Car Loan - Compare Car Loans in India,Best Car Loans - BankBazaar
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Looking for a car loan? Get the cheapest car loan and experience the fastest car loan processing speed in India.

Get the lowest car loan interest rate in 2 minutes
 
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Type in the model of car you'd like to purchase. You can change your mind at any time, though this may change your rate & eligibility.
Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
Include your experience at your current job and all previous jobs.
This is your gross monthly salary as per your monthly payslip prior to deductions.
Profit after tax as per latest year's ITR.
Depreciation as per latest year's ITR.
Sum of the gross annual salaries paid to all directors in latest year.
Sum of the gross annual salaries paid to all directors in latest year.
Annual interest on capital paid by partnership firm to you in latest year.
Sum of the annual interest on capital paid by partnership firm to all partners in latest year.
This is the sum of all monthly payments on all company's currently open loans.Please ignore those loans where 12 or more EMIs have already been paid.
This is the sum of all monthly payments that you are making on all your currently open loans.Please ignore those loans where loan term outstanding is less than 12 months.
This is the sum of all monthly payments that you are making on all your currently open loans.Please ignore those loans where loan term outstanding is less than 12 months.
Provide details of your current EMIs as they may help you qualify for a car loan
(Include current loans and any loans that closed within the last 12 months)
  • Will you be providing details on any loans?
The information I have provided is accurate. I understand that final credit approval is at the sole discretion of the financial institution.



Car Loan FAQs

How BankBazaar.com helps you get the best deal on a car loan

  1. Lowest rates: We have negotiated with Reliance Consumer Finance & others to get you the best 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 total cost & 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.

How to get a car loan on BankBazaar.com

  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

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 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

  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.

Comparing car loan quotes from different banks/NBFCs

  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. The processing fee should also be considered when comparing auto loan quotes. The best way of finding out which car loan quote is the cheapest is by comparing the total amount that you need to pay in order to completely pay off your car loan.
    2. Total cost of car loan = Loan amount + Total interest charged throughout loan tenure + Processing fees & related taxes
  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.


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