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.
| 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 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 |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 9.10% onwards | 12 - 84 months | Up to Rs. 3 Crore |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 9.3% - 12.85% p.a. | Up to 7 years | Up to 100% of on-road price |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 9.00% onwards | Up to 7 years | Up to 90% of on-road price |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 9.05% onwards | Up to 8 years | Up to 100% of on-road price |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 9.15% onwards | Up to 7 years | Max loan amount |
| Effective Interest Rate | Tenure | Max Loan Amount/th> |
|---|---|---|
| 8.90% onwards | Up to 7 years | 90% of on road price |
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Eligibility Criteria and Documents Required |
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| The car loan eligibilitycriteria can be different for different banks. The common criteria are as follows: |
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Car Loan - Checklist to Follow While Applying for it |
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| 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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