Car Loan-EMI, Compare Interest Rates for Auto Loans-CarWale

    Get instant car loan eligibility with upto 100% financing from leading banks at best Interest Rates, EMI for your new car and used car purchase. CarWale brings car finance at your fingertips with attractive bank offers for your dream car.

    Car Loan Details

    New Car Interest Rate

    8% Onwards

    New Car Loan Tenure

    1 to 7 years

    Used Car Interest Rate

    12.5% Onwards

    Used Car Loan Tenure

    1 to 4 years

    Processing Fees

    Varies with bank

    Collateral/Security Requirement


    Interest rates applicable on monthly reducing balance.

    How does this work?

    Fill in your details once

    Fill in your details once

    Looking for a Car Loan?

    CarWale makes applying for a car loan online quick and simple. All you need to do is furnish some details on the website and submit your application. Once this is done, the bank automatically takes over and you have your loan quotes ready.

    • NEW CAR
    • USED CAR


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    Our Lending Partners

    Axis Bank

    Axis Bank

    Cholamandalam Finance

    Cholamandalam Finance

    HDB Financial Services

    HDB Financial Services

    ICICI Bank

    ICICI Bank

    Yes Bank

    Yes Bank

    Interest rate Comparison

    Bank Name

    Car Loan Interest Rate

    ICICI Bank

    9% p.a. onwards

    Yes Bank

    9.75% p.a. onwards

    Feature and Benefits

    Loan upto 100% of On-Road Price

    Loan upto 100% of On-Road Price

    Car Loan EMI Calculator

    EMIs make your loan repayment much easier and a peaceful process but a car loan EMI is somewhat capable of making a dent in your monthly budget. Therefore, you need to calculate the EMI amount ahead of time to ensure that you can actually afford to take a loan for the desired amount. Our user-friendly CarWale car loan EMI calculator instantly provides you with the monthly amount you would be required to pay based on the loan amount, term and interest rate provided by you.

    Loan amount : Rs. 7,00,000
    Rs. 1,00,000
    Rs. 50,00,000


    5 Years



    Rs. 14,872

    EMI For 5 Years

    Interest Rates shown are indicative and will vary as per your credit score across different lenders.

    Total Interest Payable

    Rs. 1,92,320

    Principal Loan Amount

    Rs. 7,00,000

    Total Amount Payable

    Rs. 8,92,320

    This doesn’t include bank processing fee.

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    Latest News on Car Loans


    • Why should you apply for car loan through CarWale?

      CarWale brings you instant custom-fit car loans from leading banks in India to help you get a loan to purchase your dream car. Just fill the form once and get custom fit loan quotes with upto 100% financing on select vehicles, flexible repayment tenure and pocket-friendly EMIs from our finance partners. In case you have not finalized on a car, we also assist you in finding a car that suits your needs perfectly.

    • What is the maximum loan amount that I can avail for new car loan?

      The maximum loan amount you get is different for different banks. Based on the car you choose, you can check your eligible loan offer. Generally most banks offer loan for 80% to 90% of the on-road price of the car. Few banks also offer up to 100% financing on new car loan based on your income and credit history.

    • What will be the interest rate for car Loan on CarWale?

      The interest rates vary on the basis of car models, tenure selected and your preferred banking partner. We provide offers starting from 9.5% per annum. Your exact rate of interest will be determined by the lender on the basis of your loan application. Lenders also generally charge you with a processing fee directly deducted from your car loan amount which can be negotiated with the lender at the time of sanction of your application.

    • What is the tenure for which I can get a new car loan?

      Generally loan providers offer new car loans for tenures ranging from 1 year to 7 years. You can choose the loan tenure as per your preference.

    • What is car loan EMI? How is this calculated?

      EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your car loan. These payments include the principal amount as well as the interest. The amounts of EMI you have to pay depend on the tenure of your car loan. For a longer tenure, loan repayment is spread over greater number of years and the installments are smaller whereas for a shorter tenure, installments will be larger.

    • What is the eligibility criteria to apply for new car loan on CarWale?

      Generally, the bank or lender will need to review the following to determine your new car loan eligibility:

      • Your credit history (based on a soft review of your credit report)
      • Your income
      • Your age and citizenship status
      • Other debts and monthly financial obligations
      • Your employment status

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