• Mysore Car Loan

    Looking for the right car loan for your dream car? Whether it’s a new car or a second-hand one, get the right car loan with the best interest rates from leading banks by comparing more than 25 such banks right here on BankBazaar. Get instant quotes and approvals within 30 minutes and make your loan process shorter than ever!

    Mysore is one of the prominent cities in the state of Karnataka. It is a city regarded as the cultural capital of Karnataka. If you are a resident of Mysore, you have plenty of options to consider while getting a car loan. Most of the top lenders in the country have operations in the city. You may check out the products offered by these lenders and pick the right one suitable for your needs. You may use BankBazaar website or mobile app to compare the features of multiple lenders before making an informed decision.

    Lowest Car Loan Interest Rates in Mysore

    Some of the top lenders and their car loan interest rates, fees, etc., are given as follows:

    Bank Interest rates Minimum income Processing fee
    HDFC Bank 8.85% p.a. to 11.60% p.a. Rs.25,000 per month Up to Rs.4,720
    Canara Bank 8.60% p.a. to 9.25% p.a. Rs.25,000 per month Rs.1,000 to Rs.5,000
    ICICI Bank 8.95% p.a. to 13.40% p.a. As per the lender’s terms and conditions Up to Rs.5,000
    State Bank of India 9.30% p.a. Rs.2.5 lakh to Rs.4 lakh p.a. Nil
    Federal Bank 9.75% p.a. Rs.20,000 per month Rs.1,500 to Rs.2,500
    Union Bank of India 8.70% p.a. As per the lender’s terms and conditions 0.50%
    Yes Bank 10.25% p.a. to 12.25% p.a. As per the lender’s terms and conditions Rs.5,000 to Rs.10,000
    Axis Bank 8.60% p.a. to 11.50% p.a. Rs.1.8 lakh to Rs.2.4 lakh Up to Rs.5,500
    Indian Bank 9.95% p.a. Rs.40,000 per month 0.229% of the loan amount
    Allahabad Bank 9% p.a. Rs.25,000 per month for salaried employees; Rs.15,000 per month for pensioners Nil

    How to get a Car Loan in Mysore at a Low Interest Rate?

    If you are looking for a car loan in Mysore, there are some simple steps you can follow to get the lowest possible interest rate. Since car loans are secured through the value of the vehicle, lenders charge lower interest rates for these loans compared to other loans. By following the steps given here, it is possible to bring down the cost of your car loan even further:

    • Maintain a good credit score: Your credit score is a reflection of your creditworthiness. Most lenders in the market consider CIBIL scores for assessing the credit risk of individuals. If you want to get a car low at a low interest rate, you need to maintain a score of 750 at least. This indicates that you are prompt when it comes to making payments for outstanding credit.
    • Have a steady income source: Your monthly income is an indication that you have enough money to repay your outstanding loan. Lenders provide loans for both salaried as well as self-employed individuals. With a longer job tenure, you can negotiate better interest rates from your lender. Some lenders have a requirement that you must have been employed in the current job for at least 6 months.
    • Pay off existing debt: If you are already paying too much for your existing debt, your debt-to-income ratio will be extremely high. Lenders consider it a red flag and charge you high interest rates due to the risk involved. It is better to pay off your existing loans before you apply for a new loan. In this way, you can get a reasonable interest rate from the lender.
    • Compare products in the market: This is one of the easy steps you can follow to get a car loan at a low interest rate. You need to get an understanding of the existing products in the market in order to get a good deal on your loan. You can use BankBazaar website or mobile app to compare multiple products simultaneously. When you do a quick comparison, you can find the right products that meet your requirements.
    • Pay a higher down payment: The down payment requirement for car loans vary among lenders in the market. There are some lenders who provide up to 100% financing on the on-road price of the vehicle. By increasing your share of the down payment, you can provide more credibility to the lender. Since you stand to lose a lot of money in case of a default, lenders have better security on the loan, and they offer it for a lower interest rate.
    • Choose the right vehicle model: Your vehicle brand and model could also influence the interest rate set by the lenders. In case of a default, lenders have to recover their loan amount from the value of the vehicle. Hence, if you are buying a popular brand that has a good resale value, you can get a good deal on your interest rate from your lender.
    • Negotiate with the lender: This is one of the tactics you can use to bring down your car loan interest rate. If you have a good credit score and steady income, you can use this to your advantage and negotiate with the lender for a better deal. You can also negotiate with the lender to lower or eliminate the additional charges associated with the loan.

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    Who can get a Car Loan in Mysore?

    Some of the general eligibility criteria outlined by car loan lenders are given as follows:

    Criteria Salaried individuals Self-employed individuals
    Age 21 years 21 years
    Income Rs.15,000 to Rs.20,000 p.m. As required by the lenders
    Income stability At least one year in the current job At least one to three years of business vintage

    *The specific eligibility criteria may change from one lender to another.

    Documents Required

    Car loan applicants in Mysore have to provide the following documents to get a car loan:

    • Identity proof (PAN, Aadhaar, Voter ID, Driving License, etc.)
    • Address proof (Aadhaar, Passport, Ration Card, Utility Bill, etc.)
    • Salary slips (for 3 to 6 months)
    • IT returns for about 3 years (for self-employed individuals)
    • Bank statement (for 6 to 12 months)
    • Photographs

    Factors to Consider While Applying for a Car Loan

    If you are thinking of applying for a car loan, you need to consider the following factors before you start the application process:

    • Most people prefer to opt for the lowest possible interest they can get. While this is not a bad idea, it is not advisable to choose a car loan only on the basis of its interest rates. You need to consider other factors and determine whether it is suitable for your needs.
    • It is necessary to read the terms and conditions of a loan thoroughly before you sign up for a loan. You need to understand the charges associated with a loan before taking a loan. You can get a full understanding by reading the loan document.
    • During the application process, make sure you provide the correct documents to the lender. Lenders verify the documents and check their validity before they issue a loan to an individual.
    • It is important that you use the right tools while you search for the right loan product in the market. BankBazaar website or mobile application can help you compare the car loan products in the market and choose the right one. You may also use the app to check your credit score for free and keep yourself updated.


    Do I have to pay any additional charges while getting a car loan?

    Most lenders in the market charge a processing fee before they disburse the loan amount. This charge varies among lenders in the market, and it is typically 1% to 2% of the loan amount. Some lenders might also levy documentation charges upon their customers. You need to check with the lender to get a full understanding of all the charges involved.

    What are the payment modes available for loan repayment?

    Most lenders in the market are quite flexible when it comes to payment modes for their customers. You can pay the monthly amount through cash or cheque. However, the best way to repay a loan is through the auto-debit facility or standing instruction. When you sign up for this facility, make sure you have adequate money in your account on the installment repayment date.

    Do I have to provide any security while applying for a car loan?

    Car loans are secured through the value of the vehicle. In case of a default, lenders recover their loan amount by possessing the vehicle. Hence, lenders do not usually ask for security from the applicant. However, lenders may sometimes ask for additional security if your credit score is too low.

    Is it possible to sell the car before I pay off the loan?

    No. Lenders do not typically allow customers to sell the vehicle before the loan is paid off successfully. Only when the loan is paid fully, the ownership is transferred to the borrower. Hence, it is not possible to sell the car before paying the loan.

    My loan application got rejected by the lender. What could be the reason?

    The most common reason for car loan rejection is poor credit score. If you have not maintained your score above 750, it could lead to rejection of your application. It is better to check your credit report through the BankBazaar app to get a full understanding of the reason for rejection.

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