Car Loan Rates EMI 2024

Car Loan Bengaluru

Car Loan Bengaluru

Last Updated : May 25, 2017, 5:38 p.m.

About Bengaluru

Bengaluru, the capital of Karnataka is proudly called as the Silicon Valley of India. It is a major contributor in India’s export of information technology. It is the home to leading research and educational institutions in the country. The city has seen tremendous growth in the IT sector which has led to the creation of employment. It is a chief hub of biotechnology industry with many companies setting up their base in the city. Since majority of the key organisations like Wipro, Infosys are headquartered in the city, it has led to the development of the banking sector at a mammoth level.

About Car Loan

Your face suddenly brightens up when you see a stylish car passing by you, isn’t it? We all wish to have a car of our own which we can take for long drives. Unfortunately for many of us, inadequate savings forces us to put a brake on our dreams. A car loan acts as a perfect fuel for the wishes of people who dream of owning a car. Major banks and Non Banking Financial Companies offer a car loan to applicants who fulfill all the requirements and documentation work. An interested applicant can avail a car loan for a tenure ranging between one to seven years. With a small amount of down payment, one can easily fulfill his/her dream of owning a car.

Car Loan Bengaluru in a nutshell

Interest Rate7.45% - 14.01%
Processing Fee₹500-₹5500; 0.25%-0.50% of the loan amount
Pre-payment/Part-payment ChargesPre-payment charges- 5% of the principal outstanding+service tax as applicable

Part-payment charges- 5% of the part payment amount+service tax as applicable
Tenure/Repayment1-7 years
Lowest EMI/Lakh₹1,594-₹2,015

Eligibility Criteria required to get a Car loan in Bengaluru

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for at least 3 years)
AgeThe applicant should be above the age of 18 years while applying for a car loan and up to 70 years of age when the loan maturesAny proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity.
IncomeMinimum gross annual income of at least ₹ 1,80,000/-Minimum gross annual income of at least ₹1,80,000/-Firm should have a minimum PAT (profit after tax) of ₹2.00lakhsMinimum PAT (profit after tax) of ₹2.00 lakhs
Job StabilityThe total employment stability should be for at least 2 years and current employment stability of minimum 1 yearBusiness stability should be for at least 2 years

Documentation required for a Car Loan

  • Proof of Identity : Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)
  • Proof of Address : Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy
  • Proof of Income : Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR
  • Bank Statement of the last 6 months

Top Banks offering Car Loan in Bengaluru

BankMain Branch AddressCar Loan Interest Rate
State Bank of IndiaVasavi Complex, St. Mark's Road, Distt. Bengaluru Urban, Karnataka -5600017.20% - 7.90%
ICICI BankICICI Bank Ltd Towers, 1, Commissariat Road, Ground Floor, Bengaluru- 560025, Karnataka7.90% Onwards
HDFC BankSite. No. 43, G Block, , 60 Feet Main Road, Sahakar Nagar, Bengaluru Karnataka 5600927.95% - 8.30%
Axis BankNo. 9, M.G. Road, Block -A, Bengaluru Karnataka -5600017.45% - 14.50%
Punjab National BankVokkaligara Sangha Building, Hudson Circle, Bengaluru Karnataka - 5600276.50% Onwards
Bank Of BarodaAPMC Yard Branch, P.B.NO.2222, APMC YARD, Tumkur Road, Yeshwanthpur, Bengaluru, Karnataka
7% onwards
Bank Of IndiaSt Marks Rd, Shanthala Nagar, Ashok Nagar, Bengaluru, Karnataka 5600016.85% onwards
IDBI BankAnand Nilaya, No 6, 100 Feet Road, 5th Block, Koramangala, Bengaluru, Karnataka 5600957.50% Onwards
Bank Of MaharashtraNo.3, 1st Cross,Thimmaiah Towers, Gandhi Nagar, Bengaluru, Karnataka 5600096.40% onwards
Central Bank of India92, 60 Feet Rd, RBI East Layout, 6th Block, Koramangala, Bengaluru, Karnataka 5600957.25% - 7.70%

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