Car Loan - With interest rates as low as 8.80% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs at LoanBazaar. You can take the loan for 90% to 100% of the on-road price of the car.

Compare Best Car Loan Interest Rates in India for 2019
Bank Name Car Loan Interest Rates Processing Fee
Allahabad Bank Car Loan 8.80% p.a. onwards 0.5% of the loan amount
Bank of Baroda Car Loan 8.85% p.a. onwards 0.5% of the loan amount, subject to a minimum of Rs.2,500 and a maximum of Rs.10,000
Canara Bank Car Loan 8.90% p.a. onwards 0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
Axis Bank Car Loan 9.05% p.a. onwards Minimum of Rs.3,500 and maximum of Rs.5,500
Union Bank of India Car Loan 9.10% p.a. onwards 0.5% of the loan amount, subject to a maximum of Rs.15,000
Federal Bank Car Loan 9.15% p.a. onwards Minimum of Rs.1,500 and maximum of Rs.2,500
SBI Car Loan 9.00% p.a. onwards 0.2% of the loan amount + GST as applicable, subject to a minimum of Rs.500 + GST and a maximum of Rs.3,750 + GST
ICICI Bank Car Loan 9.30% p.a. onwards Up to Rs.5,000 (One Time Fee)
HDFC Bank Car Loan 9.10% p.a. onwards Up to Rs.5,130(One Time Fee)
Car Loan Interest Rates
(Updated on 07 Oct 2019)
Car Loan Details
Interest Rate (Monthly reducing balance) 8.80% onwards
Processing Fees Starts from 0.2% of the loan amount
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank
Listed below are some of the best car loan products you can opt for in 2019:

Eligibility Criteria and Documents Required

The car loan eligibilitycriteria can be different for different banks. The common criteria are as follows:
  • Age between 18 years and 75 years
  • Minimum net monthly income of Rs. 20,000
  • At least 1 year of employment with the current employer
  • Must be salaried or self-employed, working for a government establishment or a private company
  • To prove your eligibility, you'll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:
  • Note: Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take used car loan are the same as above.

Car Loan - Checklist to Follow While Applying for it

Steps Requirement Inference
Apply for a car loan Compare all offers available To find the loan that offers you the highest loan amount and the most affordable interest rate
Submit Income Proof Bank Statement (last 6 months) Pay-Slips (last 3 months) IT- Returns (last 2 years) Lender wants to establish your ability to repay the borrowed amount
Submit Proof of Address and Identity PAN Card, Voter's ID, Aadhaar Card, Passport, etc. Lender wants to establish your nationality, identity, and permanent address
Credit History PAN Card Lender wants to check your past credit records and establish if you can be trusted to make regular repayments
Information About Vehicle Sales Receipts from the showroom from where the vehicle was purchased Lender must confirm that the deal was affected as intended
Proof of Insurance and Driving License Copies of the vehicle's Motor Insurance and your Driving License Lender must establish that all laws and protocols are followed with regards to the purchased vehicle.

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