Car Loan @ 7.05%*
Moneybridge allows you to apply for a car loan online and receive the best offer from top banks depending on your circumstances. Moneybridge offers car loans from the top car loan providers like HDFC, Axis Bank, ICICI, Canara and many more.
Benefits Of Car Loan –
- Interest as low as 7.05%*
- Funding up to 100%
- Doorstep Service
- Hassle Free Disbursal
- Free & Unbiased advice from experts
Top Banks For Car Loan
| Bank | Rate Of Interest | Processing Fee |
|---|---|---|
| Axis Bank | 9.05% p.a. onwards | Minimum of Rs.3,500 and maximum up to Rs.5,500 |
| ICICI | 8.70% p.a. onwards | Min Rs. 2,500 and Max Rs. 5,000 |
| Indian Bank | 8.45% p.a. onwards | 0.230% of the loan amount (Maximum of Rs.10,236) |
| Canara | 7.70% p.a. onwards | 0.25% of the loan amount, subject to a minimum of Rs.1,000 up to Rs.5,000 |
| HDFC | 7.25 – 7.65% onwards | 0.5% of the loan amount |
| Union Bank Of India | 7.80% p.a. onwards | 0.25% to 0.50% of the loan amount |
| Federal Bank Of India | 8.90% p.a. onwards | 0-3% |
Benefits Of Car Loan
Apart from the fact that paying such a large sum of money may throw one’s financial plan off, large purchases made with liquid money may also place you on the Income Tax Office’s radar. When you take out a car loan to pay for your vehicle, however, you must figure out how to keep your investment earnings available for other current and future expenses.
One of the finest car loan advantages in India is that the loan is secured against the vehicle; as a result, you won’t need to mortgage your home or have other resources to receive a car loan.
You also get to keep driving your automobile while you’re paying off your car loan, so a few years down the road, you’ll have contributed to your personal reserve funds and will be able to purchase the car once you’ve paid off the loan.
Features Of A Car Loan
Interest rates as low as 7.25 percent per year and a payback period of up to 7 years are available to you all. MoneyBridge will help you get the car of your dreams. You’ll be able to acquire funding ranging from 80% to 100% of the car’s on-road price.
- Banks have different guarantor requirements.
- Pre-closure Charges differ from one bank to the other.
- Loan terms range from one year to seven years.
- The processing charge is calculated as a percentage of the loan amount and starts at 0.25 percent.
- From now on, the interest rate will be 7.25 percent per annum.
Criteria for Eligibility and Documents Required
Various banks have different eligibility conditions for car loans. The following are the standard criteria:
- Employment Status: Working for the same company for at least a year is required.
- Age: The applicant must be between the ages of 21 and 65 years old.
- Type Of Employment: For at least three years, the applicant must have been salaried (working for a government agency or a private enterprise) or self-employed.
- Net Monthly Income: The applicant’s minimum monthly income should be Rs. 25,000.
- Credit History: A solid credit history might make getting a car loan much easier. Your ideal auto loan would be disbursed faster if you have a CIBIL score of 750 or better.
- Car’s Value: If the car is brand new, the loan amount ranges from 85 percent to 90 percent of the car’s on-road market price. This price can be up to 80% of the car’s current market value for a used car.
Documents Required For Car Loan
| Identity Proof | Residence Proof | Income Proofs |
|---|---|---|
| Driving License | Copy of Electricity Bill/Water Bill/Telephone Bill | Salary Slips for the last three months |
| PAN/ Aadhaar | Copy of valid Passport/Aadhar Card/Driving License | Copy of Form 16 or Income Tax Returns for the last two years |
| Voter ID | Copy of Voter ID card | Bank account statements of the last 6 months |
| Valid Passport | If self-employed, submit P&L account, Balance sheet |
Things to Keep in Mind When Getting a Car Loan
| Step by Step Process | Required Action | Conclusion |
|---|---|---|
| Applying for Car Loan | Make comparisons between the choices available | Finding deals that are best suited to your requirements |
| Submitting the Proof of Income | Salary Slip of the past 3 months Account Statement of earlier 6 months IT- Returns (last 2 years) | Ensuring your repaying capacity |
| Submitting Proof Of Identity and Address | KYC Documents ( Aadhaar Card, Voter Card, Ration Card, PAN Card etc.) | Ensuring your Indian Citizenship |
| Credit Record | PAN Card | The bank checks credit history to make sure you’re not a ‘risky borrower.’ |
| Vehicle details | Sales Receipt of the car purchased from the showroom | Confirming the price of the car |
| Car Insurance Proof and DL | Attach a copy of car insurance and Driving License | Establishing the legal requirements are fulfilled or not |
Some Best Car Loan Products
| Bank | Key USP | Features |
|---|---|---|
| HDFC | Luxury Car Loan | – The effective interest rate is between 7.25% and 7.65%. – Select models are eligible for 100% financing of the on-road price. – A maximum loan amount of Rs.3 crore is available. – Up to 84 months tenure. |
| ICICI Bank | 100% On-Road Financing | – Customers who have been pre-qualified and pre-approved can take advantage of the deal. – The amount of the loan will be determined by the cost, model, and customer profile, among other factors. – Up to 84 months tenure – Interest From 7.90% onwards |
| Axis Bank | Small Loan | – Avail loan of 1 Lakh – Up to 100% on the on-road price – Up to 96 months tenure – Interest rate 8.70% |
| State Bank Of India | Designed for professionals and farmers who do not have income proof. | – Professionals and agriculturists are eligible for the loan. – Finance up to 90% on the on-road price – Up to 74 months tenure – Interest rate 7.70% onwards |
| Canara Bank | Lowest-Interest Rates on New and Used cars | – Lower interest rates for women – Finance up to 90% on the on-road price – Up to 84 months tenure – Interest rate 7.30% onwards |
| Federal Bank | Free Personal Accident Insurance | – Finance up to 100% on the ex-showroom price – No income documents required – Up to 84 months tenure – Interest rate 8.50% onwards |