Compare Car Loan in India - Top Offers & Reviews 2020

Nowadays, owning a car has become a basic necessity for middle-class families in India. However, most of the people can't afford a car with their regular monthly income. In such a situation, a car loan plays an important role to bridge the gap between the cost of the car and the down payment they can afford to pay. The loan amount needs to be repaid monthly in the form of EMIs. Most of the lenders offer car loans for both new as well as pre-owned cars.

Bank of Baroda Car Loan

Bank of Baroda | Car Loan

About Bank of Baroda: Bank of Baroda is an Indian Multinational, public sector Banking and financial services company. It is the third largest public sector bank in India. with a business mix of close to US$225 billion. Based on 2019 data, it is ranked 1145 on Forbes Glob...

Detail: Should have been working for a minimum of two years, with at least one year with the present employer

Annual Percentage Rate (APR): 9.15 %

HDFC Bank Car Loan

HDFC Bank | Car Loan

About HDFC Bank: HDFC Bank Ltd. is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It has a base of 104154 permanent employees as of 30 June 2019. HDFC Bank is India's largest private sector lender by assets. It is the largest b...

Detail: Applicants should be above 21 years of age at the time of loan commencement.

Annual Percentage Rate (APR): 8.25% - 14.26% (Avg 9.40%)

Federal Bank Car Loan

Federal Bank | Car Loan

About Federal Bank: Federal Bank is a Private Sector, scheduled commercial bank in India, headquartered in Aluva, Kochi. The Bank also has its Representative Offices abroad at Abu Dhabi and Dubai....

Detail: Free Personal accident insurance upto Rs. 10.00 lakhs for individuals

Annual Percentage Rate (APR): 9.20%

RBL Bank Car Loan

RBL Bank | Car Loan

About RBL Bank: RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943. It offers services across six verticals: corporate and institutional banking, commercial banking, branch and business banking, re...

Detail: RBL Bank does not offer used car loan

Annual Percentage Rate (APR): 12 to 14 %

Kotak Mahindra Bank Car Loan

Kotak Mahindra Bank | Car Loan

About Kotak Mahindra Bank: Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, the Reserve Bank of India issued a banking licence to Kotak Mahindra Finance Ltd., the group's flagship company....

Detail: customers get the loan sanctioned quickly within 48 hours after documentation is complete.

Annual Percentage Rate (APR): 11.50% to 13.50%

IIFL Car Loan

IIFL | Car Loan

About IIFL: IIFL Holdings Limited d/b/a IIFL and India Infoline, is an Indian diversified financial services company headquartered in Mumbai. The organisation was founded by Nirmal Jain. IIFL and its group companies are backed by Canadian investor Prem Watsa, pr...

Detail: ffer finance upto 100% for your commercial vehicles!

Annual Percentage Rate (APR): 12%

ICICI Bank Car Loan

ICICI Bank | Car Loan

About ICICI Bank: ICICI Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. As of 2018, ICICI Bank is the second largest bank in India in terms of assets a...

Detail: Minimum income required to get ICICI Bank Car Loan is Rs. 16,700 per month.

Annual Percentage Rate (APR): 12.75 %

Tata Capital Car Loan

Tata Capital | Car Loan

About Tata Capital: Tata Capital Limited is a financial and investment service provider in India. It is based in Mumbai and has more than 100 branches across the country. The company offers consumer loans, wealth management, commercial finance, and infrastructure financ...

Detail: Provide used car loan

Annual Percentage Rate (APR): 12.5 %

Loan Eligibility

Age - 18/21 years - 60/65 years
Employment Type - Salaried/Self-Employed
Minimum Net Income (monthly) - ₹15,000
Work Experience - Salaried for at least 6/12 months or Self-Employed for at least 3 years
Tenure: (Min) 3 to (Max) 60 months
Interest Rate ranging from 10.75% to 25% depending on customer’s credit and risk profile

Representative Example

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments, the monthly repayments will be ₹ 21,618 which can be paid within a tenure of 12-60 months.

*Please note the processing fee can vary from 1.5% - 6%. The figures provided are indicative and subject to change from time.

EMI Calculator

The simple and handy loan EMI calculator lets you easily calculate EMIs. All you need to do is enter the loan amount, interest rate and loan tenure, and you will know the convenient and easy EMIs basis the inputs entered.

Sample Loan Calculation:

Loan amount: INR 4,00,000
Interest Rate: 15% p.a.
Loan Duration: 3 years
Total Interest = INR 99,176
Processing fees (PF) + GST= 4000 + 720 = INR 4,720

In Hand Amount: Loan Amount - Total Deductibles = 4,00,000 - 4,720 = INR 3,95,280
Total repayable Amount: INR 4,99,176
Monthly EMI Repayable: INR 13,866
*Deductibles are deducted upfront during the loan disbursal.