CAR LOAN
Buying a car has become more accessible thanks to car loans with attractive interest rates, flexible tenure and easy EMIs. You can also get up to 100% of the on-road price as the loan amount, depending on the lender/bank. In this article, we bring you all the information about the lowest car loan interest rates, eligibility criteria and the documents you need to get a car loan without any hassle.
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Car Loan Highlights 2023
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Car Loan by Banks & NBFCs
- HDFC Car Loan
- SBI Car Loan
- Axis Bank Car Loan
- ICICI Car Loan
- Bajaj Finserv Car Loan
- Tata Capital Car Loan
- Yes Bank Car Loan
- PNB Car Loan
- Federal Bank Car Loan
- Standard Chartered Car Loan
tYPES OF Car Loan
- New Car Loan
- Used Car Loan
- Loan against Car Loan
Documentation for Car LOAN
- Identity proof (Aadhaar Card, Driving Licence, Voter ID, PAN Card, Passport)
- Address proof (Ration Card, Utility Bills, Asdhaard Card, Driving Licence, etc.)
- Income proof (Bank statements, salary slips, Form 16, income tax returns if you are salaried)
Car Loan Interest Rates in India (2023)
Banks/NBFCs | Interest Rates(p.a.) | |
|---|---|---|
State Bank of India | 8.60% onwards | Apply Now |
Bank of Baroda | 8.70% onwards | Apply Now |
Union Bank of India | 8.80% onwards | Apply Now |
HDFC Bank | 8.85% onwards (Rack Interest) | Apply Now |
Federal Bank | 11% onwards | Apply Now |
Axis Bank | 8.75% onwards | Apply Now |
Canara Bank | 8.80% onwards | Apply Now |
Punjab National Bank | 8.75% onwards | Apply Now |
ICICI Bank | 8.85% onwards | Apply Now |
Kotak Mahindra Bank | 7.70% onwards | Apply Now |
Bank of India
| 8.85% onwards | Apply Now |
IndusInd Bank | 7% onwards | Apply Now |
Yes Bank | 9.7% onwards | Apply Now |
UCO Bank | 8.70 onwards | Apply Now |
Car Loan FAQ's
Certain banks/lenders provide loans for the on-road price of the car.
Yes, many banks and financial institutions in India offer used car loans. The loan amount and eligibility criteria for used car loans may differ slightly from new car loans. Borrowers can avail of financing for pre-owned cars that meet the lender’s age and condition requirements.
Yes, borrowers can prepay or foreclose their car loan before the end of the tenure.
All types of cars, such as hatchbacks, sedans, SUVs (Sporty Utility Vehicles), MPVs (Multi-Purpose Vehicles), commercial vehicles, etc., are eligible for car loans in India.
Whether or not a guarantor is required for a car loan in India depends on various factors, including the borrower’s financial profile and the lending institution’s policies. In many cases, a guarantor is not mandatory for a car loan, especially if the borrower meets the lender’s eligibility criteria and has a good credit score.
