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  • on my ride.
 
User reviews
  • This is the first time I have ever got the loan approved in 2 days, I was happy to be part of HDFC now, I cant tell any things more than this to make it complete, but as I said I am happy as they disbursed loan amount @ the promised interest rates, Thank you Dinesh
    04:26 PM - Oct 25, 2014

    Dinesh Palamakula, secunderabad
    5.0/5 "Blown Away!"
  • It was a good experience of availing a car loan from SBI in the month of Jan'2014. I chose SBI for availing the car loan because they offered me a floating interest rate of 10.75% and a maximum tenure of 7 years. This option is not available with most of the banks in the market. The processing was also very fast and they disbursed my loan within 7 to 10 days of time. Best part is there was no procesing fee at all.
    12:55 PM - Oct 25, 2014

    SACHIN SHARMA, new delhi
    4.0/5 "Great!"
  • Car loan with Axis bank initially they said they need 2 years of income tax returns based on their requirement I have submitted later they need for 1 more year. It would be great if they have interaction face to face rather then informing everything in phone. They need to improvise on response part as their was no proper information given about the product.
    05:17 PM - Oct 24, 2014

    SATYA NARAYAN, gurgaon
    1.0/5 "Really Bad"
  • I had very good experience with HDFC bank when I availed Car loan with them. The offers and rate are competitive but there was some confusion in the rate of interest initially but later I got the rate which I was confirmed at the start of the process. The documentation process was less as my account is with HDFC bank and I just submitted few documents. It would be better if HDFC bank process the loan as faster without any delay. The processing fee could be reduced.
    03:52 PM - Oct 25, 2014

    SATHEESH SIDDHAN, coimbatore
    4.0/5 "Great!"
  • I have postponed the plan of taking a car loan with ICICI. As everything is perfect, no issues so far. The rate of interest offered by them is really good and the processing fee is quite reasonable I have planned to re-apply after 2 months . I would certainly get in touch with them after 2 months time.
    06:15 PM - Oct 24, 2014

    BINOD KUMAR KUMAR, chennai
    5.0/5 "Blown Away!"
  • I think I got only one call from AXIS bank regarding my personal loan application. I was not interested to take the loan from them after we discussed about the rate of interest and charges. I feel the rate of interest & charges are bit on the higher side. I am not satisfied with the customer service and response as well.
    05:17 PM - Oct 24, 2014

    RANGANATH HN, bangalore
    2.0/5 "Expected more"
  • I got my car loan from axis bank with 10.85% as interest rates for 425000 amount. Personally I felt the rate of interest quite high compared with other banks. I committed to this bank along with my documentation that was the reason I choose this bank. Otherwise I would have chosen some other bank for my loan
    03:17 PM - Oct 25, 2014

    SAMIRAN KALITA, guwahati
    4.0/5 "Great!"
  • Service was very cool from hdfc bank for my car loan application. Within 24 hours the executive called me and arranged for collecting documents. They offered me 10.5% as per the market rate which was quite affordable . At the time of submitting the application along with documents I was not sure whether I am going to take car or not. Hence I decided to postponed the plan of availing now. Overall the guidance was very proper from them.
    06:00 PM - Oct 24, 2014

    ASHUTOSH UPADHYAY, new delhi
    4.0/5 "Great!"
  • HDFC contacted me twice or 4 times for my car loan application and they provided all the information though I was not available in the city at that time . I confirmed that I will be available in december. Quite competitive interest rates compared with other banks. It would be nice if they accept the application in any of the branches rather than the home branch
    04:58 PM - Oct 24, 2014

    SRIRAM MATHI, gurgaon
    4.0/5 "Great!"
  • HDFC was always best bank for me . Hence I selected this bank for my car loan . They filled up all my application form . They offered me 10.5% as interest rates . Meanwhile I applied with other bank wherein I have got loan approved also. No hassles from hdfc bank . HDFC will always fast and good
    03:15 PM - Oct 25, 2014

    SAMIRAN KALITA, guwahati
    5.0/5 "Blown Away!"
  • Response was verygood when I applied for car loan from hdfc bank. The only thing I opted the other bank because hdfc wont have the prepayment option. I felt that the interest rate was good not too much . Quite competitive than other banks.May they can initiate the process of prepayment in future.
    05:56 PM - Oct 24, 2014

    VARUN SHARMA, faridabad
    3.5/5 "Pretty good"
  • When I applied for car loan the response was very prompt from hdfc bank. Personally I felt the policies are tougher than nationalized banks when I searched the information.The main concern was they are not having part payment and preclosure charges . However interest rates are quite affordable. It would be nice if they remove the charges and make the terms and conditions to be more easier to avail the loan
    03:26 PM - Oct 24, 2014

    SHAIK SADIQ, hyderabad
    2.5/5 "Just OK"
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BankBazaar Car Loan is Rated as "Great!" by 2874 Users
 4.0 / 5.0   by 2874 users
Used this product? Write a review >>

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 26 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 2874 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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