Car Loan EMI Calculator







Compare and Apply Car Loan Online in India

TVS CREDIT
  • Interest RateRange : 13.10% - 15.00%
  • Processing Fee :
  • Loan Amount : Rs. 20 K - Rs. 10 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Apply Now
ICICI
  • Interest RateRange : 9.10% - 15.00%
  • Processing Fee : Up to Rs. 6,153
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Apply Now
ORIENTAL BANK
  • Interest RateRange : % - 8.95%
  • Processing Fee : Rs. 500 to Rs. 7000
  • Loan Amount : Rs. - Rs. 1 Cr
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Key NOTE
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SUNDARAM FINANCE
  • Interest RateRange : 9.50% - 11.00%
  • Processing Fee : Rs 2,500
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Apply Now
HDFC BANK
  • Interest RateRange : 8.25% - 9.00%
  • Processing Fee : Up to Rs. 4,720
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Features
Documents
Key NOTE
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CAPITAL FIRST
  • Interest RateRange : 12.50% - 14.50%
  • Processing Fee : 2%
  • Loan Amount : Rs. 1.5 L - Rs. 25 L
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
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AXIS BANK
  • Interest RateRange : 8.75% - 11.50%
  • Processing Fee : Up to Rs. 5500
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Apply Now
HDFC BANK
  • Interest RateRange : 13.50% - 15.00%
  • Processing Fee : Up to Rs. 5310
  • Loan Amount : Rs. 75 K - Rs.
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Key NOTE
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DENA BANK
  • Interest RateRange : 9.15% - 9.30%
  • Processing Fee : Rs 575
  • Loan Amount : Rs. 1 L - Rs. 2 Cr
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Key NOTE
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AU FINANCIERS
  • Interest RateRange : % - 16.00%
  • Processing Fee : 1%
  • Loan Amount : Rs. 50 K - Rs. 15 L
  • Tenure Range : 1 - 4 Years
Features
Eligibility
Documents
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SUNDARAM FINANCE
  • Interest RateRange : 12.00% - 14.00%
  • Processing Fee : Rs 2,500
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 3 Years
Features
Eligibility
Documents
Apply Now
ORIENTAL BANK
  • Interest RateRange : % - 8.85%
  • Processing Fee : Rs.500 to Rs. 7000
  • Loan Amount : Rs. - Rs. 1 Cr
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Key NOTE
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DENA BANK
  • Interest RateRange : % - 11.65%
  • Processing Fee : Rs 575
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 3 Years
Features
Eligibility
Documents
Apply Now
DENA BANK
  • Interest RateRange : 9.05% - 9.20%
  • Processing Fee : Rs 575
  • Loan Amount : Rs. 1 L - Rs. 2 Cr
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Key NOTE
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MAHAVEER
  • Interest RateRange : 12.00% - 13.00%
  • Processing Fee : 1%
  • Loan Amount : Rs. 50 K - Rs. 10 L
  • Tenure Range : 1 - 4 Years
Features
Eligibility
Documents
Key NOTE
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ORIENTAL BANK
  • Interest RateRange : % - 11.45%
  • Processing Fee : Rs.575 to Rs. 8050
  • Loan Amount : Rs. 35 K - Rs. 25 L
  • Tenure Range : 0 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
JAMMU AND KASHMIR BANK
  • Interest RateRange : % - 9.55%
  • Processing Fee : 0.5% (min. Rs. 575)
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Documents
Key NOTE
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JAMMU AND KASHMIR BANK
  • Interest RateRange : 12.05% - 12.25%
  • Processing Fee :
  • Loan Amount : Rs. 1 L - Rs. 15 L
  • Tenure Range : 1 - 6 Years
Documents
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JAMMU AND KASHMIR BANK
  • Interest RateRange : % - 9.30%
  • Processing Fee : 0.5% (min. Rs. 575)
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Documents
Key NOTE
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FEDERAL
  • Interest RateRange : % - 9.75%
  • Processing Fee : Rs 1,500 to Rs. 2,500
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
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ALLAHABAD BANK
  • Interest RateRange : % - 9.00%
  • Processing Fee : 1% (min. Rs. 500)
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
BANK OF INDIA
  • Interest RateRange : % - 9.25%
  • Processing Fee : Rs. 500 + S.T.
  • Loan Amount : Rs. 50 L - Rs. 1 Cr
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
BOM
  • Interest RateRange : % - 9.00%
  • Processing Fee : 0
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
CANARA BANK
  • Interest RateRange : 8.70% - 9.35%
  • Processing Fee : Rs. 1,000 to Rs. 5,000
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
CENTRAL BANK
  • Interest RateRange : 0.00% - 8.80%
  • Processing Fee :
  • Loan Amount : Rs. - Rs. 75 L
  • Tenure Range : 0 - 7 Years
Eligibility
Documents
Apply Now
IDBI BANK
  • Interest RateRange : % - 9.10%
  • Processing Fee :
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
INDIAN BANK
  • Interest RateRange : % - 9.95%
  • Processing Fee : 0.229% (max. Rs.  10191/-)
  • Loan Amount : Rs. - Rs. 2 Cr
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
SBI
  • Interest RateRange : % - 9.25%
  • Processing Fee : Rs. 1,000 to Rs. 1,500
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
UNION BANK
  • Interest RateRange : % - 8.90%
  • Processing Fee : 0.50%(max. Rs. 15,000) + S.T
  • Loan Amount : Rs. - Rs. 1.25 Cr
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
ANDHRA BANK
  • Interest RateRange : % - 9.20%
  • Processing Fee :
  • Loan Amount : Rs. 25 L - Rs. 50 L
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
L&T FINANCE
  • Interest RateRange : 16.00% - 17.00%
  • Processing Fee : 2%
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Apply Now
RELIANCE
  • Interest RateRange : % - 16.00%
  • Processing Fee : 1.25% (Min. Rs. 5,175
  • Loan Amount : Rs. 50 K - Rs. 15 L
  • Tenure Range : 1 - 4 Years
Features
Eligibility
Documents
Apply Now
SBI
  • Interest RateRange : % - 9.20%
  • Processing Fee : Rs. 1,000 to Rs. 1,500
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 0 - 7 Years
Features
Eligibility
Documents
Apply Now
YES BANK
  • Interest RateRange : 10.25% - 12.25%
  • Processing Fee : Rs.5000 to Rs.  10,000
  • Loan Amount : Rs. 1 L - Rs.
  • Tenure Range : 1 - 7 Years
Features
Eligibility
Documents
Key NOTE
Apply Now

Compare Car Loan Interest Rates of All Banks in India

Position Bank Interest Rate Loan Amount Tenure Range Rating
1 au financiers % - 16.00% Rs. 50 K - Rs. 15 L 1 - 4 Years 4.5
2 bank of india % - 9.25% Rs. 50 L - Rs. 1 Cr 0 - 7 Years 4.5
3 canara bank 8.70% - 9.35% Rs. - Rs. 0 - 7 Years 4.5
4 central bank 0.00% - 8.80% Rs. - Rs. 75 L 0 - 7 Years 4.5
5 indian bank % - 9.95% Rs. - Rs. 2 Cr 0 - 7 Years 4.5
6 union bank % - 8.90% Rs. - Rs. 1.25 Cr 0 - 7 Years 4.5
7 l&t finance 16.00% - 17.00% Rs. 1 L - Rs. 1 - 5 Years 4.5
8 tvs credit 13.10% - 15.00% Rs. 20 K - Rs. 10 L 1 - 5 Years 4.0
9 icici 9.10% - 15.00% Rs. 1 L - Rs. 1 - 7 Years 4.0
10 sundaram finance 9.50% - 11.00% Rs. 1 L - Rs. 1 - 5 Years 4.0

Car Loans

Owning a car is one of the first things on the wish list of most youngsters. Most households in the country still dream of purchasing a car, to travel around with their friends and family. However, purchasing a car demands a lot of financial planning. Loan Financing definitely comes- in as a blessing here, making the car purchase a convenient thing.  

A car loan is a personal financing option that is availed by an applicant to purchase a car. It is a secured loan, in which the car that you are buying acts as collateral security by the bank. Moreover, making a hefty one-time payment, and spending from savings might also put the applicants in an unstable financial condition. Let your dream of owning a brand new car come true by applying a loan at a few clicks.

Features

  • Car loan can be used to apply for both the purchase of a new car or a used car. Borrowers don’t mind financing for a used car. However, in such case, the borrower only provides the value of the car only. Applicant has borne with all the additional charges on the second-hand vehicle like transfer of registration.
  • Car loans have a flexible contract term, which allows users to choose between a tenure periods which last from 2 to 10 years, giving enough time to the applicants to repay the loan.
  • Car Loan offers you to choose between variable and fixed interest rates. A variable interest rate is subject to changes based on the changes in the economy, where as a fixed interest rate remains constant till the full repayment of the loan. Fixed interest rate is considered as a safer option by most Indian customer, as they are required to pay a constant amount of interest in their EMI’s.
  • Applicants can make an initial deposit through trade in or cash during the purchase of the car can potentially reduce the amount of total loan required by them.
  • Note that Applicants can also avail tax deduction on the vehicle if they are purchasing it for business purposes. You can discuss this will the bank officers to get the best deal.
  • Car Loan offers an easy repayment option, in the form of EMI, which allows the applicant to repay the loan without any financial pressure. However, late deposits of these EMI’s by the applicant might cause them to pay extra charges as a penalty.

 

Benefits

  • Applicant can apply for a loan and purchase a car, instead of spending their savings in a single go. It seems rational, Car, being a secondary necessity shouldn’t affect the financial stability of any interested car loan applicant.
  • Car loan being a collateral loan, where the purchased car acts like collateral for the loan.
  • Car Loans usually have a lower interest rate, as compared to any other form of the loan, as in this loan the applicant’s car, acts like collateral for the loan, which is acquired by the bank if the applicant is unable to repay the loan.
  • Car loan can help in fulfilling applicant wish of buying a new car, which can help in eliminating all the extra traveling cost of his/her budget.
  • Car Loan can also help applicants in upgrading their living standard, by switching to a better or more expensive car.
  • Unlike other types of loan, car loan offers its applicant a choice between variable interest and fixed interest rate.
  • Unlike home loans, applicants can negotiate the interest of their car loan with their borrower, depending on their relationship with the bank or their credit score. A good credit score can also help the applicants in getting faster loans.

Interest Rates and Charges of Top 2 Banks Offering a Car Loan 2017:

Banks

Interest Rate

Prepayment Charges

Loan Amount

SBI

 9.25% (Men)

9.20% (Women)

Nil

Up to 85% according to the road price

PNB

9.60%

Nil (2% on Prepaid amount)

Up to 85% according to the road price

Axis

11% - 12%

10% till 6 months

5% after 6 months

Rs. 1 lakh onwards till 85%

HDFC

11.50% - 13.75%

6% after 1 year

5% after 2  years

3% after 3 years

Up to 100% of ex-showroom price

ICICI

10.75% - 12.75%

6% after 1 year

5% after 2 years

3% after 3 years

Up to 100% of ex-showroom price

**The banks are ordered based the lowest interest rate and follows in a descending order.

Top 5 banks with best Car loan schemes in India

  1. State Bank of India

SBI bank doesn’t offer any upper limit for its car loan applicants. State Bank of India is known for offering almost 48 times the total annual income of the applicant as a loan. They offer high margin in their loans, whether their applicant wants to buy an SUV or an MUV (multi utility vehicle). State bank of India is spread across the country and is amongst the most popular public bank in India, which makes it a really good option for applying for a car loan. State Bank of India charges an interest rate of 9.25% on its car loan, plus it doesn’t demand any additional charges or potential fees, which makes it a solid choice.  SBI also offers a long tenure limit of 7 years. Anyone will a stable regular source of income can easily avail a car loan from SBI. The bank requires the basic document needed to apply for the car loan.

  1. Punjab National Bank

Punjab National Bank aka PNB has always been popular for its low-interest rate and exclusive money lending schemes. Punjab National Banks charges a nominal interest rate from 9.60%, which is relatively less compared to multiple private sector banks in the country. Applicants can apply for the loan amount of up to 85% value of the car according to its on-road price, which allows the bank to determine the value of a used car and a new car through the same procedure. PNB also doesn’t charge any form of prepayment charges from its applicants. However, Punjab national bank does charge a 2% fixed foreclosure charge on the prepaid amount. Applicants can get a tenure period of over 7 years from Punjab National Bank. PNB is the second most popular bank after SBI to apply for car loans. Some of PNB’s schemes are even better than the finance king SBI himself.

  1. Axis Bank

Axis Bank is the biggest private sector bank in the country. All big brands and celebrities have tied up with this bank. Axis bank does charge a higher interest rate compared to other banks in the country, but their flawless service makes every penny worth its price. Axis charges an interest rate from 11% -12% while offering car loan. The bank is also infamous for charging pre-payment fees from its customers, which range from 5 to 10 %. They also charge a processing fee for the disbursement of the loan worth Rs 5,500, which makes it a very expensive choice for middle-class people. However, if you can deal with their expensive, then this is probably the best choice on our list, as the bank delivers the best customer car service, which will ensure a peaceful tenure period between you and your bank. Axis also offers a tenure period up to 7 years.

  1. HDFC Bank

Another private financing institute known for its amazing staff and world class customer care service, HDFC offers some exciting schemes for its car loan applicants. Like most its policies, HDFC is an expensive bank which is known for its infamous additional charges. HDFC charges an interest rate from 11.50% till 13.75% on car loans.  The bank also doesn’t allow the applicants to pre-pay the loan before 6 months of its disbursal. However, the best thing about the bank that will force you to apply for its car loan service is that HDFC offers 100% value of the car in the form loan according to the ex-showroom price, which is a blessing and a curse at the same time. HDFC also charges a processing fee of up to 5,150. HDFC being a well-known bank in the country make it a safe option to choose. However, you might want to consider you’re financing in advance if you plan on signing a car loan agreement with HDFC.

  1. ICICI Bank

ICICI Bank can be considered as a strong component against SBI, as the bank has probably the most branches after SBI in India. Plus unlike most public banks, ICICI is known for changing only a reasonable amount of processing fee and prepayment charges. ICICI banks charge an interest rate between 10.75% - 12.75% from its car loan applicants. Prepare yourself to pay a processing fee up to Rs 5000 if you want to disburse your loan. ICICI has a relatively lower prepayment fee compared to Axis and HDFC. The bank charges 6% prepayment fee after 1 year, 5% after 2 years and 3% after 3 years. Just like HDFC, ICICI also doesn’t allow its application to repay the loan before 6 months. As far as its tenure is concerned, the bank allows a tenure period till 7 years. ICICI bank has a very prominent staff and service. Plus the bank is also known for sliding into its customers to offers some exciting schemes, so don’t forgot to avail those.

Basic Eligibility Criteria

In order to avail a car loan, the applicant needs to either be a self-employed professional or a salaried employee, with a smooth and regular flow of income. Typically, the car loan can extend up to 2.5 - 3 times the amount of the total annual salary for working individuals whereas self-employed professionals can apply for a loan over 6 times his/her annual income. 

Note that banks demand an official proof of applicant’s financial condition. So, we suggest that applicants start collecting their salary slips, and the list of their assets and liabilities with their annual turnover, to ensure that they have all the documents required by the bank.

Most bank avail loans to the applicants, depending on their credit score. It is a 3 digit number that determines the repayment capacity of an applicant based on their prior loan history. You can check your credit score online. A good credit score ranges from 300 to 850.

Documents Required

Identity proof (any one): Voter’s ID, driving license, passport, PAN card, Aadhaar Card.

Income proof: Bank statements, Latest Form 16, Salary Slips of last 3 months

Employed Applicants:  Bank statement of last 6 months with applicant’s latest salary slip. Make sure to update you pass books and your other bank documents.

Self - Employed Applicants:  A proof of the annual revenue of their business.  

Residence proof (any one): Passport, electricity bill, Voter’s ID, PAN card, driving license telephone bill or ration card.

Proof of Liabilities: Lenders will want to keep a record of all your liabilities to ensure that the applicant will be able to repay the loan.

Proof of Savings: List of assets and liabilities.

 

Why choose Indiashopps to apply for a car loan?

Accuracy: Our interface is updated with the information related to the schemes and banks. You can have a tour to know about the details of the loan schemes in a few clicks.

Save Time: We are listed with 54+ banks that are the loan providers. All you need to do is enter your details on the Car Loan Application to get a list of various banks offering the specific amount. You can easily compare and choose you loan provider in a few minutes, as per your needs.

Multiple Options: You get multiple options to choose from at one go. You can even use our EMI calculator to choose you loan scheme at the specific interest rate with the required features.

Easy Application: We have hacked the long loan application process to a 3 stepped process. All you need to do is provide details such as your name, address, required loan amount, income details and choose your bank as per your convenience.

How to apply at Indiashopps.com?

  • Once you have selected the car loan deal of your choice, with your preferred bank, click “Apply Now” green button.
  • After clicking on the button, our website will direct you to a Car Loan Application page. Now enter all the details required, that includes applicant’s name, e-mail id, mobile number, loan amount, city and annual income.
  • Once you have entered all the details click on “Apply Now”, and your application will be filed with our website.
  • Our advanced interactive interface will let you know that your application has been submitted and the bank will get back to you shortly.