Car Loan Eligibility Calculator Jun 2019

Last Updated 27th Jun 2019

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 9.30% Floating 85% of on-road price
Union Bank of India 9.20% 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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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