Get Lowest Rate Instantly With Our Car Loan EMI Calculator

1. Lowest interest rates: We have negotiated with HDFC Bank, Axis Bank & other leading banks to get you the best car loan rates.
   
2. Speed: Get car loan quotes customized to your profile online in 2 minutes.
   
3. Easy comparison: Compare car loan offers on the basis of EMIs & customer satisfaction.
   
4. Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your car loan options.
   
5. 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.
   
6. Trust: BankBazaar is a completely neutral marketplace and will never promote one lender over another.
   
7. Free: BankBazaar.com does not charge you any fees to use our services.
   

1. Use the eligiblity calculator above to receive customized car loan quotes in a few seconds
   
2. Compare the car loan offers you receive and apply for the one you like
   
3. Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
   
4. BankBazaar will update you on your auto loan application status via email & SMS alerts
   

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).

1. Lenders charge a processing fee of about 1% of the loan amount, but this fee is usually capped.
   
2. 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.
   

1. 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.
   
2. 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.
   
3. In case you wish to buy your car very quickly, also consider the average time taken by the bank to disburse a car loan.