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Top Lenders Offering New Car Loans
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Interest Rate Range  Processing Fee Range  Reset

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State Bank Of India (SBI)

Interest Rate Range

9.20%-9.25% for new car
12.65% for old car

Per Lac EMI

Rs. 1,619-1,622 for new car
Rs. 2,257 for old car

Max Loan Amount

Upto Upto 85% of on-road price for new car
Upto 2.5 times of net annual income for old car

Processing Fee

NIL for new car
0.50% of loan amount plus GST for old car (Min- Rs. 450 + GST, Max- Rs. 9,100 + GST)
(100% Waived Off Till 31st December, 2017)

Forclousure Charges

NIL

Tenure Range

7 years for new car
5 years for old car

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HDFC Bank

Interest Rate Range

9.5%-13.75% for new car
14.50%-17.50% for old car

Per Lac EMI

Rs. 1,739-1,860 for new car
Rs. 2,353-2,512 for old car

Max Loan Amount

Upto Upto 90%-100% of on-road price for new car
Upto 80% of valuation of old car, limited to 3-6 times of net annual income

Processing Fee

Rs. 2,825-5,150 for new car
2% of loan amount plus Rs. 200 or Rs. 5,200 whichever is lower for old car

Forclousure Charges

3%-6% of principal outstanding (No foreclosure allowed before 6 months from the date of loan disbursement)

Tenure Range

7 years for new car
5 years for old car

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ICICI Bank

Interest Rate Range

10.75%-12.75% for new car
15.50% for old car

Per Lac EMI

Rs. 1,699-1,806 for new car
Rs. 2,405 for old car

Max Loan Amount

Upto Upto 100% of ex-showroom price of new car
Upto 80% of valuation of old car

Processing Fee

Rs. 2,500-5,000 for new car
2% of loan amount or Rs. 6,000, whichever is lower, for old car

Forclousure Charges

5% of principal outstanding (No foreclosure allowed before 6 months from the date of loan disbursement)

Tenure Range

7 years for new car
5 years for old car

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Axis Bank

Interest Rate Range

11.00%-12.00% for new car
14.50%-16.25% for old car

Per Lac EMI

Rs. 1,712-1,765 for new car
Rs. 2,353-2,445 for old car

Max Loan Amount

Upto Upto 85% of on-road price of new car
Upto 90% of valuation of old car

Processing Fee

Rs. 3,500-5,500 for both new & old cars

Forclousure Charges

5%-10% of principal outstanding after 180 days from the date of disbursement (No foreclosure allowed before 6 months from the date of loan disbursement)

Tenure Range

7 years for new car
5 years for old car

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Kotak Mahindra Bank

Interest Rate Range

11.50%-13.50% for new car
15%-21% for old car

Per Lac EMI

Rs. 1,739-1,846 for new car
Rs. 2,379-2,705 for old car

Max Loan Amount

Upto Upto 90% of ex-showroom price of new car
Upto 90% of valuation of old car

Processing Fee

As applicable by the bank

Forclousure Charges

5.75% of principal outstanding plus GST

Tenure Range

7 years for new car
5 years for old car

Features and Benefits

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Quick processing

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Minimal Documentation

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Up to 100%
funding

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Attractive rate of interest

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100% Dizitised
Process

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Low down
payment

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Pan India
Presence

Documents Required for New Car Loan

Documents Required for Digital Journey For Employed For Self-Employed
Aadhaar Number connected with mobile number Required Required
PAN Number Required Required
Digital Bank statement for last 06 months or Net Banking Credentials Required Required
Web-Camera for clicking picture and performing Video KYC Required Required
Margin money receipt (If applicable) Required (If applicable) Required (If applicable)
For Self Employed
Digitally generated ITR for last 2 years or ITR E-filing credentials Not Applicable Required
GST Portal Credentials or Digital GST Return for 1 Year Not Applicable Required
Margin money receipt (If applicable) Not Applicable Required(If applicable)
Eligibility Criteria

  • Age of the individual : Between 21 years and 75 years
  • Minimum net monthly income : Rs. 25,000
  • Employment Duration with Current Employer : At least one year
  • Employment Type : Salaried or self-employed, working for a government establishment or a private company
  • Documents Required to Prove Eligibility : Varies by lender, but commonly required documents include
    • Proof of identity (e.g., Aadhaar, PAN)
    • Proof of address (e.g., Aadhaar, utility bill)
    • Income proof (e.g., salary slips, ITR for self-employed)
    • Employment proof (e.g., offer letter, appointment letter)
    • Bank statements (typically for the last 3-6 months)
  • Please note that specific document requirements may vary between lenders. Ensure you have the necessary documents to establish your eligibility for a car loan.
Fees and Changes

  • Loan Processing Fees : 0.5% to 1.5% of loan amount
  • Loan Cancellation : Usually around Rs 3,000
  • Stamp Duty Charges : As per actuals
  • Legal Fees : As per actuals
  • Penal Charges : Usually @ 2% per month; 24% p.a.
  • EMI/Cheque Bounce : Around Rs 599 per bounce
Choosing Between Personal Loans and Car Loans

In the realm of substantial investments, such as acquiring a car, financial assistance often becomes a pivotal choice. Two prominent avenues for funding, frequently explored by consumers, are personal loans and car loans.

Personal Loans Unleashed

Pros

Unrestricted Usage: Personal loans extend the freedom to allocate funds for any purpose, offering unparalleled flexibility

Payment Flexibility: Embracing a versatile payment structure, personal loans empower borrowers with adaptable repayment options.





Cons

Interest Rates: The unsecured nature of personal loans tends to attract higher interest rates.

Stringent Criteria: Owing to their unsecured essence, personal loans impose stricter eligibility criteria, often influenced by credit scores.

Car Loans: Driving Financial Efficiency

Pros

Favorable Interest Rates: Car loans typically feature lower interest rates, enhancing the cost-effectiveness of financing a vehicle.

Accessibility: The process of securing a car loan is generally more straightforward, streamlining the borrowing experience.

Credit Score Considerations: Secured by the vehicle itself, car loans often extend eligibility even to individuals with moderate credit scores

Cons

Down Payment Requirement: A down payment is a prerequisite for car loans, requiring an initial financial commitment.

Hypothecation of the Vehicle: Until full repayment, the car remains hypothecated to the bank, with complete ownership granted upon successful completion of payments.

Frequently Asked Questions (FAQs)

In the realm of substantial investments, such as acquiring a car, financial assistance often becomes a pivotal choice. Two prominent avenues for funding, frequently explored by consumers, are personal loans and car loans

The choice between a bank loan and leasing depends on your preferences. While a bank loan allows ownership, leasing offers flexibility with lower monthly payments. Assess your needs to make the right decision.
Car loan tenures typically range from 1 to 7 years, providing flexibility in repayment based on your financial preferences.
Yes, it's possible to sell your vehicle before repaying the entire loan, but the outstanding loan amount must be settled during the sale.
The approval process involves assessing your credit score, income, employment stability, and other factors. Once approved, you can proceed with the documentation and disbursal process.
Compare interest rates, loan tenure options, processing fees, and customer reviews. Evaluate the overall cost of the loan and choose the one that best suits your financial goals.
EMIs are monthly payments that include both principal and interest. The number of EMIs depends on the loan duration, with longer periods resulting in lower monthly payments.
Most lenders offer 80% to 90% of the on-road costs. The maximum amount depends on the brand, variant, and your salary, meeting a minimum income threshold.
Almost all small to medium-sized cars, SUVs, and MUVs are eligible unless specified otherwise. Refer to the lender's brochure for any exceptions.
Car loans are typically secured with the vehicle itself. Most lenders do not insist on additional collateral, but if your income doesn't meet criteria, a co-applicant or guarantor might be required.
A credit score of 700 is considered good and positively impacts your car loan eligibility, demonstrating creditworthiness to lenders.
Car loan interest rates can be fixed or variable depending on the loan terms. Understand the type of interest rate for stability in monthly payments.
Yes, for self-employed professionals or business owners using the car for business purposes. Salaried employees cannot claim tax deductions.
Yes, in certain cases, it's possible to get a 100% loan on cars, subject to meeting specific requirements such as a good credit score and stable income.
Yes, interest rates for used car loans are typically higher than those for new cars. The rate depends on factors like the car's age and your creditworthiness.
Yes, some lenders allow you to include insurance costs in your car loan, providing a comprehensive financing solution.
Missing an EMI payment can lead to late payment fees and negatively impact your credit score. It's crucial to inform the lender in case of financial difficulties.
Yes, you can negotiate the interest rate with the lender based on your credit score, financial stability, and relationship with the bank.
Some lenders may charge prepayment penalties if you settle the car loan before the agreed-upon tenure. Check the terms and conditions with your lender.
Some lenders allow loan transfer, but the new borrower must meet the eligibility criteria set by the bank. The process involves approval from the existing and new borrowers.
A co-applicant shares the responsibility of repaying the car loan. Their income and creditworthiness contribute to the loan approval process.
While a high credit score is ideal, some lenders offer car loans to individuals with lower credit scores, albeit with higher interest rates.
Car loan interest is usually calculated on a reducing balance method. The interest is charged on the outstanding loan amount, reducing with each EMI payment.
Yes, refinancing your car loan allows you to get better interest rates or change the loan tenure. It can help you save on interest payments.
The processing time varies among lenders but typically ranges from a few days to a couple of weeks. Online applications may expedite the process.
Some banks offer special car loan schemes with lower interest rates or unique benefits for women buyers. Check with your preferred lender for specific offerings.
Yes, banks offer specific commercial vehicle loans for those looking to finance the purchase of vehicles for business purposes.
A guarantor provides a guarantee for the car loan and is liable to repay the loan in case the primary borrower defaults. Some lenders may require a guarantor.
Making a higher down payment reduces the loan amount, resulting in lower EMIs and potentially lower interest rates.
Lenders usually set a maximum age limit for loan maturity, typically around 70 to 75 years. The age at loan application should fall within this range.
A stable employment history enhances your eligibility, but some lenders may offer car loans to individuals with irregular employment, considering other factors.
Loan tenure modification is generally not allowed after approval. It's essential to choose a tenure that aligns with your financial goals during the application process.
The impact of GST on car loan interest rates may vary. It's advisable to check with the lender or financial institution for specific details.
In general, car loans cover a wide range of vehicle types, including small to medium-sized cars, SUVs, and MUVs. Check with your lender for any specific restrictions.
Yes, refinancing your car loan allows you to get better interest rates or change the loan tenure. It can help you save on interest payments.
The processing time varies among lenders but typically ranges from a few days to a couple of weeks. Online applications may expedite the process.
Some banks offer special car loan schemes with lower interest rates or unique benefits for women buyers. Check with your preferred lender for specific offerings.
Yes, banks offer specific commercial vehicle loans for those looking to finance the purchase of vehicles for business purposes.
A guarantor provides a guarantee for the car loan and is liable to repay the loan in case the primary borrower defaults. Some lenders may require a guarantor.
Making a higher down payment reduces the loan amount, resulting in lower EMIs and potentially lower interest rates.
Lenders usually set a maximum age limit for loan maturity, typically around 70 to 75 years. The age at loan application should fall within this range.
A stable employment history enhances your eligibility, but some lenders may offer car loans to individuals with irregular employment, considering other factors.
Loan tenure modification is generally not allowed after approval. It's essential to choose a tenure that aligns with your financial goals during the application process.
The impact of GST on car loan interest rates may vary. It's advisable to check with the lender or financial institution for specific details.
In general, car loans cover a wide range of vehicle types, including small to medium-sized cars, SUVs, and MUVs. Check with your lender for any specific restrictions.