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.
Your desire of experiencing the ultimate dream on THOSE FOUR WHEELS has now become economical and easy. Car loans are the best way to acquire a new car as per your ambition. You can even buy a second-hand car by availing loans from banks or non-banking finance companies (NBFCs). However, there are some banks that charge a higher rate of interest on loans for second-hand cars. For getting the best deals on car loans, you can have a look at Afinoz. We've made it possible for you to apply for a quick approval of car loan where you only have to fill in our easy-to-follow two-minute application form online.
A car loan comes with a host of features and benefits.
Any salaried person or self-employed individual can qualify for a car loan in India. There are certain eligibility conditions which car loan borrowers must fulfil:
To apply for a car loan, you will need to submit the following documents along with filled application form:
While car loan interest rates are linked to the base rate dictated by RBI directives (like most debt instruments) the rate does differ slightly from bank to bank. Some additional aspects that may affect the interest rate on car loans include the loan amount, loan tenure, credit history and your reputation with the bank. Apply for a car loan with Afinoz and you can avail the best car loan interest rates.
Car Loan Interest Rates*
|Axis Bank||9.05% to 11.50%||Rs. 3500 to Rs.5500|
|Bank of Baroda||8.90% TO 10.35%||Rs. 1000 + GST|
|Canara Bank||8.95% to 9.50%||0.25% of the loan amount|
|Corporation Bank||9.55% to 10.05%||1% of the loan amount|
|HDFC Bank Ltd||9.65% to 17.93%||0.4% of the loan amount|
|Oriental Bank of Commerce||9.15%||0.50% of the loan amount|
|Punjab National Bank||8.90% to 9.15%||Rs. Full waiver of upfront processing fees sanctioned till 31.03.2019 and disbursed up to 30.04.2019|
|State Bank of India||8.45% onwards||0.51% of the loan amount|
|UCO Bank||9.10%||1% of the loan amount|
|Bank of India||9.5%||Rs.500 + GST|
|United Bank of India||9.05% onwards||0.59% of the loan amount|
|Dena Bank||9.15%||Rs. 575|
|Indian Overseas Bank||9.20%||0.50|