Car Loan Hyderabad

About Hyderabad

Hyderabad, the capital of Telangana is one of the major contributors to India’s GDP. The city has witnessed the development of biotechnology and pharmaceutical industries since the 1990s. It has grown into a major hub of IT industry which has earned it the name ‘Cyberabad’. Hyderabad and its suburbs have the most number of special economic zones in our country. Global conglomerates such as Apple, Microsoft and Google have amplified their presence in the city. One can find many banks and NBFCs in the city who are working day in and day out to meet the financial needs of the people.

About Car Loan

We all wish to have our own car, isn’t it? Having a car makes the entire commutation so easy.You don’t have to depend on public transport or any other mode of transport. You can take our car anywhere and anytime we want, be it for a trip or a long drive. Unfortunately, inadequate savings can force many of us to apply a brake on our wishes. This is where a car loan proves to be beneficial. A car loan is offered by leading banks and Non-Banking Financial Companies to people who wish to buy a car that matches their style and choice. You just need to ensure that you meet their eligibility requirements and submit the documents, without fail. You just have to pay a certain amount as down payment and the rest as monthly EMIs.

Car Loan Hyderabad in a nutshell

ParticularsDetails
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 Hyderabad

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 Hyderabad

BankMain Branch AddressCar Loan Interest Rate
State Bank of IndiaBank Street, Sultan Bazaar, Koti, Hyderabad, Telangana 5000957.75% - 8.45%
ICICI BankHema Durga Plaza, Opp., Allwyn Colony, Miyapur, Hyderabad - 500049, Hyderabad Dist., Telangana9.30% - 12.85%
HDFC Bank6 - 1 - 73 Gr Floor, Saeed Plaza, Lakdikapul, Hyderabad - 500004, Telangana8.11% - 15.80%
Axis BankSri Krishna Ashray, 4 - 3 - 537 & 4 - 3 - 538 Hanuman Tekdi, Off Bank Street Hyderabad ,Telangana, Pin -5000959.05% - 11.30%
Punjab National Bank4 - 1 - 427, Troop Bazaar, Bank Street, Hyderabad, Telangana 5000017.40% - 7.65%
Bank Of Baroda5 - 9 - 27/78 Lakehill Road, Adarsh Nagar, Hyderabad, Telangana7.35% - 9.10%
Bank Of IndiaShop No.5-8-659, P. B. No.134, Nampally Station Rd, Kattel Mandi, Chirag Ali Lane, Abids, Hyderabad, Telangana 5000017.35% - 7.95%
IDBI BankD.No.5-9-89/1 and 2, Chapel Road, Fateh Maidan, Abids, Hyderabad, Telangana 5000019.20% - 9.90%
Bank Of MaharashtraNear Shadan Women's College, Khairatabad Road, Chintal, Hyderabad, Telangana 5000049.35% - 10.10%
Central Bank of IndiaNear Fateh Maidan Club, Fateh Maidan, Abids, Hyderabad, Telangana 5000017.25% - 7.45%

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%