Why Loan Bazar India?

LoanBazarIndia.com is your guide to hassle-free Loans. We Help You Borrow Right !

50+ Banks and NBFC's

Compare 100+ Loan Products. We have association with more than 50 Banks and NBFC’s in India.

Car Loan Approval in 48 Hours

Paperless Verification · Quick & Easy E-Approval · Minimum Documentation · Door-Step Services

1,50,000+ Happy Customers

Our customers found LoanBazarIndia.com easy & efficient to use, when they really needed Bank of Baroda Car Loans!

Exclusive Offers & Rates

Get Best Offers on Business Loan, Car Loan & Personal Loans from Leading Banks and NBFC’s in India.

Car Loan EMI Calculator

Our Car Loan EMI Calculator is easy to use and quick to perform. You can calculate EMI of all banks Car Loan in India.

24x7 Support System

We offer 24×7 assistance and dedicated customer support system to loan borrower in India

Online Loan Application Form

Car Loan - SBI, HDFC, Axis Bank, PNB, All Banks

Key Features & Benefits of Car Loan in India
  • Flexible Repayment Tenure : Choose a loan tenure to your liking: just 12 months, or 84 months, with our pocket-friendly EMI repayment options.
  • Fulfil Your Every Need : Get up to 100% finance** on a wide range of cars and multi-utility vehicles.
  • Competitive Rates : Get an easy loan up to Rs. 3 Crores with ease, and enjoy our competitive rates of interest, with no hidden charges.
  • Quick Eligibility Check & Disbursal : Our documentation process is transparent, quick and easy, and loans can be approved in just 30 minutes!
  • Overdraft facility available.
  • Get Longest Repayment Tenure upto 7 years with SBI Car Loans.
Apply for Car Loan Online


Don’t just take it from us, let our customers do the talking!
Apply for Home Loan Online

Our Banking Partners

We work with India’s top banks & NBFCs
Apply for Home Loan Online

Car Loan Knowledgebase

Car Loan Eligibility Criteria

Almost anybody who fulfills the basic car loan eligibility criteria can apply for a car loan in India. The basic requirements to take up any loan are driven by the age, employment status and other demographical factors of the car loan subscriber along with of course, their repayment capacity. The common requirements, irrespective of the financial institution or loan amount, for an individual to be eligible for a car loan approval include:

  • The borrower should be salaried, self-employed, business owner or a professional
  • They should be of Indian nationality residing in or outside India
  • They should be at least 21 years old and not more than 65 years old
  • Should meet the minimum repayment capacity or minimum salary requirements
  • They must be in the current job for one year (salaried) or two years in the same business (self-employed or professional)

Car Loan Documentation Requirement

Several documents that establish necessary information like your identity, proof of income and residence are required for a car loan application. But out of all, the documents relating to new or old car, are the most important. The complete set of relevant car loan documents makes one eligible for loan and one cannot do without submitting the right docs.Though, the documentation requirements vary from lender to lender, following is a list of commonly asked for documents required while applying for a car loan :

Income proof documents for Self-employed persons:

  • Duly signed and filled application form available either on the website or physically at the bank’s outlets
  • Passport Size Photographs, generally 4-6 photos
  • An identity proof which can be one of these documents- Passport, Pan Card, Driving License, Voters ID card, Aadhaar card or employee identity card in case of government employees
  • Address Proof like Bank statement, Rent Agreement, Voters ID card, Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill or Property tax document
  • Age Proof which may be a Voter ID card, Secondary school leaving certificate (class 10), Birth certificate, Passport, Aadhaar card, Pension payment order or Receipt of LIC policy.


Income proof documents in case of salaried individuals:

  • Latest 3 months’ salary slips
  • Form 16 with proper computation of income
  • Salary account bank statement for six months
  • Latest acknowledged IT return
  • Business stability and ownership proof
  • Last two years’ computation of income
  • Profit and Loss statement
  • Balance sheet certified by a C.A.
  • Latest six months’ bank statement
  • Last two years’ sales
  • Copies of acknowledged IT returns
  • PAN Card for the lender to check and verify if you are trustworthy enough to make regular repayments by your credit records history.
  • Documents providing Vehicle information which may include the sales receipts from the seller.
  • In order to establish that, all applicable laws and protocols are followed with regards to the purchased vehicle, the applicant must also submit copies of the Vehicle’s Motor Insurance and your Driving License.

Car Loan Interest Rates - JULY 2017

Car Loan Interest Rates Comparison Table

Bank/Lender Name Car Loan Interest Rate Loan Processing Fees
SBI 9.25% onwards 0.50% of Loan Amount +ST
Min: Rs.950.00 +ST, Max: Rs.9100.00 +ST
HDFC Bank 9.35% onwards Rs.2825 to Rs.5150 (depends on the loan amount)
ICICI Bank 9.55% onwards Rs.2500 to Rs.5000 (depends on the loan amount)
Axis Bank 9.50% onwards Rs.3500 to Rs.5500
IDBI Bank 9.95% onwards NIL
Punjab National Bank 9.0% onwards 1% of the loan amount. (Max-Rs.6000)
Bank of India 9.25% onwards Rs.500/- plus S.T. or 1% of loan amount. Min: Rs.500 and Max: Rs.10,000
Syndicate Bank 10.1% onwards Up to 2 Lakhs: Rs.1.25 per thousand. Minimum: Rs.125/-

Above 2 lakhs: Rs.200 per lakh.

Car Loan FAQs

Q. What amount can I expect in terms of the car loan?

Ans. The funding amount differs from one bank to the other, and depends on various conditions including the characteristics of your car and loan requirements. However, the minimum loan amount will be equal to Rs.1, 00,000 in most cases.

Q. Can I get a loan for the entire cost of my car?

Ans. In most cases, banks provide only 80% to 90% of the total cost of the vehicle in the form of a car loan. However there are a few banks that may cover the entire cost of the car. Make sure go compare the available offers carefully before selecting your loan option.

Q. What are the conditions involved if I wish to pre-pay the entire loan amount?

Ans. Banks offer an option of prepaying the entire car loan amount and save on vital interest payments in the future. However, most banks allow pre-payment only after the completion 6 months of the loan tenure. Also, a small fee in the form of pre-payment penalty will be chargeable by the bank.

Q. Can I negotiate on the loan interest rate?

Ans. In most cases, you are able to negotiate the loan interest rate amount based on your credit score, credit history and previous relationship with the lender.

Q. What car loan repayment tenures are commonly available?

Ans. Commonly, all banks offer repayment tenures ranging from 12 months or a year to 84 months or 7 years depending upon the loan amount and customer’s repayment capabilities.

Q. Is a guarantor mandatory for a new car loan?

Ans. No, generally a guarantor is required only if you are unable to meet one or more of the eligibility criteria specified by the lender.

Q. Do I need a guarantor while applying for a car loan?

Ans. Most banks do not ask for a guarantor in case of both new and used car loans but if your income doesn’t meet the set eligibility criteria, the bank may require you to involve your parent or spouse as a co-applicant.

Q. Which cars are financed by the car loan institutions in India?

Ans. All small to medium sized cars, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the car loans finances available in India. However, there may be exceptions, enquire about the same at the time of car loan application or refer to the loan brochure.

Q. Can I borrow an additional loan over my allotted second-hand car loan?

Ans. A number of banks offer refinancing option or borrowing an additional loan over an allotted second-hand car loan. The value of the car can be redeemed into cash to meet your immediate monetary requirements. Ideally, 80%- 85% of the car’s valuation amount cab be availed.

LoanBazarIndia.com is Here to Help Find The Best Car Loan

We consistently furnish our customers with the right information among the following other benefits:

  • Absolutely Free and compiled data on various loans from the large number of banks in the market, all at one place. Also, useful and friendly tools like a Car Loan EMI Calculator and Eligibility Calculator which are simple and convenient are offered with no charges.
  • Broadly covers list of car loans, their benefits, features and limitations and other information relating to available car loans in India. These organized lists make it easy for a user to browse through and get all the information without much effort.
  • A facility wherein, you can select products to compare and choose a car loan that best fits your requirement is put forth by LoanBazarIndia.com. Figuring out the best car loan offers traditionally, requires a lot of running around, enquiring and is a confusing process. But with LoanBazarIndia.com, you can find it all right in front of you and you yourself can compare products to shortlist the ones that best fit your expectations while sitting in your chair comfortably and make savings on car loan and other products.
  • LoanBazarIndia.com makes applying for a car loan online very simple. All you need to do is furnish some details on the website and a few mouse clicks following the process. Once this is done, the bank automatically takes over and you have your loan ready. If you are applying for a car loan, here’s how you can do it with LoanBazarIndia.com in easy steps:
  1. Select ‘Car Loan’ from the many options appearing on the Home page.
  2. Fill in the ‘Eligibility Criteria’ form selecting the best options.
  3. Once the form is filled completely, click on ‘View offers’ at the end of the form.
  4. You will land on a page listing banks and their offerings relating to your required loan.
  5. Browse through the loans and click ‘apply’ on the right side.
  6. Then fill in your details in the form spread before you to proceed with the loan application.
  7. This form will be forwarded to the bank and the concerned bank will get in touch with you further speed the process, helping you apply for a car loan with ease.
  8. Our expert customer support team is just a call away; available at all times to answer any queries regarding car loan applications and other information.