Compare Car Loan by Different Banks

Whether you are going for used car loan or a new car loan, each one comes with its own terms and conditions. The best way to cope up with these is to make a sharp comparison between the offered options and apply for the best one without wasting any time. As soon as you will apply for the auto loan, the bank will contact you or send someone who will help you in taking the process further. Apart from answering their questions, it is also necessary to get answer to your questions or at least get to know everything that you wish to know. Here are some questions that you must ask the agent before finalizing the car loan in India. We at RupayaBazaar.com provide you all information regarding car loan. Thus, we recommend our viewers COMPARE BEFORE APPLY FOR CAR LOAN.

Bank Name  Interest Rate Range (%)  Lowest EMI Per Rs. One Lakh Period (Years) Maximum Loan Amount Age  (Min - Max) For More Detail & Apply
 8.95 - 9.95  Rs. 1,606 1 - 7 85.00% of on-road price 21 - 65 More Detail
 9.10 - 9.10
Rs. 1,614 1 - 7 85.00% of on-road price 21 - 65 More Detail
 11.00 - 12.00
Rs. 1,712 1 - 7 95.00% of ex-showroom price 18 - 65 More Detail
 8.85 - 10.60
Rs. 1,601 1 - 7 85.00% of on-road price 21 - 65 More Detail
 9.15 - 9.15  Rs. 1,617 1 - 7 85.00% of on-road price 18 - 65 More Detail
 9.20 - 9.20
Rs. 1,619 1 - 7 85.00% of on-road price 18 - 60 More Detail
 8.60 - 9.15  Rs. 1,589 1 - 7 90.00% of on-road price 21 - 65 More Detail
 9.30 - 9.80
Rs. 1,624 1 - 7 85.00% of ex-showroom price 21 - 65 More Detail
 9.15 - 9.15  Rs. 1,617 1 - 7 85.00% of on-road price 21 - 65 More Detail
 9.15 - 9.45  Rs. 1,617 1 - 7 90.00% of ex-showroom price 21 - 60 More Detail
 9.02 - 9.11  Rs. 1,610 1 - 7 100.00% of ex-showroom price 21 - 60 More Detail
 10.75 - 12.75  Rs. 1,699 1 - 7 100.00% of ex-showroom price 18 - 65 More Detail
 9.00 - 9.10
Rs. 1,609 1 - 7 90.00% of ex-showroom price 18 - 70 More Detail
 9.65 - 9.95  Rs. 1,642 1 - 7 85.00% of on-road price 21 - 60 More Detail
 9.05 - 9.05  Rs. 1,611 1 - 7 90.00% of ex-showroom price 21 - 60 More Detail
 10.65 - 15.50
Rs. 2,157 1 - 5 85.00% of on-road price 21 - 60 More Detail
 9.35 - 10.45  Rs. 2,093 1 - 5 85.00% of on-road price 21 - 60 More Detail
 11.50 - 13.50
Rs. 2,199 1 - 5 90.00% of ex-showroom price 21 - 65 More Detail
 8.50 - 8.95
Rs. 1,584 1 - 7 85.00% of on-road price 21 - 65 More Detail
 12.00 - 14.00
Rs. 2,224 1 - 5 90.00% of ex-showroom price 21 - 60 More Detail
 9.20 - 9.25  Rs. 1,619 1 - 7 85.00% of on-road price 21 - 65 More Detail
 9.45 - 9.45  Rs. 1,632 1 - 7 95.00% of on-road price 21 - 65 More Detail
 8.70 - 8.70
Rs. 1,594 1 - 7 85.00% of on-road price 18 - 65 More Detail
 9.30 - 9.30
Rs. 1,624 1 - 7 85.00% of on-road price 21 - 70 More Detail
 10.25 - 12.25  Rs. 1,673 1 - 7 100.00% of ex-showroom price 18 - 65 More Detail
Important things to know before finalizing a car loan in India
  1. How To Get Car Loan? Ask the agent to clarify the complete process step by step before beginning the paper work. Check for the number of people that will involved and ensure you are aware of the complete process right from getting a loan to paying back the complete amount and closure of files. It is better to know beforehand what you are getting into than to regret halfway.

  2. Can The Application For Car Loan Be Made Over Phone or Online?: Know that application for the loans can be made only manually. There is no process to apply for anything over phone or through internet.

  3. Pertinent Question About The Down Payment? The down payment might not necessarily always be a huge amount. Therefore, have no fear, you may negotiate the amount of down payment with the lending organization. There are financial institutes that offer multitude of options with respect to down payment and you may choose any as per your comfort zone.  In case, you have nothing to pay the initial amount there are options available to help you out of such situation.

  4. The Inevitable Question Of Eligibility: What makes you eligible for car loan in India? The question makes a greater sound when you are applying for used car loan. There are several rules regarding auto loan eligibility in India. For used cars loan, you are eligible only when the age of your vehicles doesn’t exceed 4-5 years. For the new car, the institute may offer 90per cent of car’s value considering your credit history and income. But the final value would still depend over the lender and their criteria.

  5. How the first time buyer gets benefited?: It is no hidden fact that first time buyers get some special preferences over the used car loan applicants. You will get an array of schemes and offers to pique your interest in an organization and get-in more customers. One of the most impressive offering from these is the down payment options that can really help in acquiring the best deal.

  6. What Is The Interest Rate And Its Type? Mostly people want to know more about the EMIs than the total amount. Nevertheless, it is recommended to check the auto loan interest rates which will mainly depend over your credit worthiness and the lender. Each lending organization has its own way of deciding that, so the loan interest rates may vary for the same amount of loan from one financer to other.

  7. What Is The Loan Term Or Tenure? Never ever forget to enquire about the loan terms or tenure. It is the length of time for which you will be required to pay back the loan. In case of car loans in India, the terms usually fall between 24-36 months. The most important point to remember here is that the interest rate will be directly proportional with the tenure.

  8. The Procedure To Payback EMIs? There are mainly two options presented to car loan applicants in India in this respect: either via post-dated cheques or the bank debits the amount per month from your account using the Electronic Clearing System. With respect to car loan you can only pre-pay a 6-month or annual amount, no part payments are allowed.

  9. What Documents You Need To Offer? Like any other loan, here too, you will be required to submit your proof of identity, residence proof, and current insurance and loan application.

  10. What Are The Late Charges On Loan? Read the terms and conditions carefully, it will give you a clear idea about the late charges. Apart from that, make sure to clarify all your doubts with the agent. 

FAQ on Car Loan

New Car Loans to the following: Salaried individuals in the age group of 21 to 60 years (at the end of the tenure) Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure) Partnership Firms Public & Private Ltd. companies HUFs and Trusts
Most banks allow 80%- 90% loans for showroom price of your car. The rest of the amount would have to be paid by you. The larger the down payment the lower will be your loan amount. Paying a huge amount may be a little difficult as it puts a strain on your personal savings. But it would be wise to pay a larger amount in the beginning as it would be beneficial in the long run.
Most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies.
For your car loan you need to submit identity proof, address proof and income proof along with your application. Once these have been submitted your loan would be sanctioned within a week’s time.
The choice is yours. You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements. The tenure will change from bank to ban and will also differ for New can and used cars.
Within 24-48 hours of completing documentation.
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. Banks have a tie-up with most of the manufacturers and authorized dealers to be able to get a best deal.
Based on the bank the Interest is calculated on a monthly reducing balance or an annual reducing balance basis.