabad can be easily availed by customers as there are numerous banks offering attractive auto financing deals with a variety of benefits.

    Top banks providing car loans in Hyderabad

    Here are the top ten banks providing car loans in Hyderabad listed in the ascending order of interest rates charged.

    State Bank of Hyderabad car loan - State Bank of Hyderabad offers car loan deals with the lowest interest rates of 10.30% per annum in Hyderabad.

    State Bank of India car loan - State Bank of India offers car loans with individual rates for men (10.40% per annum) and for women (10.40% per annum).

    Bank of Baroda car loan - Bank of Baroda also provides car loans in Hyderabad at a competitive interest rate of 10.50% per annum. Bank of Baroda car loans include the unique feature of installation of CNG-LPG gas kits in four wheelers.

    Punjab National Bank car loan - Car finance is available in Hyderabad from Punjab National Bank, with the bank charging two types of interest rates - a fixed rate of 10.65% per annum and a floating interest rate of 10.50% per annum.

    Bank of India car loan - Star Vehicle loan scheme from Bank of India is a comprehensive car loan deal with an interest rate of 10.65% per annum.

    Andhra Bank car loan - Andhra Bank has exciting car loan schemes for Hyderabad customers with interest rates ranging from 10.75% per annum to 11.00% per annum.

    Axis Bank car loan - Axis Bank auto loans are unique and tailor made for Hyderabad customers with an interest rate of 11.50% per annum.

    ICICI Bank car loan - ICICI bank car loans in Hyderabad can be availed with interest rates ranging between 10.75% per annum to 15.00% per annum, depending on the type of vehicle and the loan tenure.

    Kotak Mahindra car loan - Kotak Mahindra Bank provides car loans with flexible repayment tenures and finances up to 90% of the ex-showroom price of the new car in Hyderabad. The interest rates for Kotak Mahindra car loans vary from 11.50% per annum to 13.50% per annum.

    HDFC Bank car loan - HDFC Bank offers car loans in Hyderabad with the lowest down payments and interest rates ranging between 11.50% per annum to 13.75 % per annum.

    Age criteria for availing a car loan in Hyderabad

    Salaried professionals should be 25 years and above while applying for a car loan with any bank in Hyderabad. The maximum age should not be more than 58 years for an individual at the time of maturity of the car loan.

    Any self-employed professional, proprietor, partner or a director from any firm or public and private limited company should be between 28 to 65 years while applying for car loans in Hyderabad. At the time of maturity of the car loan, the applicants should not be aged above 65 years.

    Income criteria for car loans in Hyderabad

    Applicants with regular salaries should have a gross annual income of at least Rs 4 lakhs to be eligible to apply for a car loan in Hyderabad. Individuals should have been in continuous employment for at least two years and should be employed with their current employer for at least one year.

    Businessmen are required to show a gross annual income of Rs 2.5 lakhs with business stability of more than three years to qualify for a car loan in Hyderabad. Partnership firms and private / public limited companies should also show profits of Rs 2.5 lakhs after taxation to get an approval for a car loan. Firms and companies are also required to be in business for at least a period of three years.

    Documents required for a car loan in Hyderabad

    Applicants have to submit the below mentioned documents specific to each category while applying for a car loan in Hyderabad.

    As Identity proofs, copies of these documents can be submitted for a car loan approval - Valid Passport of the applicant, PAN Card, voter’s ID card and valid driving license.

    As address proofs, copies of any of the following documents can be provided to the bank - Ration card, driving license, voter’s ID card, valid passport of the applicant, telephone bills, electricity bills, life insurance policies and PAN card.

    Proof of Income

    Salaried individuals need to furnish their latest salary slips, income tax returns and form 16 for the last two years as income proofs for car loan applications.

    Self-employed professionals have to submit income tax returns for the last two years along with financial statements. Partnership firms and corporate companies need to submit their income tax returns for the last two years, balance sheets, profit and loss account statements and audited reports also for the last two years.

    In addition to the above documents, applicants should also provide their bank account statements for the last six months and signature proofs as requested by the bank for car loan applications in Hyderabad.

    Hyderabad Car Loan FAQs

    Here are some frequently asked questions about Hyderabad car loans:

    1. How to apply for a car loan?

    Potential borrowers/applicants can visit the bank website, a reliable third-party website, or the nearest bank branch to apply for a car loan. Download the car loan application form from the bank website. Submit the duly-filled and signed application form along with the necessary document proofs to the bank. The bank will verify the details furnished by you, process the loan application, and approve or reject it depending on whether you meet the eligibility criteria.

    1. What are the documents required for a car loan?
    • Applicants are required to submit the following documents as identity, age, income, and address proofs to the lender at the time of applying for a car loan:
    • Identity proof - PAN card, Aadhaar card, Passport, Driving License, and Voter ID.
    • Age proof - Birth certificate and 10th/12th school certificate.
    • Income proof - Last 3-6 months’ salary slips in the case of a salaried person and profit and loss statement in the case of a self-employed person. Last 3 months’ bank statements and Form 16.
    • Address proof - Ration card and utility bills like telephone or electricity bills.
    1. How to locate a bank branch?

    Most banks have a ‘Branch Locator’ tool on their websites. All you have to do is enter your city and state into the tool and click on the ‘Search’ button. You will get a list of the nearest bank branches in your locality with contact details such as address and phone numbers.

    1. How to avoid car loan rejection?

    Before applying for a car loan, check your car loan eligibility to avoid loan rejection. Multiple car loan rejections can have a negative effect on your credit score which in turn, can affect your future loan prospects. Ensure you have a good credit score and meet the minimum monthly/annual income requirements set by the lender in order to be eligible for a car loan.

    1. How to reduce the cost of your car loan?

    The monthly and overall cost of your car loan can be determined using a car loan EMI calculator. Making a high down payment on a car of your choice can reduce the principal amount of your car loan. Thus, reduce the overall cost of your car loan. A suitable loan tenure can help you save on car loan interest. Opt for a short loan tenure so that you can repay your car loan quickly and save up on the overall interest payments.

    1. How to save on car loan interest?
    • Make a higher down payment on the car of your choice so that you can reduce the overall cost of your car loan.
    • Convert car loans obtained before April 2016 to MCLR rates so that you can benefit from a change (reduction) in interest rates during the loan tenure.
    • Opt for prepayment or foreclosure in order to get rid of your car loan faster. However, before making a prepayment or pre-closing your car loan take into account the various charges levied by the lender as penalty for pre-closing a loan. Ensure the charges don’t reduce your car loan interest savings.
    • Make an extra EMI payment if you have sufficient funds or increase the percentage of your EMI if you have obtained a hike in your yearly income. An additional car loan EMI payment or increase the percentage of EMI can help increase your car loan interest savings.
    1. What is the difference between a fixed interest rate and floating interest rate?

    A fixed interest rate remains the same throughout the loan tenure whereas a floating interest rate changes during the loan tenure. Depending on the interest rate, the loan EMI changes as well. Loans obtained after April 2016 go by MCLR rate as per the rules of the central bank. MCLR is the marginal cost of funds based lending rate which is a new benchmark lending rate introduced by the Reserve bank of India (RBI) in order to ensure fair interest rates to both the banks and the borrowers.

    1. Is a guarantor required for a car loan?

    Yes, some banks ask for a guarantor before disbursing a car loan. Your spouse or any individual with a good income can sign as a guarantor or a co-applicant of the car loan. Security is the hypothecation of the car to be purchased.

    1. How to ensure I don’t default on my car loan?

    When choosing a car loan, opt for an affordable loan amount that is within your repayment capacity. Maintain a low debt-to-income ratio wherein your loan EMI doesn’t exceed more than 50% of your income.

    1. What is a loan against car?

    Few banks offer loans against cars wherein the borrower can obtain a loan against an old car. The loan amount will depend on the value of the old car and the interest rate will depend on the loan tenure. A loan against car can be used to purchase a new car to replace the old one.

    Hyderabad Car Loan Reviews

    • IndusInd Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with IndusInd bank and the experience was good, the process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The rate of interest was nominal and the tenure period for this loan is 3 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my car loan with KOTAK MAHINDRA BANK, there service was average, they have given me sufficient loan amount , the rate of interest they have charged me was nominal i donâ??t remember what was exact rate of interest percentage, and they did not charged any processing fee in this loan amount , so far experience was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC BANK , i am holding this card for past 1month . I have not use this card so it is very early to comment . There is joining fee at the time of getting the card . The credit limit is good when compared to other cards. Overall experience was good .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 14, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this Car Loan has been good and the loan amount which they had provided has been good as well. The interest rate with them has been nominal when compared with the market rate and there has not been any charges which they had been making so far.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • SBI Car Loan
      "Should stick on their commitment"
      0.5 2.5/5 "Just OK"
      I closed SBI car loan, the interest rate is high. What they told and what I got is entirely different. I got 16% of interest for 5 years of car loan. The disbursement process is not good they taken some to disburse the amount to the showroom. I am not happy service from SBI. They should provide proper commitment.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 10, 2018
    • HDFC Bank Car Loan
      "Satisfactory Loan Experience"
      0.5 5.0/5 "Blown Away!"
      I have account with HDFC bank account they gave me the car loan with the better interest of 9%, they processed my loan on time. I have purchased honda W RV car, bank have approved 90% of loan amount and with the flexible tenure period of seven years.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Nov 09, 2018
    • Bank Bazaar Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had been using the services of Bank Bazaar for the last five years and i had been using their website. Their customer support also had been responsive as well and the best thing about them is that whatever requirement we have we can get it through them. Their customer support also had been responsive as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 29, 2018
    • Capital First Car Loan
      "Should have to inform about the charges"
      0.5 1.0/5 "Really Bad"
      I had chosen to go with them since i had a previous experience of a personal loan with them and it was a great one. But this experience of car loan has not been good. The process has been delayed than usual and the interest rate has also been 14.5% which was high. They also had not informed about any charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 29, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with AXIS bank, the process was smooth and i received my loan amount on time. The loan amount was for Rs 10 lacs with nominal interest rate in the market. Customer service was good with this bank and the tenure period is 7 years.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 22, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was good with SBI for car loan, the loan amount was for Rs 3.5 lacs with nominal interest rate when compared to others. It was a new car and loan was approved based on the on road price. The tenure period for this loan was for 3 years.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 11, 2018
    • Kotak Car Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have taken car loan form the Kotak mahindra bank. They have given nominal rate of interest which am satisfied with it. There is no processing fees with tenure period of 60 months .They took just 1 week for the approval of the loan . Am satisfied with the my car loan from the Mahindra.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 11, 2018
    • IndusInd Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with Indusind bank, the loan amount was for Rs 6.5 lacs with nominal interest rate. 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 3.5 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 09, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is an excellent service provided by the HDFC BANK. The process is quick to get the loan. I have taken for the new car and i got the loan for on road road price and the rate of interest is 9% and it is nominal. Duration is for 5 years and i pay for monthly auto debit.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 03, 2018
    • SBI Car Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      State bank of India is giving good service for the car loan where they took some week time for the approval and documentation . Am pretty happy with the service where they have explained the terms and conditions . Am making the payment through Ecs mode.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 03, 2018
    • SBI Car Loan
      "Good Banking Service"
      0.5 4.0/5 "Great!"
      I have taken car loan from the state bank of India . They have give good rate of interest and am happy with it . They took only 1 week for the approval and documentation . There charges some nominal amount for processing fees . Overall am satisfied with my car loan.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Oct 02, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a new car loan with HDFC bank and my experience was good, the loan amount was for Rs 3 lacs with nominal interest rate when compared to others. Customer service was good and they followed up on time . The tenure period for this loan is 5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 01, 2018
    • SBI Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My experience was average with SBI for car loan, it was a new car so my loan amount was approved based on the on-road price. The loan amount was for Rs 4.5 lacs with rate of interest of 9%. Customer service was good and the tenure period for this loan is 7 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 01, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was for Rs 10 lacs with nominal interest when compared to others. Customer service was good and they followed up on time. My loan was approved on the on-road price and the tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 25, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      The experience with this Car Loan had been very good and the loan amount which they had provided also had been good as well. The interest rate with them has been good as well and when compared with the market rate. The customer support of them also had been responsive and there has not been any sort of hassles faced with their services.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 12, 2018
    • Bank Bazaar Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      This was my first time experience with bankbazaar and it was good, i received a call from bankbazaar and they processed the application, the response was very good from bankbazaar and i got the credit card on time. I am happy with the services provided by bankbazaar.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
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