About Car Loan

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.com. 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.

Features & Benefits

In order to be eligible for a home loan in India, the individual must fulfill certain eligibility criteria.

Eligibility & Documents Required

For an individual to be eligible for a car loan in India, the individual must be either a salaried person or a self-employed professional. There are certain eligibility conditions which one must fulfill:

Salaried Individuals
Self-employed Individuals

Salaried Individuals

Documents for Salaried Individuals are as follows:-

  • Age: Your age should be ranging from 21 to 60 years.
  • Credit Score: Your credit score should be good.
  • Income: Your monthly minimum salary should be 15,000. Nevertheless, this criterion varies from bank to bank and from one financial institution to another.
  • Employment History: Minimum of 1-year employment with the current employer

Document Required

You would need to submit the following documents along with the completed application form for the car loan process:

Income certificate:
KYC documents:


2 recent passport size photographs.

Interest Rate & Charges

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.

Interest Rates*
Processing Charge
Axis Bank 11.00% – 12.00% Rs. 3500 to Rs.5500
Allahabad Bank 8.95% N.A
Bank of Baroda 8.60% TO 10.35% 0.50% of the loan amount
Canara Bank 8.70% to 8.95% 0.25% of the loan amount
Corporation Bank 9.40% to 9.90% 1% of the loan amount
HDFC Bank Ltd 9.25% to 11.25% 0.4% of the loan amount
IDBI Bank 9.90% N.A
Union Bank 8.90% N.A
Oriental Bank of Commerce 8.35% to 9.10% 0.50% of the loan amount
Punjab National Bank 8.65% to 9.15% Rs. 100 + GST
State Bank of India 9.20% TO 9.25% 0.5% of the loan amount
UCO Bank 9% 1% of the loan amount
Bank of India 9.25% Rs. 500 + GST
United Bank 9% TO 9.05% 0.5% of the loan amount
Syndicate Bank 9.40% NIL
Dena Bank 9.0% TO 9.1% Rs. 500+GST
Indian Overseas Bank 9.05% N.A

Disclaimer:*Rates are subject to periodic changes. Car loan interest rates & other fees/charges are subject to regular review and can vary with each & every customer. These can differ depending on your creditworthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval. Please note that the interest rates provided here are based on market research. To facilitate the comparison insight, a certain set of data has been reorganized/restructured/tabulated. It is advisable to recheck the same with the individual companies / organizations. This website does not take any responsibility for any sudden or uninformed changes in interest rates. Banks or Financial Institutions can contact us at info@afinoz.com for inclusions or updates.

For any further query, please visit us at afinoz.com, contact us at +919899889816 or email us at info@afinoz.com


What is the maximum amount of a loan that I can avail?
Can I negotiate the loan interest rates?
What is the tenure of a car loan?
Can I save money by paying off a car loan early?
Are there penalties for paying off a car loan early?
What happens if I don't pay the EMI's on time?
What is the maximum amount of a loan that I can avail?
How can I estimate my monthly loan payments
Should I go with the fixed rate of interest or the floating rate of interest?
Can I utilize a car loan to purchase car accessories?
How long does it take for getting the car loan sanctioned?
Can I sell my car even before the loan amount is fully paid off?
How do I repay the loan?
Can an early car loan payment affect my credit score?
Can I still get a loan if I don't have an account with the bank?
What are the lending rates for a Car Loan?
What happens when I pay off the last EMI?