|
Details of Car Loan. Compare
Car Loan Offer from Multiple Banks Instantly |
Car Loan Interest Rate
(Monthly reducing balance) |
11.00% to 16.25% floating |
|
Processing Fees |
Up to Rs. 3,650 |
|
Car Loan Tenure |
1 year to 5 years |
|
Pre-closure Charges |
3% to 6% of foreclosed amount. |
|
Car Loan Amount |
Varies based on car model. Up to 100% financing for
pre-approved customers. |
|
Guarantor Requirement |
No guarantor required |
Car Loan FAQ:
How BankBazaar.com helps you get the best deal on a car loan
-
Lowest interest rates: We
have negotiated with HDFC Bank, Axis Bank & other
leading banks to get you the best car loan rates.
-
Speed: Get
car loan quotes customized to your profile online in 2
minutes.
-
Easy comparison: Compare
car loan offers on the basis of EMIs & customer
satisfaction.
-
Transparency: Aimed
at helping you make the right choice, we provide
objective and transparent information about your car
loan options.
-
Privacy: Get
customized loan quotes without sharing any contact info.
Your application is sent only to the lender you choose,
and is never shared with anyone else.
-
Trust: BankBazaar
is a completely neutral marketplace and will never
promote one lender over another.
-
Free: BankBazaar.com
does not charge you any fees to use our services.
How to get a car loan on BankBazaar.com
-
Use the eligiblity calculator above to
receive customized car loan quotes in a few seconds
-
Compare the car loan offers you
receive and apply for the one you like
-
Your application will be sent electronically to
the lender you chose. The lender will contact you within
one day.
-
BankBazaar will update you on your auto loan application
status via email & SMS alerts
Your car loan eligibility and car loan interest rate
Both salaried and self-employed people are eligible for
car loans, as long as they have steady income. A car loan
can be used to purchase either a new car or a used car.
Most banks offer car loans which can be repaid over a
period of up to 5 years. The car loan amount you are
eligible for and the car loan interest rate you will be
charged are dependent on factors such as income,
employment history, car make & model, and whether the car
is new or used. Banks typically limit the monthly payment
(EMI) on your auto loan to about 50% of your monthly
income, and will also cap the overall loan amount to about
80% of the ex- showroom price of your car (This cap may be
relaxed for existing customers of a bank, but is stricter
for used cars).
Typical fees and charges payable for a car loan
-
Lenders charge a processing fee of about 1% of the loan
amount, but this fee is usually capped.
-
If you repay your car loan earlier than the agreed time
frame, lenders charge a foreclosure penalty of about 4%
of the foreclosed loan amount.
Comparing car loan quotes from different banks/NBFCs
-
Banks quote interest rates in many different ways (ex.
monthly reducing rate, flat rate), hence just looking at
the interest rate value alone might not give you a true
picture of which car loan quote is the best, so you
should always check on what the EMI is. The processing
fee should also be considered when comparing auto loan
quotes.
-
The amount you are eligible for will vary by bank, hence
choose a lender who lends you enough for you to afford
the down-payment on the car.
-
In case you wish to buy your car very quickly, also
consider the average time taken by the bank to disburse
a car loan.
|
