• Pune Car Loan

    Car loans in Pune are now easy to research and compare with BankBazaar giving you the latest updates on interest rates and processing fees. Get instant quotes or approvals for a faster loan process. Apply through BankBazaar for your Pune car loan and get Rs.2500 gift vouchers for specific car loan products. Understand not only the eligibility criteria but also how to increase your eligibility through simple steps.

    Pune is a major financial hub in India with the presence of a diverse range of industries belonging to different sectors. The city has numerous institutions when it comes to providing financial services. If you are looking for a car loan in Pune, you can apply for a loan with any of the top lenders in the country. Since these loans are secured against the value of the car, it is possible to get competitive interest rates for car loans in Pune. With BankBazaar, you can compare the features of different loan products and apply for them instantly.

    Lowest Car Loan Interest Rates in Pune

    The interest rates of various car loan products in Pune 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
    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
    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 a maximum of Rs.15,000
    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
    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
    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
    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
    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
    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
    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)

    How to get the Lowest Possible Interest Rates for Car Loans in Pune?

    Pune is one of the most vibrant cities in India, and all major lenders have operations in the city. These lenders have their own ways of fixing interest rates for car loans. Some lenders have a fixed interest rate for all categories of customers, whereas some lenders determine set interest rates based on the borrower’s credit score, loan amount, annual income, etc. Hence, it is better to compare the interest rates of different lenders before deciding on a specific loan product. If you are wondering about how to get the best possible interest rates from a lender, you can check out the following tips before approaching a lender:

    • Credit score: Most of the top lenders check your credit score before approving your loan request. This is to make sure that the risk of defaulting is minimised. Before you approach a lender for a car loan, it is better to improve your credit score. It is better to have a CIBIL score of at least 750 in order to get a competitive interest rate on your car loan.
    • Loan aggregators: When you use the services of loan aggregators like BankBazaar, it is possible to find car loans with the lowest possible interest rates. It is possible to compare the lending rates of multiple banks instantly and choose the best one right away. You may also use these sites to apply for loans and keep track of your applications.
    • Job stability: This is one of the notable features considered by lenders before approving a loan application. The criteria outlined by lenders may vary from each other. Most lenders require at least one year of job stability from the applicant before approving a car loan.
    • Income level: The income of the applicant also plays a major role in determining the interest rate charged for a car loan. Individuals with a high income are considered to be at low risk of defaulting. Hence, many lenders offer them car loans with a low interest rate.
    • Debt-to-income ratio: This is another notable factor associated with the income of the applicant. It provides information about how much percentage of your income is spent on loan repayment. The lower you spend on other loan repayments, the higher the chance of getting a good interest rate.
    • Loan tenure: Some lenders also consider your preferred loan tenure before setting the interest rates. Longer loan tenure fetches more income for the lender. Hence, they charge a lower interest rate for people choosing longer repayment tenures. Though choosing a longer tenure could bring down your interest rate, you might end up paying more in overall EMIs.
    • Negotiation: Though most lenders have a fixed interest rate for car loans, you could still negotiate with the bank official to bring down the interest rate by a little. You might have better luck with negotiation if you do it in the same bank where you have your salary or business account.

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    Eligibility for Applying for a Car Loan in Pune

    The eligibility criteria outlined by various lenders for approving car loans are listed 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

    Documents Required

    The following documents must be submitted to the lenders while applying for a car loan:

    • Identity proof (PAN, Aadhaar, Voter ID, Driving License, etc.)
    • Address proof (Aadhaar, Voter ID, Passport, Utility Bill, etc.)
    • Bank statement (for at least 6 months)
    • Salary slips from the employer (for at least 6 months)
    • IT returns for 2 to 3 years (for self-employed individuals)
    • Photographs


    Can I get processing fee waiver for my car loan?

    Some lenders in the market like SBI do not charge any processing fee on car loans. However, most of the top lenders charge a small percentage of the loan value as processing fee. This fee is mandatory in most cases and lenders are not likely to waive it.

    What could lead to rejection of car loans?

    If the applicant does not meet the eligibility requirements set by a lender, the loan application is likely to get rejected. Typically, applicants with poor credit score get rejected for car loans. Other reasons such as high debt-to-income ratio, minimum income level, history with the bank, etc., may also lead to rejections.

    Is it possible to sell the car before completing the loan repayment?

    No. Most lenders do not allow borrowers to sell the vehicle before completing the loan repayment. Till you complete your loan, the vehicle is hypothecated to the bank and the ownership is transferred only after the loan tenure. Once the loan is fully paid, you need to get the NOC from the bank and collect the pending documents before selling the vehicle.

    Can I apply for car loans with multiple lenders?

    It is not a good idea to apply for multiple car loans simultaneously. You need to research the lenders in the market and choose the one who meets your requirements. Applying for multiple loans could affect your credit score.

    Can I modify the loan repayment tenure during the course of the loan?

    Once you have chosen the loan tenure, it cannot be modified. You need to pay your monthly EMI installments on time without fail. If you wish to get out of the loan early, you can prepay the loan by paying a small penalty to the lender.

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