car loan

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Car Loan Interest Rates 2016 - Updated


Banks  New Car Loan Interest Rate (Reducing)   Used Car Loan  Interest Rate (Reducing)  Processing Fee  Get The Best Offers 
HDFC Bank 9.95% - 11.00% 13.99% - 15.50% Rs. 999 to Rs. 4300     
Axis Bank  10.00% - 11:25% 14.50% to 16% Rs. 3500 to Rs. 5500    
Bank of Baroda 10.75% N.A. 0.75% Up to 15 Lac    
Tata Capital   12% 15.5% Rs. 4000     
Kotak Mahindra Bank  11.50% - 13.50% 17% - 20% Rs.3300 to Rs.4750    
Punjab National Bank  10.75% to 11% NA 0.5% to 1.5%    
State Bank Group  9.95% - 10.50% 17.05% to 17.30% 0.50%    
ICICI Bank 10.50% to 11.75% 16.50% to 18.00% Rs.2500 to Rs.5000    
Bank of India  10.50% to 13.50% 13.50% to 14.50% 0.50% to Rs.25000    
Canara Bank  12.50% Fixed N.A 0.10% of Loan Amount    
Corporation Bank  13.75% N.A 0.50%    




Eligibility Criteria for Car Loan

Following are the Eligibility Criteria for Car Loan:

  1.  Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment: For Salaried 1 year in current employment and minimum two years of employment / For Self- Employed at least three years in business
  4. Minimum Annual Income: For Salaried Rs 100000 net annual income / For Self- Employed Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
  5. Telephone: Must at residence. 

Documents Required For Car Loan

Following are the Eligibility Criteria for Car Loan:

  1. Proof of Identity: Passport copy, PAN Card, Voters ID card, Driving License( Laminated, Recent, Legible) 
  2. Income Proof: For Salaried Latest salary slip with form 16 / For Self- Employed Latest ITR
  3. Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy PAN Card
  4. Bank Statement: Last six months 


Leading Car Loan Providers (Click to Apply)

  1. HDFC Car Loan
  2. Bank of Baroda Car Loans
  3. Canara Bank Car Loan
  4. Indusind Bank Car Loan
  5. State Bank of Hyderabad Car Loan
  6. SBI Car Loan
  7. ICICI Bank Car Loan
  8. AXIS bank Car Loan
  9. IDBI Car Loan



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