Car Loan Hyderabad

Owning a car is a dream for middle class families in India, we at LoanOnMind would help you to achieve your dream car loan in Hyderabad. The new and used car loan budget is varies upon the requirements of the people. Let it be a compact entry level car or a luxury sedan down payment and affordable EMI with lesser efforts and quicker process would be the need of the hour.

Therefore, viewing the huge demand for financing both used and new cars, LoanOnMind in Hyderabad offer car loans, which are floated products, which enable you to purchase your car and pay off the auto loan.

One of the greatest car finance benefits in Hyderabad that the loan is secured against the car itself, so, you do not have to mortgage your property or other assets to get a car loan.

Compare car loan interest rate from top Banks in India and get the best car finance.

Common requirements for getting the eligibility criteria of a car would be like

The age of an applicant should be 21 to 65 years old. Salaried individuals or self employed individuals or any legal entity (private ltd/ proprietary/ partnership etc) are eligibile to get a car loan.

We at LoanOnMind provides car loan service at your door step in Hyderabad. Just give a missed call to 9995559955.

New Car Loan Interest Rates from all Hyderabad Banks

Car loan Banks Interest Rates Maximum Loan Amount
Axis Bank Car Loan Hyderabad Axis Bank Car Loan 9.25% Fixed 90% of ex-showroom price
Kotak Mahindra Bank Car Loan Hyderabad Kotak Mahindra Bank Car Loan 11.50% Fixed 90% of ex-showroom price
HDFC Bank Car Loan HDFC Bank Car Loan 9.25% Fixed 100% of ex-showroom price
Muthoot Finance Car Loan Muthoot Finance Car Loan 11.25% 90% of the on-road price
Bank Of Baroda Car Loan Bank Of Baroda Car Loan 8.90% Floating 85% of on-road price
Bank of Maharashtra Car Loan Bank of Maharashtra Car Loan 9.25% Floating 85% of on-road price
Canara Bank Car Loan Canara Bank Car Loan 8.90% to 9.45%. Upto 90% of on road price
Central Bank of India Car Loan Central Bank of India Car Loan 9.00% Floating 90% of on-road price
Corporation Bank Car Loan Corporation Bank Car Loan 9.60% Floating 85% of ex-showroom price
ICICI Bank Car Loan ICICI Bank Car Loan 10.75% Fixed 100% of ex-showroom price
IDBI Bank Car Loan IDBI Bank Car Loan 9.00% Fixed 90% of ex-showroom price
Indian Bank Car Loan Indian Bank Car Loan 9.50% Floating 85% of on-road price
Union Bank Of India Car Loan Union Bank Of India Car Loan 9.20% Floating 85% of on-road price
Oriental Bank of Commerce Car Loan Oriental Bank of Commerce Car Loan 9.05% Floating 85% of on-road price
Punjab National Bank Car Loan Punjab National Bank Car Loan 8.75% Floating 85% of on-road price
State Bank of India Car Loan State Bank of India Car Loan 9.20% Floating 85% of on-road price
Bank of India Car Loan Bank of India Car Loan 9.50% Floating 85% of on-road price
United Bank of India Car Loan United Bank of India Car Loan 9.10% Floating 85% of on-road price
Syndicate Bank Car Loan Syndicate Bank Car Loan 8.95% 85% of on road price
Dena Bank Car Loan Dena Bank Car Loan 9.10% 85% of on road price

Car Loan EMI Calculator

     

Top Banks Offeting Car Loans in Hyderabad

Looking for the new car loans in Hyderabad and confused on choosing the best one? LoanOnMind gives the updated information about vehicle loan interest rates, loan tenure range, processing fee and many more.

The demand of car loans are increased in these days. So, many banks and NBFC's are providing the auto loans at attractive interest rates. The top car loan providers in Hyderabad include HDFC bank, Axis Bank, YES bank, Kotak mahindra bank, Muthoot Finance.

1. HDFC Bank Car Loan

HDFC bank is one of the India's largest private sector bank. HDFC bank offers many services to their customers. HDFC Bank Car loan is the best in providing the car loans at attractive interest rates. The bank approvals the loans within 30 minutes. It offers car loans with minimal documentation. The following are Benefits of HDFC bank car loan:

Eligibility minimum age should be 21 years and maximum age should be 65 years at the time of a loan maturity
Rate of Interest 9% - 10.25%
Loan Tenure 1 - 7 years
Loan amount Up to 100% of the ex showroom cost
Pre- closure charges Nil after 2 years

2. Axis Bank Car Loan

Axis Bank is the 3rd largest private sector bank in India which offers auto loans at attractive interest rates. Axis Bank new car loans offers loans from Rs. 1 lakh up to 100% of the cost of a car. Apply for a Axis Bank car loan and make your dream of getting a car come true.

Eligibility Age should be between 21 to 70 years old at the time of a loan maturity
Interest Rate 11.50%-12.50%
Loan Tenure 1 - 7 years
Processing Fee Rs. 3500 - Rs. 5500

3. YES Bank Car Loan

YES bank is the fourth largest private sector bank in India which offers auto loans at competetive interest rates. The loan tenure is flexible for the applicants. YES Bank car loan offers minimum loan amount Rs. 1 lakh.

Eligibility Age Should be between 21 to 65 years at the time of the loan maturity
Interest Rate 10.25% - 12.25%
Loan Tenure 1 - 7 years
Processing Fee Rs. 5000 - Rs. 10000
Loan amount Up to 90% of the value of a car

4. Kotak Mahindra Bank

Kotak Mahindra bank is one of the private sector bank in India. It help you to get your dream car easily. Apply for a Kotak Mahindra Bank car loan and get car loans at attractive interest rates.

Eligibility Age Should be between 21 to 65 years at the time of the loan maturity
Interest Rate 11.50% – 13.50%
Loan Tenure 1 to 5 years
Pre Closure Charges 5.21% + GST
Loan amount Up to 90% of the value of a car

5. Muthoot Finance Car Loan

Muthoot Finance is a financial corporation in India. It offers vehicle loans at attractive interest rates. Apply for Muthoot Finance car loan and get instant approval for your new car loans.

Eligibility Age Should be between 21 to 65 years at the time of the loan maturity
Interest Rate 8.25% - 22%
Loan Tenure 1 to 7 years
Pre Closure Charges 4% on the principal outstanding
Loan amount Finance up to 85 to 90% of original invoice value of a new car

Factors Affecting Car Loan Eligibility

Age: Loan eligibility is depends on the age of an applicant. The age criteria is different for various banks and NBDCs, but the lenders can give the loans to the people whose age between 18 to 65 years old.

Monthly Income: Business income or annual salary is one of an important factor that decides the loan amount that you can eligible for. If you are earning a good income, then you can get a more loan.

Car Model Type: Car loan model can be a reason to get a higher amount. If you are buying a car which is having a high resale value, then you can expect a higher loan amount for the vehicle.

Car Value: Banks offers loan amount up to 85-90% of the on road cost. If you are purchasing a pre owned car, then the eligibility of the loan amount will be up to 80% of the value of a car which can be verified by the valuation officer. But don't purchase over 4 years old used cars. Because, most of the lenders didn't give finance to that cars.

Salaried Employment Status: If you are a slaried emplyee, you should have 2 years continuous employment in an organization.

Self Employed Individuals: For businessmen or other self employed individuals, should have 2 to 3 years work experience in the same business.

Relationship with the Lender: You should maintain a good relationship with your lender to get loan at attractive interest rates.

Employee Category: If you are working in a reputed company, then you will get a higher loan amount from the lender.

Benefits and Features of New Car Loans

  • A car loan will help you to purchase the best car.

  • You can purchase a car quickly without taking more time.

  • Fast processing

  • Minimal Documentation

  • Flexible repayment options

  • Instant Approval

  • Hassle free processing

  • Funding up to 80 to 100% of on road cost of the vehicle

  • Loan amount up to 80% of the value of the vehicle

Top Indian Banks Car Loan Customer Care Numbers

Name of the Bank Toll Free Number
HDFC Bank 1800-22-4060
Axis Bank 1860-419-5555/ 1860-500-5555
State Bank of India 1800-425-3800
Punjab National Bank 1800-180-2222 / 1800-103-2222
Yes Bank 1800-2000
Kotak Mahindra Bank 1800-419-0090
Syndicate Bank 1800-225-092/ 1800-425-0585
Bank of India 1800-220-229
Central Bank of India 1800-22-1911
Canara Bank 1800-425-0018
Citibank 1860-210-2484
Corporation Bank 1800-425-3555
City Union Bank 044-71225000
HSBC Bank 1860-266-2667 / 1860-500-2255
Federal Bank 1800-425-1199/ 1800-420-1199
IndusInd Bank 1860-500-5004
South Indian Bank 1800-843-1800
Karur Vysya Bank 1860-200-1916
Indian Overseas Bank 1800-425-4445
IDBI Bank 1800-200-1947 / 1800-22-1070
Tamilnad Mercantile Bank 1800-425-0426
Muthoot Fianance 1800-313-1212
Uco Bank 1800-274-0123

FAQs About Car Loans

1. How much Finance Can I get on Car Loans?

The car finance is differ from bank to bank. Some banks offer finance up to 100% of the value of the vehicle.

2. Can I pre pay the total loan amount?

Yes, you can prepay the entire loan amount at any time.However, many banks offer pre payment option after the six months of loan tenure. You need to pay small penalty that will be based on the remaining loan amount.

3. Do I need a Guarantor for Car Loan?

If your net salary is doen't meet the requirements to get a car loan, then you need a guarantor for surety.

4. What are the repayment tenure for car loans?

The repayment tenures are different from bank to bank. The repayment tenure is usually ranging from 1 to 7 years.

5. How long does it take to process the new car loan?

The users are requested to confirm information after submiting the required documents to the bank. If the applicant submitted the all the documents, then the loan will be approved quickly.

6. What are the Check lists for car loans?

  • Identity Proof

  • Income proof

  • Car quotation

  • Bank statement

  • Address proof

  • Down payment dealer receipt

  • Photo identity proof

  • Voter ID

  • Bank continuity proof

  • One passport size photo

  • If you have any Fixed Deposit submit Investment proof, Shares, Fixed Assets, etc

  • Latest ITR

7. How to I payoff my car loan?

Online payment options are available to payoff the car loan. You can pay the car loan through debit or credit card.

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