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User reviews
  • I recently applied for a car loan with AXIS bank. It was a good and quick process however I had post ponded my plan for the next 5 months. Therefore my car loan application has been closed by AXIS bank. In terms of service AXIS bank was good however the response was quite delayed from them. The rate of interest is comparatively low and the loan percentage they approve was also low.
    10:18 AM - Oct 21, 2014

    MOHD HAROON, new delhi
    3.0/5 "Satisfactory"
  • Once I did applied my car loan with HDFC bank they didnâ??t give me proper response to me, I asked them for certain clarification even they didnâ??t replay me anything, I had a conclusion about pre closer amount but they didnâ??t provide me any details about that so I dropped my approach with them. And also i got a better offer from other banks so I unable to take the loan with them, I approached Rs.5 lackh the rate of interest they offered me is very acceptable which is 10.45%
    06:19 PM - Oct 20, 2014

    AYYAPPAN K, hosur
    1.5/5 "Bad"
  • HDFC bank service was good, They provided me all clear details before processing my loan, the response was pretty good, I did applied car loan with them but I never taken that but I didnâ??t drop my approach, I have plan to take after six month, My concern they are providing very high rate of interest so its better they can reduce it.
    05:42 PM - Oct 20, 2014

    ARVIND BABULAL JALODIYA, ujjain
    5.0/5 "Blown Away!"
  • I did applied car loan with HDFC bank but I never taken that, But I didnâ??t dropped my approach, I have plan to buy new car so I postbond my approach with HDFC bank. Overall customer service was very good, They updated me all clear details about my loan processing. The rate of interest and processing fees what they offered me is also quite acceptable, It take some time to take my car loan.
    10:18 AM - Oct 21, 2014

    DHANEESH PADMALAYAM, bangalore
    5.0/5 "Blown Away!"
  • My car loan application has been closed by AXIS bank as I had post ponded the plan until next year. It was an excellent customer service & response from AXIS bank. They were offering me an interest rate of 11.75% and ready to waive off some processing fee as well. I think the rate of interest is little bit higher than other banks.
    06:09 PM - Oct 20, 2014

    AMIT BANSAL, new delhi
    5.0/5 "Blown Away!"
  • I was looking for a car loan for a tenure of 7 years and I applied for the loan with SBI. When I verified eligibility on SBI website I was shown that the person who is earning more than 3 lakhs is eligible for the car loan. I have also confirmed this information with the customer service executives of SBI and submitted my documents to the bank representative. When I visited the branch after submitted my documents they told me that they don't offer the car loan for people earning less than 4 lakhs. They were ready to offer me a tenure of 7 years with a rate of interest around 10.65%. It would be better if there is some more clarity in the loan eligibility.
    05:38 PM - Oct 20, 2014

    BOPANNA KUNJAPPA CHENANDA, bangalore
    2.0/5 "Expected more"
  • I did applied car loan with HDFC bank but I never taken this loan the reason they provided me very high rate of interest to, However I have my salary account with them but they told me to provide me more documents, My concern i already been customer with HDFC but why they asked me to provide documents, Many other banks providing without pre closer charge amount even though i have my salary account why they want to charge me, for the account Holder they should provide the special rate, No documentation required,
    09:55 AM - Oct 21, 2014

    SURENDRA NILKANTH BHADANE, navi mumbai
    4.0/5 "Great!"
  • I just went to get some clarifications about car loan and I submitted the application . Immediately I got a call from hdfc bank . I am not sure what was the interest rate however they confirmed me the EMI amount as 9000 monthly . Currently I postponed the plan for future
    06:09 PM - Oct 20, 2014

    SHANMUKHA KRISHNA SRAVANI GANDLURI, hyderabad
    4.5/5 "Excellent!"
  • Once I received a call from hdfc bank for my car loan post which I havent received any call from them. They should keep up the words whatever they are promising like call backs and documents collection initially. It would be nice if they improve on their followups and entire customer service.
    05:38 PM - Oct 20, 2014

    ISHWAR PRASAD BHANDARI, new delhi
    3.0/5 "Satisfactory"
  • I taken the car loan with State bank of India before the month, They are very quick and responsible. I myself contact them they guided me very politely, they provided all clear information about the loan processing. The day i approached with them the same day my loan process get cleared and they approved on next day itself, Within a day I got my car loan to be approved, Overall it is quick response from their, I never felt any difficulties with them.
    06:22 PM - Oct 20, 2014

    AYYAPPAN K, hosur
    5.0/5 "Blown Away!"
  • I recently availed a car loan from ICICI bank and I had a disappointing experience after the disbursement of the loan. I had signed the agreement for a tenure of 2 years only but they offered me 3 years. I have requested the bank several times to change the tenure to 2 years over the phone and through emails but nobody responded to me and still now there was no change. There was no proper response from the bank whenever I contacted them. The commitments given by the bank are not fulfilled.
    05:50 PM - Oct 20, 2014

    SHIVA PRASAD S, hyderabad
    1.0/5 "Really Bad"
  • It was a great experience of availing a car loan from Kotak Mahindra. Everything was taken care by the car dealer themselves and my loan was disbursed within a week time. There was a little difficulty in completing the documentation process only. Rest verification and other formalities are completed on a single day. They offered me an interest rate of 10.75%.
    05:37 PM - Oct 20, 2014

    BOPANNA KUNJAPPA CHENANDA, bangalore
    4.0/5 "Great!"
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BankBazaar Car Loan is Rated as "Great!" by 2767 Users
 4.0 / 5.0   by 2767 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Car Loan BYTES FROM OUR KITCHEN

You're eligible for a Car Loan if you:

01
02
03
04
That's 21 years old, same time that everything besides milk becomes legal too

Are legally adult enough to handle it

Less than 65 years of age, because sanguine golden years are for playing golf

Have still got it

Salaried or self-employed - whatever puts food on your table

Get a regular pay check

There's a minimum amount for that regular pay check

Make more than a basic buck


Your eligibility depends on

01
02
03
Car Loan Minimum Salary

Minimum income required
Rs.2,40,000 per annum

Car Loan Maximum Loan Funded

Loan capped @
85% Ex-Showroom price

Car Loan EMI

EMIs of other loans lower
your eligibility


Boost your eligibility by

01
02
Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Car Loan Tenure

Choose longer tenure loan up to 5 Yr years


Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 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

Car Loan Interest RatesUpdated on 24 Oct 2014

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

An Overview

There are plenty of reasons to buy a car. Off the top of our heads, we’ll tell you: long, happy drives with your family to fun destinations, no more haggling with mean autorickshaw drivers, avoid being packed like a tin of sardines in a bus, immunity to public transport strikes, the “cool” factor, your own choice of music… The list goes on. Get from Point A to Point B or Point Z and back with some new commuting adventures thrown in. Don’t have the funds for it? No worries. Simply apply for a car loan and in just a few EMIs, you’ll have your own set of wheels. Let’s fulfil your dreams today.

Why Apply for a Car Loan through BankBazaar?

BankBazaar is your finance-savvy buddy you can turn to any time for the most trusted advice on and solutions to your personal finance needs. With tie-ups with leading banks and financial institutions providing car loans, you search ends here! On our user-friendly site you can:

  • Compare quotes from different banks in terms of their interest rates and other charges
  • Compare features and facilities offered by different banks and financial institutions
  • Calculate your EMIs as per your loan amount and respective interest rates in order to plan your finances
  • Use our free, smart financial tools on our website to manage your finances
  • Apply for a car loan through BankBazaar with end-to-end assistance until your loan is disbursed

A car loan is a great way to get your dream car right away without having to pay its full value upfront. There are more reasons to consider a car loan:

  • Up to 100% of car finance on ex showroom price in some banks and generally up to 85% of car finance on ex-showroom price.
  • Banks and financial institutions offer very competitive and attractive rate of interests.
  • A comfortable time period over which to pay off your loan i.e. up to 7 years.
  • Everybody who falls in the below category can apply for the car loan:
    • Salaried individual
    • Self-employed individual
    • Partnership firm
    • Proprietorship
    • Public and private companies
  • Prepay your loan any time after 6 months by just paying a marginal fee.
  • Banks and financial institutions charge very low processing fees from their customers.
  • Get clear and transparent documentation.
  • Most banks offer an ECS option for automated EMI payments.
  • Quick loan processing with some banks completing the process in just 48 hours.

Tempted? We’ve given you every reason to be! Go and get your car right away!


Car Loan Eligibility

Certain factors determine your eligibility, namely:

  • Age:
    • For salaried individuals, the age limit defined by banks and financial institutions to get a car loan is 18 years – 75 years.
    • For the self-employed, the age limit defined by banks and financial institutions to get a car loan is 28 years – 65 years.
  • Income:
    • For salaried individuals, the minimum income specified by the banks and financial institutions is Rs.2.4 lacs.
    • For the self-employed, the minimum income specified by the banks and financial institutions is Rs.2 lacs.
  • Period of employment:
    • For salaried individuals, the minimum period of employment specified by the banks and financial institutions is 2 years.
    • For self-employed individuals, the minimum period of running business specified by the banks and financial institutions is 3 years.
    • For a limited company, the minimum period of existence specified by the banks and financial institutions is 2 years.

CIBIL Score and good track record:

  • You must have a good track record of clearing all your debts on time with zero default. Get your CIBIL score now!
  • You will get a loan amount with an EMI of not more than 50% of your net monthly income.
  • For some banks, you have to pay at least 15% – 20% of a car value as a down payment.
  • If you have other ongoing loans, it will decrease your eligibility.

Do you check every box? Then you have no reason to wait. Drive your dream car home today!


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by 2767 users
Over 5,00,000 Happy Customers with loans & cards
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YOUR SEARCH ENDS hERE
Compare multiple options and choose the one that best suits you

Compare the best car loan offers in town and locate the lowest rates!

Offers to Compare
Over 25 offers to compare!

This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

Breaking Down Offers
Breaking down offers

We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

Why Apply Online
Cheaper than dealer

There's a good reason why thousands of customers choose BankBazaar- we're cheaper than most dealers. Best part- by applying here, you can get the lowest rates AND still demand all those freebies from your car dealer!

Cheaper then Dealer
Why apply online?

You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

Comparing Best Car Loans
Done comparing! Now what?

We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

Still have a gazillion questions?
Still have a gazillion questions?

Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

Connect to the Bank
We'll connect you to the bank

We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

Car Loan
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