car loan

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Owning a car was a mere fantasy for some people. But now it has become the obvious need of every person in India. Car Financing is the best way to get cash for buying your favorite car. It is a better way to choose the best car within the widest range of different cars in India.

What is a Car Loan?

Let us try to understand first what a car loan is? Basically car loan is an amount of money or you may say a financial aid that a bank or a non-banking company provides you to buy a car. So if somebody wants to buy a car but doesn’t have the amount in his/her pocket at that time, then the bank is ready to provide him/her financial support. You can get a car loan at that time and pay it back to the bank with a minimal rate of interest.

Interest Rates for Car Loan in Chandigarh

New Car Loan Interest Rate (Reducing)

Used Car Loan  Interest Rate (Reducing)

Processing Fee

9.45 to 10.75 %

13.75% Up to 36 Months



Who can apply for a Car Loan?

  1. First of all, every Male, Female, and Transgender who has some rigid source of income can apply for a Car Loan.
  2. Every salaried person whose salary is more than Rs. 18000 per month can apply for a car loan.
  3. After that, any self-employed person who files ITR can get a car loan.
  4. Any self-employed professional can also get a car loan as well.

Why one should choose Car Loan in Chandigarh

  • Easy monthly repayment options.
  • Instantly available.
  • Loan Tenure period varies from 5-7 years.
  • Affordable Interest Rates.
  • Easily and quickly available loans.
  • No hidden charges.

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 a minimum of 2 years of employment / For Self- Employed at least 3 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 no. is also required.

Documents you will need to submit

  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 6 months

Secured or Unsecured

Car Loan comes in the category of secured loan basically. The good thing about this loan is the rates of interest are not that much high as are in the personal loan. Unfortunately, if you won’t be able to return the amount of loan on promised time then the bank is liable to bound your car or to sell your car to recover their loan amount.  So everyone is always suggested to pay their loan amount or EMI’s on time.

Role of CIBIL Score

CIBIL Score plays an important role while getting a car loan. The more your CIBIL score the better for you a car loan. The reason behind this a CIBIL score usually shows the behavior of the customer towards his/her credits. If it is not good means the customer has a bad credit history, he/she might not be good with his/her past and present credits or debts. It may create a problem for the customer. A CIBIL score of more than 700 is usually considered as a good credit score.

What is a CIBIL Score?

A CIBIL score is basically a measure of the customer’s past credit records. Basically, CIBIL is a credit information bureau India Limited company. This company keeps the records of all the credits and debts of every customer and on the basis of that behavior, the company gives the score to the customers. This score lies in between 300 to  900. If your behavior is not good or you are not regular with your debts then your credit score will be very less and this is not good for your financial career. It may create problems while getting a car loan.

Can we get Car Loan for used Car?

Yes, a person can also get a car loan for a used car but the car should not be older than 8 years at the time of the completion of the loan. If the model of the car is too old then the bank won’t fund for that car.

Is it important to have a salary in a bank account?

Yes, it is important to have your salary in your bank account, unless you won’t be able to apply for a car loan. Any person who doesn’t get his/her salary in a bank account is not

About Chandigarh

Chandigarh the city beautiful is known for its modesty, fashion, lifestyle, and greenery. It is the first planned modern city of India designed by the French architect Le Corbusier. It serves as the capital of both Punjab and Haryana. The Rock Garden, Rose Garden, Sukhna Lake are other tourist spots.

How to apply?

  1. A customer can easily apply online for a car loan online in 2 minutes.
  2. Visit
  3. Fill the form online.
  4. You will get a call back with all the information.


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

Disclaimer: The information provided on is collected from public sources and is believed to be accurate and genuine. This site should be used as an information provider for different product offerings of Insurance companies and the visitor should make an independent verification with the Insurance companies to verify the claims made in the policy before making any purchase. The decision to Apply and/or Purchase a policy is at the sole and complete discretion of the website visitor and cannot guarantee or can be held liable for loss or damage caused by claims made by insurance companies through their agents, partners, products or services, directly or indirectly.