Car Loan Special Interest Rates Offers for Festive Season 2024
Over 70% of Cars sold in India every month are bought on Finance. Private Banks like ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank along with PSU Bank like SBI, PNB account for Majority of Car Finance Market in India.
Car Loan Interest Rate Comparison for All Banks
| Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
| Axis Bank | 9.15%-13.80% | Rs. 1,617 – Rs. 1,863 |
| Bank Of Baroda | 8.70% – 11.10% | Rs. 1,594 – Rs. 1,718 |
| Bank of Maharashtra | 8.80% – 13.00% | Rs. 1,599 – Rs. 1,819 |
| Canara Bank | 8.80% – 11.95% | Rs. 1,599 – Rs. 1,763 |
| Central Bank of India | 9.25% to 10.15% | Rs. 1,622 – Rs. 1,668 |
| HDFC Bank | 8.95% – 11.00% | Rs. 1,606 – Rs. 1,712 |
| ICICI Bank | 8.95% – 11.25% | Rs. 1,606 – Rs. 1,725 |
| IDBI Bank | 8.75% – 9.55% | Rs. 1,596 – Rs. 1,637 |
| Indian Bank | 8.60% – 12.90% | Rs. 1,589 – Rs. 1,814 |
| Union Bank Of India | 8.85% – 13.00% | Rs. 1,601 – Rs. 1,819 |
| Punjab National Bank | 8.80% – 9.60% | Rs. 1,599 – Rs. 1,640 |
| State Bank of India | 8.65% – 9.70% | Rs. 1,591 – Rs. 1,645 |
| Uco Bank | 8.90% – 10.55% | Rs. 1,604 – Rs. 1,689 |
| Bank of India | 8.75% – 11.25% | Rs. 1,596 – Rs. 1,725 |
Car Loan Process, Documents
Essentially 3 Stages
» Pre Approval Process – Here in you submit your KYC Documents
- ID Proof
- Address Proof
- Signature Proof
- 2 Photographs
along with Income Documents
- Last 2 Year Form 16 with Latest 3 Month Salary Slip (Salaried)
- Last 3 Year Business ITR with Computation (Self Employed)
and latest 6 Month Bank Statement along with with previous loan details (if any), Business / Job Continuity Details and if residence owned with ownership proof documents
Bank will then conduct necessary checks including Field Verification, Document Verification and assess Credit Report to determine Eligibility
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