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Car Loan Trends for May 2013 -

To have a vehicle and that too car is necessity and also the status symbol. So once you decide to buy a car you want to know that how much you can get a car loan and what would be the interest rate and EMI that you will have to pay. The total interest will let you how much you are gonna pay for the interest part if you take a car loan.

Car Loan applications received for 10,484 crores till 18 May 2013

Compare Car Loan Rates - Eligibility - Process of All Banks.

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For EG: If you take a car loan of 4 lakhs for 4 years and at rate of 10.00%.
Your EMI will be Rs.10,145 and by paying for 4 years you will give an extra of Rs.86,961 as interest. So if you are okay to pay that extra amount, go for the car loan.
To check how much you are paying extra, check interest rates and calculate EMI through Our calculator.

The other function is that how much Bank is ready to give you- How much car loan can I get ?

Banks to give car loan see your income and ability to pay and also see what is the total value of the car. So banks give 80-85% value of the car but also check whether you have income and enough surpluses to pay the EMI every month.
To figure out your ability to pay car loan - Banks check what your income is and what the other Emi you are paying are.
They deduct the Emi and on the rest disposable income can give you 50-60% equal to you income.

For E.g
Income – 30000 per month
Existing Emi - 8000 , So Net income=22000 , so your emi can go upto 60% of 22000 which is then divided by emi per lac and hence your loan amount is identified.

Now when you know how much you want to pay extra for Car loan and how much an average you can get, it is important to pick the best Bank.

The Banks who are Giving Car loans in India are as follows

HDFC Bank Car Loan HDFC Provides a Quick and Easy car loan with Easy Documents, EMI Options and Low Interest Rates… Read More	SBI Car Loan Lowest interest rate, Low processing fee, processed through speedy delivery channels with total transparency….Read More
ICICI Bank Car Loan Compare Interest Rates, EMI, Documents and Eligibility for ICICI Car loan. Apply online for car loan…..Read More	Axis Bank Car Loan Compare and Choose Interest Rates, Documents, EMI, and Features of Axis Bank Car Loan…Read More
Kotak Mahindra Car Loan flexible schemes to suit your needs, hassle-free documentation and quick processing….Read More	Bank of India Car Loan Get Details on Eligibility, EMI, Interest Rates, Documents, Eligibility of BOI Car Loans…Read More

How to choose which is the best Bank in above to get Car loan
These are the points of comparision
1. Interest rate charged by Banks
2. Processing fee charged by Banks.
3. Prepayment Charges in case you can afford to pay earlier.

So if you multiply the emi per month that you get from Bank and add the processing fee and deduct the loan amount , you will get to know how much extra you are paying for the loan and which is the cheapest for you.

Are the Car loan rates different for different people?
Yes Banks do give preferences to certain set of customers for lower rates and fees.

The factors are :
1. Its gives lower rates who have the salary accounts with the same Bank.
2. It gives lower rates to employees of top 5000 companies in India.
3. Based on your income per month you might get some waivers or on the total loan amount you may get cheaper rates.

How does Cibil and Credit Bureau effect my application?
Yes, your car loan application can be rejected if your credit score is not good. Here are few things that you should know. A cibil or credit score of above 750 will get you approval from all Banks. From 650 -750 there will be certain Nbfc who may be able to give you loan.
If you haven't taken any credit card or loan your cibil score is 0 and there will be less Banks to give you loan at that time and best is to approach the bank where you have account.
If you have applied and have got rejected your cibil score and it’s your first loan then your score is -1 and most Banks will not give you loan.

Special offers on Cars
On time to time basis Banks have tie ups with car manufactures and they give discounts via lower rates.

The recent such offers are
1. 0 % Foreclosure charges on new car loans post completion of 24 months on Maruti Hyundai Toyota and Honda Cars.
2. Special Schemes on Renault Duster, Mahindra XUV 500.
3. Discount Schemes on Hyundai Cars up to Rs.150000 (*View More)

Car Loan Rate of Interest

( Last edited on : 17 May 2013 )

Bank	Interest Rates	Apply
ICICI Bank	11.50% - 17.00%
HDFC Bank	10.50% - 13.00%
Kotak Mahindra	11.50% - 13.50%
SBI	10.45%
Magma Fincorp	10.75% - 12.00%

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13 Comments, read them below or add one

passion for carz May 17, 2013 5:41 pm

I have a leased car for 4 years with my co. and have completed just one year. Now I want to break the lease and get a loan for the remaining amount. I would like to know which bank gives me a loan for low rate of interest in this kind of scenario. I dont want to go for personal loan which will higher.

Post Reply

Ganesh May 11, 2013 11:19 am
thank's for giving information Ur. site is very useful for us
Post Reply

Moazzam April 17, 2013 6:35 pm

Hi, I am looking for ZERO PERCENT INTEREST ( 0% interest). Now I understand I may end up paying in terms of processing fees and I may not get any dealer discount. Still, I am interested in it. Any options for me?? I work in big organization with handsome salary, never taken loan before and never missed payment of Credit card in last 8 years or so!

Post Reply

Deal4loans team May 17, 2013 4:14 pm

Dear Moazzam, 0% Interest schemes are totally available from various car companies like BMW, Mercedes, Audi, Volvo etc to get attention of customers. None of the Bank provide 0% schemes on car loans. Better to check with the auto companies to get the benefit of 0% interest schemes because 0% schemes are available from companies private financers

Post Reply

Car Loan Compare March 31, 2013 12:49 am

Compare and Choose Interest Rates, Documents, EMI, and Features of Axis Bank Car Loan..etc all we did read...and this time we have knowledge.... thanks.....

Post Reply

shanbatcha March 4, 2013 10:55 pm

i want car loan from sbi but my it was 150000 ly and i have acc in axis bank with good turnover

Post Reply

banke tiwari March 5, 2013 11:19 am

So, Go with Axis Bank Car loan. Axis bank also offers car loans at 11.25%. another option is HDFC HDFC interest rates starts from 10.50% on car loans which is just .05 % higher than SBI

Post Reply

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