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User reviews
  • Experience was very good and am pretty much happy in availing car loan from HDFC. Services are entirely quick and got the loan at the short point of time. Interest rate is as per the market rate. Overall excellent and great.
    06:15 PM - Dec 20, 2014

    , new delhi
    0.5 5.0/5 "Blown Away!"
  • The problem i faced with HDFC is in terms of car loan. I did get information that its a pre approved loan, collected documents however later part it was rejected. I had committed with the dealer and had paid full amount of cash to get my car. Later then, they did disbursed the car loan after 3 weeks. Its totally disappointing inspite of being a preferred customer of HDFC, they haven't considered my issue and there was hypothication in RC related to car.
    10:18 AM - Dec 20, 2014

    , new delhi
    0.5 1.0/5 "Really Bad"
  • I have taken a car loan with ICICI Bank. Processing fee charged by them is hardly rs 1500 and I would say its relatively high. The rate of interest offered by them is 10.5%. I am very much happy with the service offered by them and overall its been great.
    05:34 PM - Dec 19, 2014

    , ahmedabad
    0.5 4.0/5 "Great!"
  • Five years ago I took car loan with Kotak Mahindra bank and I am going to complete the tenure so cannot recall the interest rate but I think it is between 9 to 13%. Interest rate seems to be high so bit dissatisfied. EMI date is 9th and it is getting deducted automatically from my account. Car loan procedures are good in Kotak so I would recommend to my friends.
    05:43 PM - Dec 20, 2014

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • It was smooth process and the loan amount was disbursed faster but the interest rate offered is bit high as the rate is 10.5% for car loan. HDFC bank deducted Rs.1000 for processing charge. I availed car loan for tenure of 5 years and fore closure is post 24 months but no idea about charge. HDFC bank is good so they have to continue it.
    10:17 AM - Dec 20, 2014

    , mumbai
    0.5 4.0/5 "Great!"
  • ICICI Bank carloan is good. The entire process took 15 days time to get over. I believe its because of holidays the process was delayed. When compared with any other Bank the rate of interest offered by ICICI bank is very less. To summarize great service offered by ICICI Bank.
    05:33 PM - Dec 19, 2014

    , bangalore
    0.5 4.0/5 "Great!"
  • I did get the car loan from HDFC very easily. There was a huge support provided by the particular executive and there is a part payment option. Rate of interest is quite great. Overall whatever was done was great.
    11:33 AM - Dec 20, 2014

    , jamshedpur
    0.5 4.5/5 "Excellent!"
  • Its been very good and the executive of HDFC had been so cooperative. Even the interest rate was quite reasonable and lesser than other banks. The time of disbursal was quite delayed due to certain issues from the bank side. Overall services was quite satisfactory.
    10:00 AM - Dec 20, 2014

    , new delhi
    0.5 5.0/5 "Blown Away!"
  • I have taken a car loan with Bank of Baroda. They processed my loan very quickly.Rate of interest offered by them is fine. Bank of Baroda has offered me a tenure of 7 years where was other Bank does not. They have given a reducing rate of interest where as othe r Banks are offering a flat rate.
    03:49 PM - Dec 19, 2014

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • The services overall was good however the issue faced was with the executive of HDFC. He was not quite professional and was not carrying the ID card, hence I did felt that its the right person to whom I am submitting the documents. Other than that, rate of interest is good.
    10:52 AM - Dec 20, 2014

    , gurgaon
    0.5 4.0/5 "Great!"
  • The car loan which I have with ICICI bank is really good. They responded on time. The loan was processed in a time span of 24 hours which was good. The processing was very fast and quick. I am having this for the past one year and yet I dont have any issues.
    06:20 PM - Dec 19, 2014

    , patna
    0.5 4.0/5 "Great!"
  • I have taken a car loan with ICICI Bank. I got a very good response from them. Everything is fine. Unfortunately, I have cancelled it because it was my bank which has offered me a better interest rate and more over its a nationalized bank as well. So I have switched over to BOB.
    03:44 PM - Dec 19, 2014

    , bangalore
    0.5 4.0/5 "Great!"
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BankBazaar Car Loan is Rated as " Excellent!" by 2279 Users
 4.5 / 5.0   by 2279 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 22 Dec 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 about Car Loan

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 auto rickshaw 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 fulfill 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 EMI's 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

Features of Car Loan

A car loan is a great way to get your dream car right away without having to pay it’s 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 lakhs.
    • For the self-employed, the minimum income specified by the banks and financial institutions is Rs.2 lakhs.
  • 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!

rated 4.5 /5.0
by 2279 users
Over 5,00,000 Happy Customers with loans & cards
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 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.

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