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Car Loan Apply

Your Checklist Before Applying for Car Loan

Last Updated 30th Jul 2021

Features Car Loan
Tenure 3 - 7 Years
Age 18 - 75 Years
Prepayment charges 1%
Minimum income for salaried ₹ 7,500
  • A car loan is a secured loan which can be availed online or offline to buy a new or an used car.
  • Car loan interest rate ranges between 8.65%- 20.00%.
  • Get a car loan up to 100% of the car's amount as a loan amount.
  • Processing fee for car loan is as low as 0.20%.
  • To avail a loan a borrower is required to submit identity proof, address proof and income proof.
Apply for Car Loan @ 8.65%*

Steps to Apply Online Car Loan at MyLoanCare

You can apply for a car loan online through the bank website or online marketplace. However, to get the best rates on a car loan, you must calculate your loan EMI and eligibility before making a detailed comparison of offers and schemes of leading banks and NBFCs in India.

To apply for online car loan at MyLoanCare, perform the following steps:-

Step 1: Login to the website and select the ‘Car Loan’ option from the menu. Either you can fill the above given form and complete the details.

Step 2: Fill the details like full name, mobile number, net monthly income, pin code, loan amount, and other details.

Step 3: Enter the OTP which you have received on your mobile number.

Step 4: A list of offers will be displayed to compare rates and charges based on the details provided by you.

Step 5: If the offer suits you, click ‘Apply Now’.

Step 6: Your application will be forwarded to the chosen bank and you will soon get a call from the bank's representative.

Step 7: After that, the bank will verify your documents, check credit history and calculate your eligibility based on the car’s value.

Step 8: If eligible, the bank will approve your loan application. You will receive a sanction letter from the bank mentioning the key loan terms, including interest rate, processing fees, tenure, and prepayment charges.

Step 9: Finally, the sanctioned loan amount will be disbursed to your bank account.

Car Loan Application

With the availability of car loans, fulfilling a dream to buy a car has become a reality. There are hundreds of lenders available in the market who offer car loans to the needy person. There are two types of auto loan provided, new car loan and used car loan. A few years ago, a borrower had to visit the bank, but now that the banking sector has adopted digitalisation, lenders have started providing loans online. An individual can apply for an online car loan sitting at the comfort of home or office.

Top Car Loan Providers

Here is the list of banks who offer car loan at lowest interest rate:-

Bank Interest Rate
HDFC Bank Car Loan Rates 13.75% - 16.00%
SBI Car Loan Rates 7.50% - 8.45%
ICICI Bank Car Loan Rates 7.90% - 9.85%
Axis Bank Car Loan Rates 8.65% - 10.90%
IndusInd Bank Car Loan Rates 8.00% - 18.00%
Kotak Bank 6.50% - 20.00%
PNB 7.55% - 7.80%
Union Bank of India 7.40% - 7.50%
Central Bank of India 7.25% - 7.70%
Andhra Bank 7.40% - 7.50%
IDBI Bank 7.50% - 8.10%
Federal Bank 8.50% - 8.50%
Bank of India 7.35% - 8.55%
Bank of Maharashtra 7.55% - 10.40%
Corporation Bank 7.40% - 7.50%
Indian Bank 9.65% - 9.65%
OBC 7.55% - 7.80%
Bank of Baroda 7.25% - 10.25%
United Bank of India 8.60% - 8.85%

Factors that Impact Car Loan Approval Chances

Before heading to a lender to avail an auto loan, one must consider these factors as it may affect loan approval chances:-

  • Credit score: A credit score is used to determine the creditworthiness of a borrower, a good credit score means that a person can get an auto loan at a lower interest rate whereas a bad credit score means a higher interest rate. Sometimes it can lead to rejection as well.
  • Income: Income of a borrower is an important factor that helps decide the loan amount and interest rate. It is easy for a salaried employee to get a loan compared to a self-employed professional because the salaried person will be able to pay the EMIs timely.
  • Loan tenure: Tenure of a loan helps in deciding the EMI, longer the tenure means lower EMI. In comparison, a borrower pays more interest and shorter tenure means higher EMI, whereas a borrower pays less interest amount.
  • Age of vehicle: New car loan gets approved easily when compared to used car loan. This is because a new car has a higher resale value, and the interest rate generally ranges between 8.65% to 20.00%.

Car Loan Approval Process

The car loan application procedure for every lender is different. However, there are a few steps which are same for every bank.

  • Fill the application form of car loan online by visiting the lender’s website or MyLoanCare.
  • Submit all the required documents like identity proof, address proof, and income proof.
  • After submission of documents, banks will verify documents and if documents are as per the requirement, then the loan will be approved within 24 hours-48 hours. Information whether the auto loan is approved or not is sent through email.
  • After the approval of the car loan, the loan amount will be disbursed in a few days.

Documents Required for State Bank of India (SBI) Car Loan

Documents needed for a car loan by State Bank of India are :-

  • Application form with photograph
  • Identity proof
  • Address proof
  • Bank statement for last 6 months
  • Last 3 months salary slips for salaried
  • Balance sheet, Income Tax Return Document, Profit and loss statement for self employed
  • Quotation of car
  • R.C. of vehicle and insurance of car

Documents Required for HDFC Bank Car Loan

List of documents required by HDFC Bank for car loan are:-

  • Application form with photograph
  • Identity proof
  • Address proof
  • Bank statement for last 6 months
  • Last 3 months salary slips for salaried
  • Balance sheet, Income Tax Return Document, Profit and loss statement for self employed

FAQs

Which bank is best to take a car loan online?

Usually, people consider the best bank as the one that offers the lowest interest rate or has good customer service. Axis Bank can be an option because it offers the lowest interest rate of 8.65%.

Can I get an Instant Car Loan by applying online?

Yes, you can get an instant car loan if you apply online. Though you should have a pre-approved car loan offer otherwise loan approval can take up to 3-4 days.

What are the benefits of applying for a car loan online?

If you apply for a car loan online then you save time, you can compare easily and select the best lender. If you apply for a car loan with us, MyLoanCare then you can also avail of cashback up to Rs 1000 and all process is taken care of by us.

How long does the online car loan application take to get approved?

The loan approval process for every lender and borrower is different because it is based on various factors. Generally, a car loan can get approved in 24 hours to 72 hours.

Shall I be charged a high interest rate on an online car loan?

No, the interest rate for online car loans and traditional car loans is the same. Interest rate sees decrease or increase due credit score, monthly income and more.

Are there any other charges on an online car loan in comparison to a physical bank car loan?

No, there are no extra charges to be paid on an online car loan. When you avail of the loan you will only have to pay the processing fee and interest rate (throughout the tenure).


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