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  • on my ride.
 
User reviews
  • Good not excellent. HDFC was bit lagging on their service in their offers. I would say they are 30% slower than other bank. Promotional offers are normal however again at least 30% - 40 % lesser than citi bank. Whenever swiping my visa reward in outlets I do get some points low than other banks. May be they can implement the petrol cards .Reward points structure should be revised . It should be somewhere in line with other banks.
    12:20 PM - Oct 30, 2014

    SRINIVAS VARADARAJ, bangalore
    3.5/5 "Pretty good"
  • I havent received any calls from hdfc bank for my car loan application. I have been maintained the account from them however they needs to give some response for existing customer. They really needs to improve on their services and follow ups.
    06:17 PM - Oct 29, 2014

    SATHISH PALANI, chennai
    4.0/5 "Great!"
  • I felt it so useful to get the car loan from SBI bank. I did direct approach with them, The overall service was good, within 4 to 5 days my loan got disbursed I approached Rs.3lack they approved the same amount what I did with them , interest rate is also quite acceptable which is 10.9%.It is very availed to me.
    04:24 PM - Oct 29, 2014

    KARTHIK T, chennai
    5.0/5 "Blown Away!"
  • Its very excellent from state bank of india for my car loan .I got everything in doorstep. The executive came and collected the documents.I have got my loan within 2 weeks of time. Due to rate of interest in reducing rate of 11% and they are providing 85% -90% on on-road prices. And also their prepayment charges are zero
    12:19 PM - Oct 30, 2014

    SRINIVAS VARADARAJ, bangalore
    4.5/5 "Excellent!"
  • Customer service was very good from hdfc car loan. I just applied to get the information and later on I got calls from them . It doesnâ??t suit for my requirement . I am looking for lower down payment, lower emi and zero prepayment charges . They are having on rate prices for showroom. It would be nice if they initiate some additional offers in festival times.
    06:12 PM - Oct 29, 2014

    SUJITH PRAVEEN VIPPARLA, bangalore
    3.0/5 "Satisfactory"
  • Response was very good from hdfc bank for my car loan. My father guided me for to purchase the old car hence I postponed the plan of availing the loan now. Then I asked the bank people to close the request . HDFC offered me 10.5% for new car. And prepayment was around 10% . Documentation process was in hurry all the time
    02:13 PM - Oct 29, 2014

    VIKAS TANWAR, new delhi
    4.0/5 "Great!"
  • Within a day I have received a call from hdfc bank for my car loan application. I am a privilege customer by having accounts and maintaining good credit report I have been quoted very less amount for me when I compared to other banks . From nationalized banks they offered less interest rates with 10.25% at 90% on road prices. However they offered 80% of fixed showroom prices. I did the maximum negotiations didnt worked out. Percentage of funding on on-road prices in nationalized banks was high compared to other banks. They should be also in line with nationalized banks especially for the existing customers if not for new customers.
    12:15 PM - Oct 30, 2014

    SRINIVAS VARADARAJ, bangalore
    3.0/5 "Satisfactory"
  • Within a day I received a call from hdfc bank for my car loan around 4 days . Around 11% they offered me as interest rate. They are having the prepayment options with charges . I have got my car loan from them. Overall I am very much happy about their services
    05:46 PM - Oct 29, 2014

    DEVA KUMAR PASUPULETI, nellore
    4.0/5 "Great!"
  • Whatever I was told by hdfc bank in documentation for my car loan they never used to do that. They asked me my address proof from my company letter head, first time I provided again then they are asking the same thing repeatedly . HR department wont encourage the same thing repeatedly. Because of this I posted to plan of availing the car loan now. It would be nice if they are more transparent in terms of documentation. Rate of interest was also good . I enjoyed that part.
    01:55 PM - Oct 29, 2014

    OWAIS AHMAD, new delhi
    3.0/5 "Satisfactory"
  • When I applied for car loan from hdfc bank the response was very good. They called me immediately and fixed an appointment for 121 conversation. Currently postponed the plan of availing the new car loan. Rate of interest was very competitive as per the market.
    11:19 AM - Oct 30, 2014

    SELVAKUMAR SHANMUGAKKANI, chennai
    3.5/5 "Pretty good"
  • When I applied for car loan immediately I have got a call from hdfc bank where I find it was pretty fast and prompt . I preferred used car at that time hence I decided to go for used car. Rate of interest was bit higher than other banks. They should initiate some part payment options and to reduce the prepayment charges. Apart from it everything was fine
    05:28 PM - Oct 29, 2014

    MANOJ KARMAKAR, ghaziabad
    4.0/5 "Great!"
  • I have got better offer from state bank of India for my car loan . Response was very good when I submitted the application. Documentation policy was done as per their norms. Rate of interest was low when I compared to other banks.Becuase of this reason I have chosed this bank for my car loan.
    11:28 AM - Oct 29, 2014

    ALOK KUMAR, jamshedpur
    3.0/5 "Satisfactory"
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BankBazaar Car Loan is Rated as "Great!" by 2935 Users
 4.0 / 5.0   by 2935 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 01 Nov 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 2935 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 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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