9.25% *
Rate of Interest
About Car Loan
In the past, owning a car was considered a luxury that only a few could afford. It was a significant milestone in life for those who had the means to pay a large sum of money upfront to buy their dream car. Recognizing the growing demand for financing options for both new and used cars, prominent loan lenders in India now provide car loans. These loan products enable you to purchase your desired car and gradually repay the borrowed amount through car loan EMIs or installments. This makes owning a car more accessible and manageable for a wider range of individuals.
INTEREST RATE FOR NEW CAR LOAN
| BANK NAME | Interest Rate |
|---|---|
| AXIS BANK | 8.50% – 11.25% |
| Bank Of Baroda | 8.80% - 10.55% |
| Bank of Maharashtra | 8.90% |
| Canara Bank | 8.70% – 9.35% |
| Central Bank of India | 8.85% – 9.95% |
| HDFC BANK | 8.50% – 11.25% |
| ICICI Bank | 8.82% – 12.75% |
| IDBI Bank | 9.00% – 9.10% |
| Indian Bank | 9.00% |
| Union Bank Of India | 8.85% – 11.85% |
| Oriental Bank of Commerce | 8.50% – 9.00% |
| Punjab National Bank | 8.90% – 9.10% |
| State Bank of India | 8.90% – 9.20% |
| UCO Bank | 8.85% |
| Bank of India | 8.90% |
| United Bank of India | 8.85% – 8.90% |
| Syndicate Bank | 8.95% |
| Dena Bank | 9.10% |
INTEREST RATE FOR USED CAR LOAN
| BANK NAME | Interest Rate |
|---|---|
| HDFC Bank | 10.50% – 13.77% |
| Bank of India | 10.50% – 13.77% |
| State Bank Of India | 13.05% |
| Tvs Credit Finance | 14.00% – 18.00% |
| Union Bank Of India | 12.80% |
| ICICI Bank | 15.50% |
Features of Car Loan:
- Depending on your needs and the type of car you require, you have the choice between a new or used car loan. However, it's common for people to prefer car loans for new vehicles rather than second-hand ones.
- In India, car loans typically come with a fixed rate of interest and are repaid through Equated Monthly Installments (EMIs). This ensures that you have a predictable and steady monthly payment towards the car loan, making budget planning easier without disrupting your regular expenses.
- Banks offering car loans usually provide flexible repayment tenure options ranging from 1 to 7 years. This gives you the freedom to select a repayment period that suits your financial capabilities while paying off the car loan in regular EMIs.
- Car loans in India are known for their ease of access compared to other types of loans. The documentation process is straightforward, with clear instructions and guidance provided throughout the car loan approval and sanction process.
- Car loan borrowers can secure loans up to Rs. 1.5 crores, which typically covers 100% of the vehicle's on-road price.
- Most banks offer reasonable EMIs with flexible tenure options, making car loans an attractive financing option for potential buyers.
Documents For Car Loan:
Our team operates across multiple locations, providing a diverse range of products, including BL (Business Loans), PL (Personal Loans), HE (Home Equity Loans), HL (Home Loans), Car Loans, and Used Car Loans.
Requirements for Self-employed Persons:
- One photograph
- Copies of ID Proof / Signature Proof / Date of Birth proof: PAN Card / Valid Passport
- Copy of the latest Address Proof
- Business proof
- Business Address Proof
- Last 2 years Income Tax Returns with Computation of Income, Balance sheet, and Profit & Loss Account along with Annexure (CA certified or Audited) for both the individual and the company.
- Bank statement for the last 1 year – All Accounts (Personal and Business).
- Existing Loan statement or Sanction letter for all current loans (if any).
- Copies of RC Book & insurance policy for used car (if applicable).
Requirements for Salaried Individuals:
- One photograph each for the Applicant and Co-applicant (if applicable).
- Copies of ID Proof / Signature Proof / Date of Birth proof: PAN Card / Valid Passport.
- Last 3 months' salary slips.
- Last 2 years' Form 16.
- Bank Statement for the last six months.
- Copy of the latest Address Proof.
- Copies of RC Book & insurance policy for used car (if applicable).
Our Partners
We are presently engaged in partnerships with several finance companies and banks. Our current collaborative efforts include:
