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  • Compare multiple bank offers
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 Car Loan Ratings
4.0 / 5.0 by 1121 users

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

 Car Loan Reviews

"Services of Axis Bank was fine. They did a good follow up and disbursed my loan within 1 week. Axis Bank sent executives for document collection and provided me door step services. Their processing fee and rate of interest was less when compared with other banks. "

, Chennai
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Get E-approved on Your Car Loan

Compare & Apply online at BankBazaar.com to get instant e-approval for your car loan from HDFC Bank, Axis Bank and ICICI Bank.

Get the Best Car Loan Deals

BankBazaar.com has coordinated with HDFC Bank, Axis Bank and ICICI Bank to get you the best deals on your car loan.

Car Loan EMI Calculator

Use BankBazaar.com’s Car Loan EMI Calculator to calculate car loan EMI for used car or new car.
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We've identified the lowest interest rate quotes for your profile with great savings.

Rates & special offers displayed below are accurate & applicable ONLY for applications made on BankBazaar.com

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    Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
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  • Please provide First Name as it appears in your PAN card.
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Car Loan Overview

Drive home your dream car with low interest car loan offers. Compare and apply online at BankBazaar.com to get e-approved instantly.

If you are planning to buy your dream family car and finance is a concern then you need not worry as there are exiting car loan offers available from leading banks in India. Check your Car Loan eligibility now by filling up the above form and get best car loan offers instantly. Check your Eligibility Now!

Why apply for a car loan on BankBazaar.com?
  • Lowest interest rates: We have coordinated with HDFC Bank, Axis Bank and ICICI Bank to get you the best car loan interest rates. In fact, HDFC Bank, Axis Bank and ICICI Bank use BankBazaar.com-powered technology to give their customers the best car loan experience on their websites, https://www.hdfcbanksmartapply.com/, https://loans.axisbank.com/car-loan.html and https://loans.icicibank.com/car-loan.html
  • Instant e-approval: On BankBazaar.com you can compare car loan offers, apply online and get instant e-approval for your car loans from HDFC Bank, Axis Bank and ICICI Bank.
  • Simple Online Comparison: Compare car loan offers on the basis of loan eligibility, EMI, interest rate, fees and customer ratings.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
How to get a car loan on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized car loan quotes that you are eligible for.
  • Compare car loan offers: Compare customized car loans offers from HDFC Bank, Axis Bank and ICICI Bank based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.
How to use BankBazaar.com’s car loan EMI calculator?

Check our Car Loan EMI calculator and see how much money you will have to pay every month for your dream machine. Remember the more down payment you make the lesser will be the loan burden. Also check your car loan eligibility using the above form and compare Processing fees, Interest rates, documents with various banks online at Bankbazaar.com

Car Loan FAQs

  1. Can I get 100% financing for my car?
    It is possible but most banks do not offer such an option. Those banks which offer 100% financing will do so subject to certain terms and conditions and reserved only for certain makes and models of cars. These aspects are based on the discretion of the bank. This is applicable only for new cars.

  2. Can you specify the borrowing range for a car loan?
    The borrowing range varies across different financial institutions and also takes into account the applicant’s credit profile. However, the minimum amount for a car loan is Rs.1 L and the maximum depends on the income and other credit profile details of the applicant. It also depends on the cost of the car. Some banks offer around 3 times the annual salary of the applicant in case of a salaried individual and around 6 times the annual income in the case of self employed professionals.

  3. How do I calculate the amount of money I should borrow for my car loan?
    You need to calculate the amount of money required based on:
    • Cost of the car based on make, model and colour.
    • Amount and type of insurance cover you wish to opt for. (Only a few banks cover the insurance)
    • The kind of car accessories you wish to purchase for your car etc. (Please note that most banks will not fund you for accessories).
    • Down payment for the car, which you will be paying upfront based on which you can calculate the remainder of the loan amount needed.
    • Percentage of financing available for the car depending on the make and model. This aspect varies according to the lender/bank’s discretion. Some banks offer up to 90% financing for new cars.
    • A few other banks may offer loans for second hand cars as well and the amount of financing they are willing to offer again largely depends on the car’s resale value and differs across banks/lending institutions.
  4. Do I need a loan guarantor?
    No, a personal guarantor is not usually required for your car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.

  5. What are the car loan tenure options?
    The Car Loan tenure ranges from 1 year (12 months) to 5 years (60 months), a select few offer 7 years tenure as well.

  6. If my income and budget does not support a particular loan amount, then can I opt for a joint loan with someone else?
    Of course you can. You can club the income of your spouse or a parent and take a loan based on the combined income. In this case, the spouse or parent becomes the co-applicant of the loan.

  7. Will it be hard for me to get a car loan if this loan is my first?
    If you have no past credit record based on your new loan, a new credit record will be created. Your eligibility will then be calculated based on your income, place of employment etc.

  8. How do I compare loan offers from different banks?
    You need to consider the total loan cost or total money outgo in the case of each offer. This is because even if the EMI is a little lower with one bank, you must also account for other factors like processing fees, advance EMIs, service charges and other bank charges to arrive at a decision on the best and most cost effective loan offer. Search BankBazaar.com for the best loan offer. Here, we display loan costs in a transparent and easy to compare manner based on your eligibility.

  9. When can I prepay the loan? Is part prepayment possible?
    Most banks have a time frame or 6 months to a year only after which you can prepay the amount. Usually, in the case of a car loan part prepayments are not allowed, you can only prepay the remainder of the loan amount in full.

  10. Can I opt to sell my car before my loan repayment ends?
    This is not possible as you have pledged your car as security for the loan. If you must do so, then you will need to obtain an NOC (No Objection Certificate) from the bank.

  11. Can I prepay my car loan?
    Yes, you can prepay your car loan. However banks charge a prepayment penalty charge for this. Make sure the interest rate savings makes sense after you factor in the prepayment penalty charge.

  12. What happens after I complete the repayment of my loan?
    When the last EMI has been paid the bank’s legal claim to the car ceases to exist. The bank will issue a Form 35 along with an NOC to the RTO canceling the bank’s name from the RC book. The same process is followed for your insurance policy as well.

  13. Does BankBazaar.com charge me for its services?
    No. BankBazaar.com’s services come to you free of charge.

  14. How will the security and privacy of my data be ensured?
    BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Car Loan Eligibility & Documentation

Car Loan Eligibility:

  • Salaried individual

  • Self employed individual

  • Self employed professional like doctor, lawyer, etc.

  • Aged above 18 years

  • Have a good CIBIL credit score

  • Good repayment capacity with fixed & stable income source

  • Work for a stable company

How is your car loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:

  • Your monthly income
  • Cost of Vehicle
  • Other EMI’s which you are paying for any other loan

Fill the form above to check your actual car loan amount eligibility.


Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Identity proof namely a copy of the passport or PAN card or Voter’s Id or driving license.

  • Income Proof in the form of usually the latest salary slip with the latest income tax forms (Form 16 in the case of the salaried individual, ITR form in the case of a self employed individual).

  • Residence Proof in the form of a Ration card or Driving license or Voter’s ID or Passport copy or telephone bill or electricity bill or life insurance policy or PAN card.

  • A copy of the bank statements pertaining to the most recent and relevant time frame.

Car Loan Interest RatesUpdated on 21 April 2014

Details of Car Loan

Car Loan Interest Rate.(Monthly reducing balance)
10.50% to 16.25% floating. Check Customized Interest Rates Now!
Processing Fees
Up to Rs. 3,650
Car Loan Tenure
1 year to 5 years
Pre-closure Charges
3% to 6% of foreclosed amount
Car Loan Amount
Varies based on car model. Up to 100% financing for pre-approved customers.
Guarantor Requirement
No guarantor required

Car Loan Articles

Car Loan Forum

Comments: 18    Views:      September 26

Comments: 1    Views: 2     March 21

Comments: 1    Views: 2     March 10

Comments: 1    Views: 12     March 04

Comments: 0    Views: 1     January 07

Comments: 0    Views: 21     December 18

Comments: 0    Views: 1     December 16

Comments: 3    Views: 213     October 18

Comments: 2    Views: 111     September 19

Comments: 3    Views: 101     May 02

Comments: 0    Views: 72     June 21

Comments: 2    Views: 1     June 18

Comments: 2    Views: 122     June 05

Comments: 0    Views: 71     May 23

Comments: 1    Views: 22     April 24

Comments: 0    Views: 101     May 08

Comments: 0    Views: 11     November 30

Comments: 0    Views: 201     September 26

  Car Loan Reviews
Customer Reviews
Page 1 of 50 1 2 3 4 5
  • Axis Must Improve the Service
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    SANKARALINGAPANDIAN MEENAKANIARASU, chennai
    Yes, I recommend this bank.
    AXIS BANK Car Loan
    4.0/5
    validated-source
    (1)

    Services of Axis Bank was fine. They did a good follow up and disbursed my loan within 1 week. Axis Bank sent executives for document collection and provided me door step services. Their processing fee and rate of interest was less when compared with other banks.

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    Promised Interest Rate
    Fees & Charges
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    Responsiveness
    took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Good experience
    /images/customer_review/default-unknown-person.png
    KISHORE PACHI, bangalore
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    5.0/5
    validated-source
    (1)

    HDFC Bank rendered me with quite good service and my car delivery happened on time ,rate of interest was also fine and whatever they have promised me they have done that am really happy to deal with them in future too.............!!!!!!!!!!!

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    Fees & Charges
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Amazing and Awesome job
    /images/customer_review/default-unknown-person.png
    KISHORE PACHI, bangalore
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    4.0/5
    validated-source
    (3)

    HDFC Bank is one of the best bank in the market to opt loan,i like HDFC in terms of their polite communication towards customer and am quite happy to deal with them.I never faced any problem with them,rate of interest was quite ok when compared with other private bank.

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    Fees & Charges
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Virtuous Service
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    MUKUND RAGHAVAN, chennai
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    5.0/5
    validated-source
    (1)

    HDFC Bank customer service and response was really good.It was simple to use and i like their net banking facility and i haven't faced any problem with HDFC Bank, it will be good they reduce their rate of interest and even they have long way to go...they are good enough in terms serving customer.

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    Fees & Charges
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • 'Good Experience'
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    MUKUND RAGHAVAN, chennai
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    4.5/5
    validated-source
    (1)

    Bankbazaar website was too good in terms of customer service,communication and contacting customer frequently on time. HDFC Bank is one of the best bank in the market to opt loan,though i have a salary a/c with them it was essay for me to interact ,and it will be good if they zero-wise their processing fee apart from that am quite happy to deal with them.

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    Fees & Charges
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Excellent job
    /images/customer_review/default-unknown-person.png
    DINESH KUMAR, new delhi
    Yes, I recommend this bank.
    ICICI BANK Car Loan
    5.0/5
    validated-source
    (1)

    ICICI Bank Customer service and response was quite good,basically customer will always look for quality service so i will recommend ICICI Bank for my friends and colleague.ICICI Bank was good in terms of net banking and their phone banking facility is also good.But one suggestion to ICICI that they have to work on their security level in net banking ,apart from that am quite glad to have relationship with ICICI Bank.

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    Fees & Charges
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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • ' Good service'
    /images/customer_review/default-unknown-person.png
    DINESH KUMAR, new delhi
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    5.0/5
    validated-source
    (4)

    I like State Bank of India for their Rate of interest.Their documentation process was fine, but i have a suggestion to SBI to increase their head counts to serve each and every customer,otherwise overall am happy to deal with them........

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    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Good experience
    /images/customer_review/default-unknown-person.png
    SRAVAN KUMAR NAREDLA, hyderabad
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    3.5/5
    validated-source
    (5)

    HDFC Bank customer service and response was really good.It was simple to use and credit limit is fine, it will be good if they work on TAT while paying credit card bills from other bank otherwise it was wonderful experience to deal with HDFC Bank.

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    Fees & Charges
    Promised Interest Rate
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Virtuous Service
    /images/customer_review/default-unknown-person.png
    SRAVAN KUMAR NAREDLA, hyderabad
    Yes, I recommend this bank.
    CITIBANK Car Loan
    5.0/5
    validated-source
    (1)

    CITIBANK rendered me with amazing customer service.Their benefits are good in terms of transaction,converting into emi option which i don't find this benefit with HDFC Bank and happy that i got my credit card disbursement on time!!!!!!!!

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    Fees & Charges
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    took a Car Loan from CITIBANK on BankBazaar.com Reviewed on
  • Happy with the service
    /images/customer_review/default-unknown-person.png
    SRAVAN KUMAR NAREDLA, hyderabad
    Yes, I recommend this bank.
    ICICI BANK Car Loan
    4.0/5
    validated-source
    (5)

    ICICI Bank customer service and instant response was really good. ICICI Bank service was fine in terms of quick disbursement, but when am pretty disappointed on their rate of interest when compared with other bank and after giving all my documents i was following them so it will be good if they update customer on their loan status otherwise am quite happy to deal with ICICI Bank.

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    Fees & Charges
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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Good job
    /images/customer_review/default-unknown-person.png
    Yes, I recommend this bank.
    LIFE INSURANCE CORPORATION OF INDIA Car Loan
    4.0/5
    validated-source
    (1)

    I have insurance with Life Insurance Corporation,though i dont have much interaction with them ,i like their portal it was fine and being very informative with all relevant information and am quite happy to be a insurance holder of LIC. I like their benefits in terms of paying premium in online that was quite good.

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    Fees & Charges
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    Responsiveness
    took a Car Loan from LIFE INSURANCE CORPORATION OF INDIA on BankBazaar.com Reviewed on
  • Virtuous Service
    /images/customer_review/default-unknown-person.png
    Yes, I recommend this bank.
    KOTAK MAHINDRA BANK Car Loan
    5.0/5
    validated-source
    (2)

    I have a saving account with kotak mahindra,i like kotak in terms of their customer service instant response,and security. I haven't faced any problem with them even when i lost my debit card also they gave me a instant debit card.but only thing that they have to work on their customer flexibility in terms of asking customer to visit branch directly for getting cheque book and other things etc...

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    Promised Interest Rate
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    took a Car Loan from KOTAK MAHINDRA BANK on BankBazaar.com Reviewed on
  • Amazing customer service
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    SRINIVASU I, bangalore
    Yes, I recommend this bank.
    MAGMA FINCORP Car Loan
    4.0/5
    validated-source
    (1)

    MAGMA FINCORP customer service was equal to AXIS and HDFC Bank and even i got my loan disbursement on time. But i suggest MAGMA to work on their responsive part,once after document collection i haven't got any information about my loan status and rate of interest was also quite high when compared with other bank otherwise overall am happy to deal with them.

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    Fees & Charges
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    took a Car Loan from MAGMA FINCORP on BankBazaar.com Reviewed on
  • Easy loan from Kotak Mahindra
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    NIKHIL KALRA , new delhi
    Yes, I recommend this bank.
    KOTAK MAHINDRA BANK Car Loan
    5.0/5
    validated-source
    (6)

    I have my account with Kotak mahindra since last five years thats why I chose Kotak. Their customer service, the way they respond and everything is just fine. With less rate of interest and basic documents they processed my loan within two to three days.

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    took a Car Loan from KOTAK MAHINDRA BANK on BankBazaar.com Reviewed on
  • Excellent service with SBI
    /images/customer_review/default-unknown-person.png
    NISHANT LAKHLANI, hyderabad
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    4.0/5
    validated-source
    (8)

    SBI Bank hardly took a day's time to process my loan. There was an executive who contacted me one day prior and informed me all the required documents. Next day I spent only thirty minutes for processing where I only signed the documents.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was Excellent
    /images/customer_review/default-unknown-person.png
    ARVIND PURANDAS JANGHEL, navi mumbai
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    4.0/5
    validated-source
    (6)

    I chose SBI as they were more comfortable with rate of interest in the market. They have an option of preclouser and zero percent processing fees. They provided me good discount through my dealer. They also processed my loan with minimum documents.

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    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Excellent services from ICICI Bank
    /images/customer_review/default-unknown-person.png
    JAYA GOPAL ADISESHAN, chennai
    Yes, I recommend this bank.
    ICICI BANK Car Loan
    5.0/5
    validated-source
    (2)

    I am having my salary account with ICICI for last twelve years. I got a preapproved loan from them, they were calling since last two years for this loan. They did not charge any fees for the this loan. They processed my loan within a day's time with minimum documents. They were clear with what they want!

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    Promised Interest Rate
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    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Ok service from HDFC
    /images/customer_review/default-unknown-person.png
    SANJAY KUMAR SHAMRA, faridabad
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    2.0/5
    validated-source
    (5)

    HDFC Bank has given me quick approval for my car loan. They gave me less rate of interest when compared to Axis Bank. HDFC Bank sanctioned my loan without any query with normal documents. But I have not received my agreement copy. I did not want to take from Axis Bank because they did not stick to their committed rate of interest and their processing time was long. Bankbazaar website is very good and their customer service is excellent.

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    Fees & Charges
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Quick service from HDFC Bank
    /images/customer_review/default-unknown-person.png
    FAJAL BHAIRAVALAL TAMBOLI, pune
    Yes, I recommend this bank.
    HDFC BANK Car Loan
    5.0/5
    validated-source
    (4)

    I chose HDFC Bank as I have my salary account with them. They really gave me good service with minimum documents and they approved my loan in three days. They also gave me corporate rate of interest of 10.75%. Bankbazaar website is very good, its because of the website I got to know comparative rates from different Banks and found HDFC Bank. Customer service was excellent.

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    Promised Interest Rate
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    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Excellent service with SBI
    /images/customer_review/default-unknown-person.png
    NARENDRA SINGH NEGI, ghaziabad
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    5.0/5
    validated-source
    (6)

    Customer satisfaction is very important. I am very upset with Axis Bank services they delayed to collect my documents, then I decided to look for option. SBI Bank being a nationalized Bank gave good service and they have good features. They provided me less rate of interest, they have been transparent and there is no corruption like private Banks. There is no DSA attached to it. Am very satisfied with SBI. Bankbazaar and its customer services are good.

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    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
Customer Reviews
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