New Car Loan
Car Loan - With interest rates as low as 8.80% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs at LoanBazaar. You can take the loan for 90% to 100% of the on-road price of the car.
HDFC Bank Car Loan – Loans for luxury cars
Key Highlights
100% financing of on-road price for select models
The maximum loan amount can be Rs. 3 cr.
Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs
You can take a top-up loan after 9 months
Funding for comprehensive insurance
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 9.10% onwards | 12 - 84 months | Up to Rs. 3 Crore |
ICICI Bank Car Loan – Offers 100% financing of on-road price
Key Highlights
The entire on-road price of the car can be funded through this loan
Existing customers are pre-qualified and pre-approved for car loans
The maximum loan amount is based on customer profile, vehicle cost, model variant, etc.
Interest rate depends on the tenure of the loan
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 9.3% - 12.85% p.a. | Up to 7 years | Up to 100% of on-road price |
SBI Car Loan – Loans for professionals and agriculturists with no income proof
Key Highlights
Interest calculated on daily reducing balance
Financing is calculated based on the on-road price of the car
You can take the Loan if you work for the government or a private company
Self-employed individuals, agriculturists, professionals, and businessmen can apply for a loan under the SBI Car Loan Lite scheme, without submitting any proof of income
The max loan amount depends on the category you fall under
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 9.00% onwards | Up to 7 years | Up to 90% of on-road price |
Axis Bank Car Loan – Loans start from Rs.1 lakh
Key Highlights
You can apply for a small amount under this scheme; loan amount starts from Rs.1 lakh
Financing up to 100% of on-road price on select models
Tenures of up to 8 years
No bank statements and income documents needed if you are pre-approved or have a salary account
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 9.05% onwards | Up to 8 years | Up to 100% of on-road price |
Federal Bank Car Loan – Free personal accident insurance
Key Highlights
Financing of up to 100% of ex-showroom price
Longer repayment tenures of up to 84 months
No income documents required
Free personal accident insurance for borrowers that offers coverage up to Rs.10 lakh
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 9.15% onwards | Up to 7 years | Max loan amount |
Canara Bank Car Loan – Low-interest loans for new and used cars
Key Highlights
Financing of up to 80% │ 85% │ 90% of the on-road price
Car loans are provided to new and used cars (not more than 5 years old) at the lowest interest rates
Long repayment tenure of up to 84 months
If the vehicle is registered to a woman, the interest rate is lower by 0.05%
| Effective Interest Rate | Tenure | Max Loan Amount |
|---|---|---|
| 8.90% onwards | Up to 7 years | 90% of on road price |
