Car Loans

Bank

Interest

Amount

Tenure

Processing Fee

Action

SBI Car Loan

7.20% p.a. onwards

Contact the bank for details Loan Amount

1-8 Years Tenure Range

Contact the bank

Canara Bank Car Loan

7.30% p.a. onwards (Floating Rate)

Contact the bank for details Loan Amount

1-8 Years Tenure Range

0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000 (Processing Fee)

Axis Bank Car Loan

7.45% p.a. onwards (Floating Rate)

Contact the bank for details Loan Amount

1-8 Years Tenure Range

Minimum of Rs.3,500 and maximum of Rs.7,000 (Processing Fee)

Federal Bank Car Loan

8.50% p.a. onwards (Floating Rate)

Contact the bank for details Loan Amount

1-8 Years Tenure Range

Contact the bank

Bank Of Baroda Car Loan

7.00% p.a. onwards (Floating Rate)

Contact the bank for details Loan Amount

1-8 Years Tenure Range

Rs.1,500 (Processing Fee)

Car Loan Details

Car Loan Details
Interest Rate (Monthly reducing balance)	7.00% onwards
Processing Fees	Depends on the bank
Loan Tenure	1 year to 8 years
Pre-closure Charges	Varies with bank
Guarantor Requirement	Varies with bank

Some of best car loans

Key USP	Bank	Features
Loans for Luxury Cars	HDFC	Effective interest rate is 7.95% Tenure is up to 84 months Maximum loan amount is up to Rs.3 crore 100% financing of on-road price for select models
Designed for professionals and agriculturalists with no Income Proof	State Bank of India	Effective interest rate is 7.20% onwards Tenure is up to 84 months Up to 90% of the on-road price may be financed Loan is provided for professionals and agriculturists
Small Loans	Axis Bank	Effective interest rate starts from 7.45% Tenure is up to 96 months Up to 100% of the on-road price may be provided as a loan You can avail a loan of Rs.1 lakh
Free Personal Accident Insurance	Federal Bank	Effective interest rates start from 8.50% Tenure is up to 84 months No income documents need to be provided Up to 100% of the ex-showroom price can be availed
Low-Interest Rates for Used Cards and New Cars	Canara Bank	Effective interest rate starts from 7.30% Tenure is up to 84 months Up to 90% of the on-road price may be provided Lower interest rates are provided for women

Eligibility Criteria and Documents Required

The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

Age of the individual must be between 18 years and 75 years
Minimum net monthly income of Rs. 20,000
At least 1 year of employment with the current employer
Must be salaried or self-employed, working for a government establishment or a private company

To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:

Identity proof (any of the following)	Aadhaar Passport Driving license Voters ID card PAN card
Address proof (any of the following)	Aadhaar Passport Driving license Ration card Utility bills
Proof of income	Form 16 Salary slips if you are salaried Latest Income Tax Returns Bank statements going back 6 months

Note: Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take a used car loan are the same as above.

Car Loan - Checklist to Follow While Applying for it

Steps	Requirement	Inference
Apply for a car loan	Compare all offers available	To find the loan that offers you the highest loan amount and the most affordable interest rate
Submit Income Proof	Bank Statement (last 6 months) Pay-Slips (last 3 months) IT- Returns (last 2 years)	Lender wants to establish your ability to repay the loan
Submit Proof of Address and Identity	PAN Card, Voter’s ID, Aadhaar Card, Passport, etc.	Lender wants to establish your nationality, identity, and permanent address
Credit History	PAN Card	Lender wants to check your past credit records and establish if you can be trusted to make regular repayments
Information About Vehicle	Sales Receipts from the showroom from where the vehicle was purchased	Lender must confirm that the deal was affected as intended
Proof of Insurance and Driving License	Copies of the vehicle’s Motor Insurance and your Driving License	Lender must establish that all laws and protocols are followed with regards to the purchased vehicle.