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

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  •       Self Employed?
    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.
  • This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
  • 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 Axis Bank and HDFC Bank to get you the best car loan interest rates. In fact, Axis Bank and HDFC Bank use BankBazaar.com-powered technology to give their customers the best car loan experience on their websites, https://www.hdfcbanksmartapply.com/ and https://loans.axisbank.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 Axis Bank and HDFC 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 Axis Bank and HDFC 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 May 2013

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

  • Know how on car loan defaults!
    Technically, a car loan default happens when a customer repeatedly fails to make the agreed car loan payments to the lender/bank that lent the money for its purchase. But is there a prescribed number of payment failure mentioned? Yes. Usually, the car loan agreement that you signed with your lender/bank will have these terms clearly spelt out.
  • The same model but different price!
    The second most important price adding factor is probably the taxation involved vis-à-vis the city of purchase of your car. The price variation between a Maruti Swift taken in Chennai and one taken in Mumbai could be even upto Rs 25,000/- costlier in Mumbai.
  • Understand car insurance premium!
    Some insurers offer certain add-ons like Personal Accident cover along with your policy. If you want to get the car repaired but don’t have money to pay for it, cashless claim settlement can definitely help you. Opting for third party legal liability will help you safeguard yourself against the legal liability in case of accident.
  • Ideal car! How should you choose?
    When you have quite a bigger amount of money to spare on buying a car or rather as they say, you have arrived in life; it’s time for a luxury sedan or at least a sedan. The price range could be 8-15 lakhs for this category. The cars are longer, more spacious and the price tag is higher on account of the luxuries included and for the designs of the car.

Car Loan Forum

Car Loans Repayment Options

Comments: 0    Views: 81     May 08

Is it necessary to have an account with the bank from which you take a loan?

Comments: 1    Views: 31     April 30

Are there loans for used cars?

Comments: 0    Views: 31     May 02

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