• New Delhi Car Loan

    If you’re confused about car loans in New Delhi, you’ve come to the right place. At BankBazaar, you can compare car loans from more than 20 leading banks and get approvals or quotes within 30 minutes. Find out about your eligibility, how much loan amount you can comfortably afford with the interest rates and the documentation required for successful approval of your loan. Through BankBazaar, you can get a streamlined online procedure with quick disbursals.

    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.

    Lowest car loan interest rates in New Delhi

    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

    Tips to get the lowest possible interest rates for car loans in New Delhi

    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:

    • Loan aggregators: You can use sites like BankBazaar to compare and apply for car loans in the market. Here, you can check out the loan products offered by multiple lenders simultaneously and compare their features. You can also apply for loans instantly and keep track of your applications.
    • Credit score: Individuals with a good credit score can get car loans at low interest rates. Since the risk of default is low, lenders provide loans at a discount rate. Most lenders in the market look for customers who have a CIBIL score of at least 750.
    • Employment status: Your employment status indicates your ability to repay your loans on time. If you are a salaried individual, your regular monthly income indicates that you can repay your loan on time without any delay. Even self-employed individuals can get car loans by showing a steady income from their businesses.
    • Debt-to-income ratio: This is another important factor considered by a lender in addition to your employment status. This is a measure that indicates how much percentage of your income is spent on repaying loans. The lower the debt-to-income ratio, the higher the chance of getting a car loan at a low interest rate.
    • Tenure: Many lenders in the market also set interest rates for customers based on the loan tenure they have chosen. The higher the loan tenure, the lower the interest rate charged by the bank. However, you might end up paying more amount in overall EMI installments. You must take this into consideration while choosing the repayment tenure for your car loan.
    • Negotiation: Though most lenders in the market advertise fixed interest rates for car loans, you could bring down your interest rate by a little through negotiation. You must talk with the bank officials to negotiate a better interest rate. You could use the above-mentioned factors in your negotiation to argue your case.

    Requirements for applying for a car loan in New Delhi

    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.

    Documents required for applying for a car loan in New Delhi

    Applicants must provide the following list of documents to get a car loan in New Delhi:

    • Identity proof (PAN, Aadhaar, Voter ID, Driving License, etc.)
    • Residential proof (Aadhaar, Ration Card, Utility Bill, Rental Agreement, etc.)
    • Photographs
    • Salary slips (for at least 6 months)
    • Business continuity proof (for one to three years)
    • IT returns (for self-employed individuals)
    • Bank statement (for at least 6 months)


    1. Do I need a co-signer for a car loan?
    2. 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.

    3. What is the loan quantum I can receive for buying a new car?
    4. 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.

    5. Is it possible to get additional finance to get a fancy number for my car?
    6. 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.

    7. Is prepayment facility offered by lenders for car loans?
    8. 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.

    9. Are there restrictions on the type of cars that can be chosen by individuals?
    10. 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.

    11. How long does it take to process a car loan?
    12. 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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