Financing Options / Auto Loans For New Cars

Picking the right auto loan is an individual choice and depends on various loan options, banks, vehicle type and credit history. Hence, pre-calculated EMIs are usually inaccurate. Rather than comparing the absolute EMIs, it is recommended that a buyer examines various options available to him and make the best choice suitable for him.

Besides this, getting information from an auto dealer about the varied options in the offing may be useful. Find ideal auto dealers in India to avail the best deals in car purchase.

In order to simplify the process of obtaining finance for purchasing a vehicle, we have gathered the loan information from most of the Indian banks in one place. The information presented below will give you an indication of the prevailing rates, application process etc. You can use this information to calculate your EMI or pick the best loan using our Loan / EMI Calculator.

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Bank Name	Repayment Period	Down Payment	Interest Rate	Loan Amount	Processing Charges	Eligibility / Documents
State Bank of India	3 - 7 years	15%	11.75% -12 %	up to 5 lakhs	0.50% of Loan amount and to be paid upfront. Max Rs. 10,000	Show Details    Eligibility: Net Annual Income should be Rs. 100,000/- and above. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16, Bank statements not necessary Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement
Bank of Baroda	3 - 7 years	15%	11 %	up to 15 lakhs	0.50%	Show Details    Eligibility: Total(Income tax return for 3 years).existing deductions (pf) and proposed installments at 60% of monthly gross salary.85% of quotation price. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement. Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement
ICICI Bank	3 - 7 years	20%	14.25%	80% of ex-showroom price of the car	Rs. 1450	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6months bank statement
HDFC Bank	3 - 7 years	10%	14%	Minimum - Rs 50,000/-.90% of inovice value	Rs. 2090	Show Details    Eligibility: For salaried person, net annual income Rs.100000. For self-employed person,net profit Rs.60000 per annum for standard cars and Rs.100000 for mid-sized & premium cars Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Documents Self Employed: Application form with photograph Identity & residence proof Last year income tax returns Bank statement waived for small cars,for mid-sized & premium cars if income is greater than 15 laces.
Axis Bank	1 - 7 years	10%	12%	Loans offered from Rs.1 lakhs	Data Not Available	Show Details    Eligibility: For salaried persons, minimum income of Rs. 1 Lac p.a. for selected models and Rs. 2 Lac p.a. for others For self-employed persons, minimum income of Rs. 60,000/- p.a. for selected models and Rs. 1 Lac p.a. for others Documents Salaried Person: Application form with photograph Identity & residence proof Bank statement income proof signature verification proof Waiver of Income documents & bank statements for priority account holder Waiver of Salary Slips & Bank Statements for salary a/c holder Documents Self Employed: Application form with photograph Identity, residence, income and signature verification proof, Bank statement, Waiver of Income documents & bank statements for priority account holder. 6 months bank returns. IT returns for last 2 years
Union Bank of India	3year- 5 year under tie, up to 7 years	15%	11 % - 12 %	Three times the amount equivalent to the net income /net annual salary subject to a maximum of Rs 10 lacks(up to 85%)	Loan up to Rs. 2 Lacs- Rs.500, Loan over Rs. 2 Lac- Rs. 1000	Show Details    Eligibility: Professional/Businessmen having regular income. Documents Salaried Person: Application form with photograph Identity & residence proof 3yr returns Bank statements Documents Self Employed: Application form with photograph Identity & residence proof 3yr returns Bank statements. Balance sheet & pl account.
Allahabad Bank	3 - 7 years	15%	13.00%	Up to a Maximum of 2 times of Net Annual Income / Net Annual Salary.	For Salaried Persons: Nil, For Others: 1% of loan amount, minimum Rs 2,000/-	Show Details    Eligibility: Salaried Person: Minimum monthly gross income of Rs.10, 000 (In case of full collateral/salary tie-up, minimum monthly gross income would be Rs.5, 000).Agriculturist: Minimum 5 acres of irrigated land should be owned. Professional Self-Employed/Businessmen: Must be an IT assessed. For full collateral security, IT assessment order / IT return may be waved. Agriculturist should own minimum 5 acres of irrigated land. Documents Salaried Person: Application form with photograph Identity & residence proof Bank statements income proof. Documents Self Employed: Same as documents required for salaried person plus Last 2 Years of IT returns and last 6 months of bank statements
Bank of Maharshtra	3 - 7 years	10%	10.75% - 11.75%	Maximum 75 lakhs	Rs. 2000	Show Details    Eligibility: For Salaried persons, permanent in service / professional / businessmen, minimum Gross income Rs. 1.20 Lakh per annum. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Canara Bank	3 - 6 years	10%	11.5%	ceiling on loan amount not specified.	0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-	Show Details    Eligibility: Salaried persons, professionals and business people, with qualifying income and required repayment capacity. Reputed firms and corporate are also eligible. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Catholic Syrian Bank	3years- N/A	20%	13.5%	Data Not Available	Data Not Available	Show Details    Eligibility: For persons having assets and income enough for regular repayment of the advance. Documentary evidence of income should be submitted. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Central Bank of India	3 - 7 years	15%	10.50% - 11.50%	up to Rs. 10 lakhs	1% of the loan amount subject to minimum of Rs.250/-	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Dena Bank	3 - 7 years	25%	12%	up to Rs. 8 lakhs	Rs. 500	Show Details    Eligibility: individual's gross income of more than Rs. 1.50 lakhs p.a. for a car. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Federal Bank	3 - 7 years	10%	13%	Maximum Loan Amount - Individuals - Rs.50 lakhs. Corporate - Rs.200 lakhs	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Karnataka Bank	3 - 5 years	Data Not Available	13%	up to 85% of the invoice value excluding vehicle tax and insurance	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Oriental Bank of Commerce	3 - 7 years	15%	12%	up to Rs. 10 lakhs	0.50% of loan amount with minimum of Rs. 500/-	Show Details    Eligibility: For salaried person, gross salary Rs.1.2 lakh p.a. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Punjab National Bank	3 - 7 years	20%	11.25 - 11.75%	25 times of the monthly net salary or Rs.15lac,whichever is lower. Income of spouse can be taken into account for determining loan amount. No ceiling on loan amount for business concerns	0.50% of the loan amount, with a maximum of Rs.4,000/-	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
State Bank of My sore	3 - 7 years	For Loans up to Rs.6.00 lacs-15%.For loans above Rs. 6.00 laces -30%	Data Not Available	30 times of Net Monthly Income for salaried persons.2.5 times of Net Annual Income for others	Data Not Available	Show Details    Eligibility: individual with annual income of Rs. 75000 & above /-.Self-employed & Professionals with annual income of Rs. 75000/- & above Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Same as documents required for salaried person plus Last 2 years IT return.
Corporation Bank	3 - 7 years	Minimum 10%	12%	up to 75 lakhs	1.00% of the loan amount sanctioned with a minimum of Rs.1000/-	Show Details    Eligibility: Individuals minimum annual gross income of Rs.1.20 lakhs for purchase of Four Wheelers Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Centurion Bank of Punjab	3 - 5 years	Minimum 10%	15%	Minimum - Rs 50,000/-. Up to - Rs 10,00,000/-	Rs. 1000	Show Details    Eligibility: Salaried - Minimum Net Income of Rs 75,000 per year Self Employed - Minimum ITR Rs. 1,00,000 Documents Salaried Person: Latest 3 months Salary slips showing all deductions and Form 16 of the last FY. Residence and identity proof bank statement Documents Self Employed: Copy of Income Tax return (+) Computation of Income (+) Balance Sheet (+) P & L account for last 2 years. Residence and identity proof bank statement
Indian Bank	3 - 5 years	20%	10.5 % (fixed) upto 36 months.11 % (fixed) beyond 36 months	upto Rs 7.5 lakh	Front end fee of Rs.250/- per lakh or part thereof with a minimum of Rs.250/-	Show Details    Eligibility: Minimum gross annual income/salary: Rs.2.4 lakh.20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse).Pensioners and Bank Employees are not eligible for the loan. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Indian Overseas Bank	3 years	Data Not Available	11.50	Data Not Available	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
UCO Bank	3 -5 years	Data Not Available	13.25%	Amount of loan would be 85% of the cost of vehicle or Rs. 7.50 lacs whichever is lower	1% service charge is applicable subject to a ceiling of Rs.1000/- only	Show Details    Eligibility: For salaried person, The applicant must be a permanent employee having completed 2 years of service and remaining period of service of more than 5 years. The minimum monthly take-home pay must be Rs. 7,500/- + EMI For business persons, Minimum income should be Rs. 1.20 Lac per annum as per Income Tax Return/Assessment. LIC Policy equal to the amount of loan should be assigned in favor of the Bank. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Vijaya Bank	3 -7 years	20%	11%	Loan up to 80% of the cost / invoice value of the vehicle including accessories and registration expenses	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.

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