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

    Hyderabad Car Loan

    Getting the funds that you need to purchase the car that you have always dreamed of has never been so easy. You can check out the top banks that offer car loans in Hyderabad, and choose a lender who serves your needs the best.

    We found 28 Hyderabad Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.85% - 11.60% 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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.60% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.50% - 14.50% 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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    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
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    Eligibility Criteria
    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
    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
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    11.50% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.05% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.55% Floating
    0.5% (min. ₹575)
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12.05% - 12.25% Fixed
    0
    1L to 15L
    1-6 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Hyderabad Car Loan is Rated as "Excellent!" by 3177 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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 17 Jan 2019

    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

    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my car loan with State bank of India, they have given me sufficient loan amount, and i am satisfied with the loan amount , and the rate of interest they have charged me up to 9.45% which is bit high compare to other bank,i have asked for 9 % but its okay, and the processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my car loan in State Bank of India by last year. The charges are normal. I have spend down payment nearly 1L out of 7L. The branch is near to my residence so will never contact the customer service. The process was immediate and it was completed within 2 days.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 12, 2019
    • TVS Credit Services Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with TVS credit and my experience was good, the loan amount was for Rs 2.40 lacs and it was a second hand car. Rate of interest was little high when compared to others. Customer service was good and tenure period for this loan is 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 03, 2019
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      MY credit card was taken with HDFC BANK . They offered me 1.8lakh of credit limit with this card . I am holding this card from 2013 i am very long time customer of this card . The process of getting this card was too quick within few days i receive my credit card .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Dec 29, 2018
    • HDFC Bank Car Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have taken this car loan with the HDFC BANK on 2017 and the documentation process is simple and easy to get the car loan. I got the loan amount within 2-3 days. The rate of interest is nominal with this bank it is approx 8.7%. The duration is for 5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 22, 2018
    • South Indian Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with this loan and the loan amount which they had provided has been sufficient as well. They had given me a loan amount of 5,20,000 and the interest rate with them has been very less when compared with the market rate and there has not been any extra charges which they had made.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Dec 20, 2018
    • Axis Bank Car Loan
      "Good in Need"
      0.5 5.0/5 "Blown Away!"
      I was looking for a Car loan and i went applying with Axis Bank. As i hold a salary account with Axis , it was easy for me to apply. There was no delay and my application was processed instant. When it comes to the interest rates , its reasonable. I am thankful to the services of Axis Bank.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Dec 20, 2018
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Second hand car with HDFC bank and my experience was very good, the loan amount was for Rs 2.5 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. Tenure period for this loan is 3 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 20, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Axis bank, they have given me sufficient loan amount and there rate of interest they have charged me ,it is nominal and there processing fee they have charged me nominal only, and there service is good, they have given me loan amount on time, there is no hidden charges .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 17, 2018
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding car loan with Kotak mahindra bank previously, i have close that loan 7 years before itself, there service was good, they have given me loan amount depend upon my salary package , the rate of interest they have charged was nominal, they have not charged any processing fee , there overall service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 10, 2018
    • HDFC Bank Car Loan
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding HDFC credit card, there service is too good, they have charged me annual fee or not i have no idea, as i have not check that and i am happy with my credit limit they have given me up to 5,81,000 it is sufficient for me , they provide good offers in maximum products.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 08, 2018
    • Cholamandalam Finance Car Loan
      "BAD EXPERINCE"
      0.5 1.0/5 "Really Bad"
      I am not satisfied with the services of the CHOLAMANDALAM FINANCE where the rate of interest is very higher when compared to the others. The customer service informed the lower rate of interest at the beginning of the documentation latter they increased it.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 07, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC BANK. The agent came and collected documents got the loan with in few days.The loan amount was satisfactory. The whole process was smooth. The interest rate was normal when I took the loan. The tenure period is 5 year and i am happy with services .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 05, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my experience was good, it was a new car and the loan amount was for Rs 5.5 lacs with nominal interest rate when compared to others. Customer service was good and the tenure period is 5 years out of which 3 years is pending.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 03, 2018
    • TVS Credit Services Car Loan
      "Good loan services"
      0.5 3.0/5 "Satisfactory"
      I have bought my car loan with TVS credit 2 years back. I have got the loan amount of Rs. 1.96 lakhs for that they have offered me a interest rate of 14.98% and I'm okay with it. There was a processing fee of Rs.3000. I have been paying the EMI of Rs.6999 with a tenure period of 36 months.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 03, 2018
    • Sundaram Finance Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with SUNDRAM FINANCE , there service is too good, they have given me loan within 1 hour, and they have given me sufficient loan amount and the rate of interest they have charged me was nominal and the have charged me processing fee up to 5000-6000 it is nominal, overall service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 29, 2018
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      For car loan SBI gave me the best interest rate, I have taken loan in 2014, they have approved my on road price of the car. The process was good because my salary account with the SBI. The bank manager responded very well, the loan period for seven years with flexible interest rate.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 28, 2018
    • review Car Loan
      "The best hidden interest rate company"
      0.5 3.5/5 "Pretty good"
      I have not made or receive any calls from TATA CAPITAL even though i have taken the car loan 1.5 years before. They have offered me a interest rate of 16.5% and I'm not satisfied with it. I have applied the loan amount of Rs. 4.75 lakhs and i have received the same. I have been paying the EMI of Rs. 11677. Total tenure period of the loan is 5 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 26, 2018
    • Sundaram Finance Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this car loan a long time back and the experience has been quite good and the loan amount has been sufficient as well. The interest rate with them has been nominal and there has not been any additional charges made by them. Their customer support has also been helpful at times.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 24, 2018
    • review Car Loan
      "Its excellent"
      0.5 5.0/5 "Blown Away!"
      I taken car loan from Bajaj finance limited, I have purchased Honda car, they approved the on road price of the car around Rs. 26 lakhs for the tenure of 2 years. But the customer executive helpline is 9 am to 6 pm. We unable to reach the executive after 6pm. It would be great if they provide 24/7 service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 24, 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.