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    Car Loan

    Car Loan – With interest rates as low as 8.60% p.a. and a repayment tenure of up to 8 years, you can find the most suitable car loan for your needs at BankBazaar. You can take the loan for 90% to 100% of the on-road price of the car.

    Bank Name Car Loan Interest Rates Processing Fee
    SBI Car Loan
    8.60% p.a. onwards
    New Car: Nil
    Axis Bank Car Loan
    8.75% p.a. onwards
    Minimum of Rs.3,500
    maximum of Rs.7,000
    Bank of Baroda Car Loan
    8.85% p.a. onwards
    Rs.1,500
    Canara Bank Car Loan
    8.80% p.a. onwards
    0.25% of the loan amount,
    subject to a minimum of Rs.1,000
    and a maximum of Rs.5,000
    Federal Bank Car Loan
    11.00% p.a. onwards
    Contact the bank

    Car Loan Interest Rates

    Car Loan Details Details
    Interest Rate
    (Monthly reducing balance)
    8.60% onwards
    Processing
    Fees
    Depends on the bank
    Loan
    Tenure
    1 year to 8 years
    Pre-closure
    Charges
    Varies with bank
    Guarantor
    Requirement
    Varies with bank

    Note:The interest rates will differ from one bank to another. This makes it critical to compare the interest rates before choosing a loan to apply for.

    Eligibility Criteria and Documents Required

    The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

    • Age of the individual must be between 18 years and 75 years
    • Minimum net monthly income of Rs. 20,000
    • At least 1 year of employment with the current employer
    • Must be salaried or self-employed, working for a government establishment or a private company

    To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:

    Requirements Individuals
    Identity proof(any of the following)
    Aadhaar, Passport, Driving license, Voters ID card, PAN card
    Address proof (any of the following)
    Aadhaar, Passport,
    Driving license, Ration card, Utility bills
    Proof of income
    Form 16, Salary slips, if you are salaried, Latest Income Tax Returns, Bank statements going back 6 months

    Note: Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take a used car loan are the same as above.

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