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

BankRate Of InterestProcessing Fee
Axis Bank9.05% p.a. onwardsMinimum of Rs.3,500 and maximum up to Rs.5,500
ICICI8.70% p.a. onwardsMin Rs. 2,500 and Max Rs. 5,000
Indian Bank8.45% p.a. onwards
0.230% of the loan amount (Maximum of Rs.10,236)
Canara 7.70% p.a. onwards0.25% of the loan amount, subject to a minimum of Rs.1,000 up to Rs.5,000
HDFC7.25 – 7.65% onwards0.5% of the loan amount
Union Bank Of India7.80% p.a. onwards0.25% to 0.50% of the loan amount
Federal Bank Of India8.90% p.a. onwards0-3%

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 LicenseCopy of Electricity Bill/Water Bill/Telephone BillSalary Slips for the last three months
PAN/ AadhaarCopy of valid Passport/Aadhar Card/Driving LicenseCopy of Form 16 or Income Tax Returns for the last two years
Voter IDCopy of Voter ID cardBank account statements of the last 6 months
Valid PassportIf self-employed, submit P&L account, Balance sheet

Things to Keep in Mind When Getting a Car Loan

Step by Step ProcessRequired ActionConclusion
Applying for Car LoanMake comparisons between the choices availableFinding 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 AddressKYC Documents ( Aadhaar Card, Voter Card, Ration Card, PAN Card etc.)Ensuring your Indian Citizenship
Credit RecordPAN CardThe bank checks credit history to make sure you’re not a ‘risky borrower.’
Vehicle detailsSales Receipt of the car purchased from the showroomConfirming the price of the car
Car Insurance Proof and DLAttach a copy of car insurance and Driving LicenseEstablishing the legal requirements are fulfilled or not

Some Best Car Loan Products

BankKey USPFeatures
HDFCLuxury 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 Bank100% 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 BankSmall 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 IndiaDesigned 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 BankLowest-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 BankFree 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