Cars loan process , Apply on best Interest Rates in India

Yes Bank Car Loan

Loan Amount Range-

₹1000000

Processing Fee -

Upto 2% *

Interest Rate -

9% *

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Union Bank Car Loan

Loan Amount Range-

₹5000000

Processing Fee -

Upto 3% *

Interest Rate -

9% *

More Details Apply Now

Used Car Loan

Loan Amount Range-

₹5000000

Processing Fee -

Upto 2% *

Interest Rate -

19% *

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UCO Vehicle Loan

Loan Amount Range-

₹3000000

Processing Fee -

Upto 2% *

Interest Rate -

15% *

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Standard Chartered Auto Loan

Loan Amount Range-

₹3000000

Processing Fee -

Upto 2% *

Interest Rate -

8% *

More Details Apply Now

SBI Car Loan

Loan Amount Range-

₹1000000

Processing Fee -

Upto 2% *

Interest Rate -

7% *

More Details Apply Now

South Indian Bank Car Loan

Loan Amount Range-

₹10000000

Processing Fee -

Upto 2% *

Interest Rate -

7% *

More Details Apply Now

RBL Bank Car loan

Loan Amount Range-

₹10000000

Processing Fee -

Upto 3% *

Interest Rate -

8% *

More Details Apply Now

Lakshmi Vilas Bank

Loan Amount Range-

₹3500000

Processing Fee -

Upto 3% *

Interest Rate -

7% *

More Details Apply Now

Kotak Car Loan

Loan Amount Range-

₹5000000

Processing Fee -

Upto 3% *

Interest Rate -

7% *

More Details Apply Now

Frequently Asked Questions

Here are a few of customers’ common concerns regarding Car Loan .

Loan Details
Interest Rate	Depends on the bank
Processing Fees	Depends on the bank
Loan Tenure	1 year to 8 years
Pre-closure Charges	Varies with bank
Guarantor Requirement	Varies with bank

Key USP	Bank	Features
Loans for Luxury Cars	HDFC	Effective interest rate is 7.95% Tenure is up to 84 months Maximum loan amount is up to Rs.10 crore 100% financing of on-road price for select models
This is especially for professionals & agriculture with income proof	State Bank of India	They provide attractive interset rate is 8.65% p.a. onwards. Tenure is up to 84 months. Up to 90% of the on-road price may be financed Loan is provided for professionals and agriculturists
Small amount loan	Axis Bank	Effective interset rate is 9.15% p.a. Tenure is up to 96 months Up to 100% of the on-road price may be provided as a loan You can avail a loan of Rs.1 lakh
Free personal accident insurances	Federal Bank	Attractive interest rate is 8.85% p.a Tenure is up to 84 months No needed documents to provide. Up to 100% of the ex-showroom priced will be available
Loan with repayment tenure	ICICI bank	The interset rate is start from 9.00% p.a. The repayment tenure is up to 7 years. Low interset rates provides for women
Low- interset rates for new user and car	Canara bank	Effective interset rate is 8.70% p.a. Tenure is up to 84 months Up to 90% of the on-road price may be provided Lower interest rates are provided for women

The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

Age of the individual must be 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:

Identity proof (any of the following)	Aadhaar Passport Driving license Voters ID card PAN card
Address proof (any of the following)	Aadhaar Passport Driving license Ration card Utility bills
Proof of income	Form 16 Salary slips if you are salaried Latest Income Tax Returns Bank statements going back 6 months

Note: Make sure you check exactly what documents the lender wants. The Documents can change depending on your situation too. The Documents to take a used car loan are the same as above.

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 months)	Lender wants to establish your ability to repay the loan
Proof of Insurance and Driving License	Copies of the vehicle's Motor Insurance and your Driving Licence	Lender must establish that all laws and protocols are followed with regard to the purchased vehicle.
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.

Online
Most lenders offer the prospect of applying for a car loan online. You will need to visit the official website of the lender to apply for a car loan. The procedure to apply for a car loan is simple & all the documents will be submitted online. In case your credit score is good, lenders may furnish pre-approved car loans. In such cases, no documents need to be submitted as well.

Offline
You have to visit the bank branch and apply for a car loan. The appropriate documents need to be submitted. Once the validation process has been completed, the loan will be furnished.

When it comes to car loans in India, in general, the following attributes and benefits are offered.
Most lenders offer the prospect of applying for a car loan online. You will need to visit the official website of the lender to apply for a car loan. The procedure to apply for a car loan is simple & all the documents will be submitted online. In case your credit score is good, lenders may furnish pre-approved car loans. In such cases, no documents need to be submitted as well.

It assists you in purchasing a car even if you don't have all the money for it right now.
Most car loans will fund the on-road price of the car.
Some car loans will even finance 100% of the on-road price. This means no down expenses.
With some banks offering financing in the crores, you are not limited in your choice of cars
Most car loan offerings in India are guaranteed loans. This means that the car serves as the security/collateral for the loan.
Procuring a car loan is usually simple. When compared to other loan products; Individuals with negligibly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
Car loans in India often offer fixed interest rate options. This means you are always assured of a fixed portion that needs to be repaid monthly.
Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.

Pay Your Bills on Time: To avail of a loan to purchase your dream car, you must have a minimum monthly pre-tax income and a manageable debt-to-income ratio (DTI).

Foreclosing a Car Loan: When you take a car loan, you can repay it in Equated Monthly Instalments (EMIs) till the end of the reimbursement tenure. However, if you decide to pay off the delinquent loan amount before your tenure ends, you will be foreclosing or prepaying your loan.

Top-Up Loan on Your Car Loan: If, after taking a car loan, you need quick or other funds for purposes such as a wedding, home renovation, medical trouble, etc., you can get a top-up loan on your existing car loan. You can available up to 150% of the car's value as a top-up loan.

Things to keep in mind when availing a used car loan: In India, buying used cars is very famous. There are various finance options also available in case you wish to buy a pre-owned vehicle. Most Non-Banking Financial Companies (NBFCs) and banks propose loans for pre-owned cars.
The rate of interest for utilised car loans ranges between 8.8% and 17%. You must check the processing expenses that are being levied as well. Few NBFCs and banks charge a high processing fee.

Apply for Car Loan – Interest Rates, Eligibility, and More

Yes Bank Car Loan

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Union Bank Car Loan

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Used Car Loan

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UCO Vehicle Loan

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Standard Chartered Auto Loan

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SBI Car Loan

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South Indian Bank Car Loan

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RBL Bank Car loan

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Lakshmi Vilas Bank

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Kotak Car Loan

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Karnataka Bank

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Karur Vysya Bank

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ICICI Car Loan

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IDBI Car Loan

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IDFC Car Loan

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Indus Car Loan

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HDFC Bank Car Loan

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Fedral Bank Car Loan

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Canara Bank Car Loan

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Central Bank Car Loan

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