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    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

    9% 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

    None

    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.

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    • USED CAR
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    Our Lending Partners

    HDFC Bank

    HDFC Bank

    ICICI Bank

    ICICI Bank

    IDFC First

    IDFC First

    IndusInd Bank

    IndusInd Bank

    Kotak Mahindra Prime

    Kotak Mahindra Prime

    Shinhan Bank India

    Shinhan Bank India

    Tata Capital

    Tata Capital

    Interest rate Comparison

    Bank Name

    Car Loan Interest Rate

    Shinhan Bank India

    9% p.a. onwards

    IDFC First

    9.99% p.a. onwards

    ICICI Bank

    12.5% p.a. onwards

    HDFC Bank

    12.75% p.a. onwards

    IndusInd Bank

    15% p.a. onwards

    Tata Capital

    15% 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 : ₹ 1,00,000
    ₹ 1,00,000
    ₹ 50,00,000

    Tenure

    4 Years

    Interest

    9.99%

    ₹ 2,535

    EMI For 4 Years


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

    Total Interest Payable

    ₹ 21,680

    Principal Loan Amount

    ₹ 1,00,000

    Total Amount Payable

    ₹ 1,21,680

    This doesn’t include bank processing fee.

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    Latest News on Car Loans

    FAQs

    • How does used car loan work?

      When you take a used car loan from a lending institution, you receive the loan principal in lump sum after the submission and verification of the relevant documents. You will have to repay this principal amount along with the applicable interest on the loan over a pre-determined tenure. You can apply for a used car loan online for faster loan processing.

    • What are the benefits of a used car loan?

      Availing a used car loan offers the following benefits – Easy car purchase – Bring home your desired four-wheeler in only a few effortless steps. No collateral needed – The vehicle you purchase will itself be the loan security. You need not fear risking any additional assets. High loan amount – You can apply for a loan principal as high as Rs. 50 lakhs and purchase the car of your choice. Minimum paperwork – You can apply for a used car loan online. This all-digital approach can save you hassles related to heavy paperwork. Repayment flexibility – For a comfortable repayment experience, get flexibility in terms of the loan tenure and EMI payment – fixed or flexi EMI plans.

    • What is the interest rate for used car loan?

      Used car loan interest rate refers to the rate at which interest is to be charged on the principal loan amount for a pre-determined tenure. Used car loan rates start at just 15%.

    • What is the maximum tenure available for used car loan?

      Used car loan tenure refers to the period within which a borrower needs to repay their loan, which is equal to the principal amount plus the applicable interest on the loan. The maximum tenure is 60 months or 5 years.

    • What is the used car loan eligibility and documents required for salaried individuals?

      For salaried individuals, the used car loan eligibility criteria are – Age of the applicant must be between 21 and 65 years. Salary must be at least Rs. 20,000 per month. At least one year work experience is mandatory. Salaried individuals need to furnish – Photo identity proof documents Income proof documents Salary slips for the past three months Address proof documents Vehicle Registration Certificate Telephone or mobile bill

    • What is the used car loan eligibility and documents required for self-employed individuals?

      The following are the used car loan eligibility criteria for self-employed individuals – Age must be between 21 years or above and 65 years or below. Annual income must be at least Rs. 2 lakhs. The applicant's business must have been in existence for at least three years. Self-employed individuals need to furnish – Identity proof Copy of their signature Address proof Income proof for the past three months Telephone or mobile bill

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