Our national capital, New Delhi, is a city renowned for its diverse population. It also has the distinction of being the second wealthiest city in the country. If you are looking for a car loan in New Delhi, there are plenty of options to consider. All major lenders in the country have operations in the city. In addition to major banks, there are also many non-banking financial corporations that provide car loans to customers in New Delhi. You may compare the car loans offered by different lenders using BankBazaar and apply for them instantly.
The interest rates charged by different lenders in New Delhi are listed as follows:
|Bank||Interest rates||Minimum income||Processing fee|
|State Bank of India||9.30% p.a. to 9.80% p.a.||Salaried – Rs.2.5 lakh p.a.; Self-employed – Rs.3 lakh p.a.; Agriculture workers – Rs.4 lakh p.a.||Nil|
|HDFC Bank||9.75% p.a. to 10.60% p.a.||Rs.3 lakh p.a.||0.4% of the loan amount subject to a minimum of Rs.3,000 and a maximum of Rs.10,000|
|ICICI Bank||9.30% p.a. to 12.85% p.a.||Contact the company for more details||Rs.3,500 to Rs.8,500 (depending upon vehicle type)|
|Axis Bank||9.25% p.a. to 11.50% p.a.||Rs.2.40 lakh p.a.||Rs.3,500 to Rs.5,500|
|Federal Bank||From 9.20% p.a. onwards||Rs.20,000 p.m.||N/A|
|IndusInd Bank||From 10.65% p.a. onwards||Salaried - Rs.2.50 lakh p.a.; Self-employed – Rs.2 lakh p.a. net profit||0.5% of the loan amount subject to a minimum of Rs.2,500|
|Punjab National Bank||From 9.05% p.a. onwards||Rs.20,000 p.m.||Rs.1,000 for loans under Rs.6 lakh Rs.1,500 for loans over Rs.6 lakh|
|Oriental Bank of Commerce||Male borrowers – 9.25% p.a.; Female borrowers – 9.15% p.a.||Rs.30,000 p.m.||0.5% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.7,000|
|Jammu and Kashmir Bank||Fixed – 11.25% p.a. with monthly rests; Floating – Base rate + 1% p.a. with monthly rests||Rs.3 lakh p.a.||0.5% of the loan amount subject to a minimum of Rs.500|
|Andhra Bank||1-year MCLR + 0.70%||Rs.1 lakh p.a.||1% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.25,000|
|Bank of Maharashtra||8.95% p.a.||Rs.3 lakh p.a.||0.25% of the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.15,000|
|Bank of India||9.5% p.a.||Contact the bank for details||Rs.500 per application|
|Central Bank of India||Fixed – 9.00% p.a.; Floating – 1-year MCLR + 0.40% p.a.||Rs.2.40 lakh p.a.||Contact the bank for details|
|United Bank of India||From 9.15% p.a. onwards||Rs.25,000 p.m.||0.59% of the loan amount subject to a minimum of Rs.600 and a maximum of Rs.11,800|
|Bank of Baroda||1-year MCLR + strategic premium + 0.25% p.a.||Contact the company for details||Rs.1,000 to Rs.2,500 + GST|
|Syndicate Bank||1-year MCLR + 0.50% p.a.||Rs.2 lakh p.a.||Rs.125 per lakh|
|IDBI Bank||From 9.30% p.a. onwards (varies based on credit score of the borrower)||Rs.2.4 lakh p.a.||Rs.1,000 + GST|
|Canara Bank||From 8.95% p.a. onwards||Rs.3 lakh p.a.||0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000|
The interest rates for car loans vary among lenders in the market. Since car loans are secured through the hypothecation value of the vehicle, the interest rates for car loans are typically lower than that of personal loan interest rates. When you search for car loans, you can check out the interest rates offered by different lenders in the market before choosing one. By comparing the interest rates, you can choose the best loan product suitable for you. Some of the additional ways in which you could get the lowest possible interest rates are listed as follows:
Lenders have certain eligibility criteria that must be met by applications before they can get a car loan. Some of the requirements set forth by lenders are listed as follows:
|Criteria||Salaried individuals||Self-employed individuals|
|Age||21 years||21 years|
|Income||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.|
Applicants must provide the following list of documents to get a car loan in New Delhi:
No. Car loans are typically secured through the value of the vehicle. In case of a default, the lender can possess the car and reclaim the loan amount. Since the vehicle acts as a security, there is no need to get a co-signer for a car loan.
The loan quantum offered by lenders vary in the market. There are lenders who finance up to 100% of the on-road price of the car. However, most lenders in the market provide financing for up to 85% to 90% of the vehicle’s on-road price. The on-road price of the vehicle includes registration charges, insurance charges, and road tax.
No. Lenders do not provide any finance for getting a fancy number. The loan amount is based on the on-road price of the vehicle. Any additional charges including cost of new gadgets, styling expenses, modification expenses, etc., will not be financed by lenders.
Yes. Most lenders in the market allow prepayment on car loans. However, the terms and conditions may vary. Lenders typically allow prepayment only after the completion of a specific loan tenure (6 months to 12 months). Also, there might be some prepayment penalty charges for paying off the loan in advance.
Car loan lenders provide financing for almost all types of passenger cars and utility vehicles available in the market. However, commercial and passenger transportation vehicles come under a different section of loans for most lenders.
The processing time has significantly come down with the advent of the Internet. If all documents are submitted correctly, most lenders provide their approval for car loans within just one or two days. The loan amount will be disbursed within a maximum of one week.
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