Car Loan
Based on your financial profile and vehicle requirements, we help you secure the best car loan options tailored to your needs. A car loan can be availed of to finance the purchase of a new or used vehicle. These loans typically come with flexible repayment tenures ranging from 12 to 84 months. Many banks and non-banking financial companies (NBFCs) offer competitive interest rates on both secured and unsecured car loans.
The best offers from India’s most trusted banks
Seeking the Ideal Car Loan?
Submit your application now to explore and secure the most competitive car loan offers tailored to your budget. Our team will assist you in finding the best rates from top Banks and NBFCs for swift and efficient loan processing.
Tailored Loan Solutions
Discover customized car loans designed to meet your financial preferences, with flexible repayment options.
Quick & Easy Application
Apply for a car loan effortlessly and get fast approvals to drive your dream car sooner.
Flexible Repayment Options
Secure car loans with repayment terms that suit your budget, ensuring manageable monthly payments.
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Car Loans
A car loan is a type of financing provided by banks, NBFCs, or other financial institutions to help individuals purchase a new or used vehicle. The borrower repays the loan in monthly installments over a specified period.
- Affordable EMIs: Spread the cost of the car over manageable monthly payments.
- Fixed Interest Rates: Most car loans have fixed interest rates, ensuring consistent EMIs.
- Flexible Tenures: Loan tenures can range from 1 to 7 years, depending on the lender.
- Minimal Documentation: Easy application process with basic document requirements.
- New Car Loan: Specifically for the purchase of brand-new vehicles.
- Used Car Loan: For purchasing pre-owned vehicles, typically with slightly higher interest rates.
- Balloon Payment Car Loan: Lower EMIs during the loan tenure with a lump-sum payment at the end.
Interest rates on car loans typically range from 7% to 12% per annum, depending on the lender, loan amount, and borrower’s creditworthiness.
- Interest Rates: Car loans usually have lower interest rates compared to personal loans.
- Collateral: The car serves as collateral in a car loan, whereas personal loans are unsecured.
- Loan Tenure: Car loans often have longer tenures than personal loans.
- Age: Typically, 18-65 years old.
- Income: A stable income source to repay the loan.
- Credit Score: A good credit score (usually 650+) improves chances of approval and better interest rates.
- Employment: At least 1-2 years of stable employment or business continuity.
- Application Process: Fill out the loan application online or at the lender’s branch.
- Document Submission: Submit documents like identity proof, income proof, and vehicle details.
- Approval and Disbursement: After verification, the loan is sanctioned, and the amount is disbursed to the car dealer.
- KYC Documents: Identity and address proof (Aadhaar, PAN, passport, etc.).
- Income Proof: Salary slips, bank statements, or income tax returns.
- Vehicle Documents: Quotation or proforma invoice of the car from the dealer.
- SBI: Competitive interest rates with flexible repayment options.
- HDFC Bank: Quick disbursement and minimal documentation.
- ICICI Bank: Pre-approved loans for existing customers.
- Axis Bank: Customizable EMIs and various car loan schemes.
- Bank of Baroda: High loan amount eligibility and longer repayment tenure.
- Stable Income: Regular income to ensure loan repayment.
- Good Credit History: A healthy credit score is crucial for loan approval.
- Basic Documentation: Identity, address proof, income proof, and car-related documents.
- Down Payment: Lenders may require a down payment, typically 10-20% of the car's value.
