Car Loan Eligibility Calculator Mar 2020

Last Updated 31st Mar 2020

Car Loan Eligibility – All Banks

Rate of Interest Starting 9.25%
Lowest EMI Per Lakh Rs. 1,478 for 8 years
Maximum Loan Amount Upto 100% of ex-showroom price
Age Min 21 years and Max 60 years
  • Car Loan eligibility depends on salary. Higher the income, higher the eligibility
  • Assessment of repayment capacity after paying existing fixed expenses and EMIs defines your eligibility
  • Compare and check online to get the lowest car loan rate and best loan amount

Compare Car Loan Rates and Eligibility of All Banks

Bank Car Loan Interest Rates Car Loan Eligibility Loan Amount
Andhra Bank 9.40% Fixed 85% of on-road price
Axis Bank 9.25% Fixed 90% of ex-showroom price
Bank of Baroda 8.90% Floating 85% of on-road price
Bank of India 9.50% Floating 85% of on-road price
Bank of Maharashtra 9.25% Floating 85% of on-road price
Central Bank of India 9.00% Floating 90% of on-road price
Corporation Bank 9.55% Floating 85% of ex-showroom price
Federal Bank 9.15% Fixed 90% of ex-showroom price
HDFC Bank 9.25% Fixed 100% of ex-showroom price
ICICI Bank 8.89% Fixed 100% of ex-showroom price
IDBI Bank 9.30% Fixed 90% of ex-showroom price
Indian Bank 9.65% Floating 85% of on-road price
IndusInd Bank 10.65% Fixed 85% of ex-showroom price
Kotak Bank 11.50% Fixed 90% of ex-showroom price
OBC 9.05% Floating 85% of on-road price
PNB 8.75% Floating 85% of on-road price
SBI 8.70% Floating 85% of on-road price
Union Bank of India 8.60% Floating 85% of on-road price
United Bank of India 9.10% Floating 85% of on-road price

Car Loan Eligibility Criteria

  • Maximum amount of car loan you can get depends upon two factors
    • value of the car you are buying
    • the maximum EMI you are able to pay
  • While some banks express the maximum loan amount as a %age of ex-showroom price, some link it to the on-road price. The two are not the same as explained below:
  • Ex-showroom price is the price of the car including excise duty but excluding local duties and statutory charges.
  • On road price is the price you pay for the car including the ex-showroom price and cost of registration, insurance, octroi, municipal entry tax, road tax and any accessories. The on road price tends to be 15-25% more than the ex-showroom price and may vary from city to city.

Car loan Eligibility calculator, Cibil Score for Car loan

This MyLoanCare calculator uses your monthly income to estimate how much personal loan amount banks are likely to sanction you. Important factors that determine your eligibility are:

  • How much EMI can you comfortably pay every month while still meeting your household expenses? In case you pay any existing EMI’s on other loans, the same will reduce your eligibility
  • What is the car loan tenure available and opted for by you? Car loans are available for a period of 1 to 7 years. Longer tenures are available on new cars as opposed to used cars.
  • Your CIBIL score and payment track record of past loans and credit cards. A CIBIL score of above 750 is desirable for availing car loans. Estimate your credit score free by using MyLoanCare Credit Score Simulator

Eligibility estimate based upon your monthly post tax in-hand income and lowest interest rate offered in the market. Additional eligibility criteria, charges, terms, conditions and different interest rates may apply. Loans granted at sole discretion of respective bank.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More