Auto Loan

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Experience The Joy of Owning a Car With a Auto Loan!

Owning your dream car is much easier with a Auto Loan. Meet your comfort zone with the car of your choice with the help of the most flexible loan.

Auto Loans involve a down payment, followed by monthly instalments. With LoanDekho Loan, get Auto Loan rates that are reasonable to you without having to pay the full price at one go. Making car ownership more accessible and affordable.

Best Auto Loans from Banks

Auto Loan interest rates can vary based on different factors and different banks. We curated a set of competitive interest rates that are available for you. G to the bank-wise interest rates, now.

Bank Interest Rate (p.a.)
State Bank of India(SBI) 8.60 p.a. onwards
HDFC Bank 7.90% - 11.01% p.a.
ICICI Bank 10.00% onwards (12-35 months)
Axis Bank 8.95% - 13.80% p.a.

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The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks

Auto Loan Interest Rates, Fees & Charges

Auto Loan fees and charges are important considerations to settle. They include processing fees, documentation charges, prepayment penalties, and late payment fees. They prove to be of great benefit as it is crucial for effective budgeting.

The rates below provided are a compilation of the various charges and rates that are applicable while applying for a Auto Loan.

Features New Car Used Car
Interest rates 8.90% p.a. onwards 9.40% p.a. onwards
Loan Amount Up to 100% of the ex-showroom price Up to 80% of the car’s valuation
Loan Processing Fees Starting from 0.20% of the loan amount Up to 2% of the loan amount
Loan Tenure Up to 7 years Up to 5 years

Other Charges

Prepayment/Foreclosure Charges

0.5% - 5% on the outstanding principal or interest for the remaining term of the loan, whichever is lower.

Auto Loan EMI Calculator

A Auto Loan EMI calculator helps you estimate monthly repayment & gain clarity on the financial hedges. Plan your Auto Loan interest rate, and determine their eligibility and affordability for the loan.

Input the loan amount, interest rate, and loan tenure, the calculator provides an estimate of the Equated Monthly Instalment (EMI) that needs to be paid towards the Auto Loan.

%
Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)
202504815869198.10%
2025058158683816.20%
2025068158675724.30%
2025078248667532.50%
2025088248659340.70%
2025098338651049.00%
2025108338642757.30%
2025118428634365.70%
2025128428625974.10%
2026018518617482.60%
202602851868991.10%
202603860860100%

Auto Loan Eligibility Criteria

It is important to check your Auto Loan eligibility factor to qualify before opting for a Auto Loan. Check your eligibility here,

Criteria Requirement
Type of car Used Auto Loan/ New Auto Loan
Residence Urban/Rural/Semi-rural
Age 18 yrs - 75 yrs
Employment type Salaried/Self
Salary Depends on the bank

Documents Required to Apply for Auto Loan

To apply for a Auto Loan, provide some basic documents as proof of identity and income. Hence, here’s a list of Auto Loan documents required:

  • Identity Proof: Passport, driver's license, Aadhaar card, Voter ID
  • Address Proof: Utility bill (electricity, water, or gas), bank statement
  • Income Proof: Recent payslips, Income Tax Returns (IT returns)
  • Photographs: Recent passport-sized photographs

Improve Chances of Getting Auto Loan

Besides meeting basic eligibility getting a Auto Loan requires specific guidelines for approval.

Do's Don'ts
Maintain a good credit score Don't miss or make late payments on existing debts.
Pay off existing debts and reduce outstanding balances. Don't apply for multiple loans simultaneously.
Save for a down payment. Don't exceed your budget for the car purchase.

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Personal Loans For Car Vs. Auto Loans

Personal loans for purchasing a car and Auto Loans serve differently. It is subjective to your purpose of availing a loan. Since personal loans are unsecured loans it is possible to to buy a car, while on the other hand Auto Loans specifically cater to purchasing a vehicle. But there are other criteria that make them different, here are some of them-

Aspect Personal Loans for Car Purchase Auto Loans
Purpose Can be used for various personal expenses. Specifically designed for purchasing a vehicle.
Collateral Typically unsecured loans. The car itself acts as collateral.
Loan Amount Generally lower loan amounts. Higher loan amounts depending on the vehicle's value.
Interest Rates Interest rates may be higher. Lower interest rates due to the collateral.

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Auto Loan Features & Benefits

Auto Loans offer flexible amounts and tenure options, competitive rates based on credit history, quick approval, and financing for various car models, with convenient repayment through EMIs.

  • Minimal Paperwork

    Get your loan approved
    within minimum
    documention

  • Low Interest Rates

    Starting at 11.99% p. a.

  • No Collateral

    Get the financialassets without risk.

  • Plenty of options

    Financing available forvarious car modles and brands.

  • Flexible Loan Amount

    Avail the loan amount youneed to upscale your business.

  • Flexible Repayments

    Get the loan amount yourbusiness scales for the type of project

Steps to Apply for Auto Loan

Here’s the step-by-step process that you can follow to apply for a Auto Loan on LoanDekho Loan:

  • Step 1: Visit LoanDekho.in .
  • Step 2: Open the Loan Page and click any apply button on page
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Auto Loan Foreclosure

Auto Loan foreclosure allows early repayment of the outstanding amount, saving on interest and eliminating debt.

Auto Loan Refinancing

Auto Loan refinancing replaces an existing loan with a new one from a different lender, offering improved terms, lower rates, and potential savings on payments and interest. Evaluate options, compare lenders, and consider fees for a beneficial refinancing decision.

Here are some reasons to refinance Auto Loan