Are you planning to buy your first car or two wheeler? Now a days buying a car is so easy with the help of a car loan, that you can easily manage the expenses by paying regular monthly car loan EMI. Even if you dream for a luxurious car, it is possible with the help of a car loan. In fact its very easy these days using the two wheeler loan interest rate comparison in case you are planning to buy a new bike. You have to validate the car loan eligibility calculator and then go for your dream car.
Eligibility Required for 2 Wheeler Loans / Car Loans
The criteria for both the loans are not equal. But I have tried to sum them together. You should always ask bank to provide specific criteria to apply for loan if any.
- Salaried or self-employed individual. You have to share your income proof.
- Individuals into agricultural & allied activities
- Between the age of 21 to 65 years. Provide the date of birth proof.
- Resides for at least 1 year in the city. In that case you can share rent agreement as address proof or passport ot aadhar card or PAN card if applied in the same city. Ask for any specific reasons not accept any of these documents.
- Working for at least 1 year. Share your employment details like offer letter etc.
- Have a phone at your residence or office. Share your post paid mobile bill or landline bill if allowed.
Latest Car Loan Interest Rates 2017 | Latest two wheeler loan interest rate in all banks
While looking for an Auto loan for your first car or car loan for used car, check out carefully the interest rates and pre-closure terms & conditions. Personally, I took car loan from SBI with quite a good interest rate few years back when I bought my Honda Brio hatchback in India. Although I have closed the car loan after 1 year duration.
Remember one thing, I tried to transfer my SBI car loan to another state when I have transferred, but they did not allow due to some terms and for that reason I have close my SBI car loan. So, ask your bank about the car loan transfer and pre-closure rules properly before applying for a car loan in India.
Top 5 Cheapest Car Loan Interest Rates 2017
Here I have selected few banks with their car loan interest rates in 2017. Just check out the latest car loan interest rate just by visiting the bank website. The data might get changed or updated.
|Car loan company||Interest Rates||EMI per Rs 1 lakh||Processing fee|
|Axis Bank Ltd||9.40% – 16.50%||Rs.2095 – 2458||Rs. 3500 to Rs. 5500|
|Bank of Baroda||8.60% – 10.35%||Rs.2056 – 2142||0.50% of Loan amount|
|Bank of Maharashtra||8.95% – 9.20%||Rs.2073 – 2086||0.25% of the Loan Amount (Min.:Rs.500/-)|
|Canara Bank||8.75% – 8.95%||Rs.2064 – 2073||Waived till 26.01.2017|
|Central Bank of India||8.90%||Rs.2071||0.50% of loan amount with Minimum Rs. 2000/- and Maximum upto Rs 20,000/-|
|Corporation Bank||9.15% – 9.90%||Rs.2083 – 2120||50% waived under Festival Offer-2016 (till 31-01-2017)|
|HDFC Bank||9.25% – 11.25%||Rs.2088 – 2187||50% off on Processing Fees.|
|ICICI Bank Ltd||9.35% – 14.74%||Rs.2093 – 2365||Rs.2500/- to Rs.5000/-|
|IDBI Bank Ltd||9.95%||Rs.2122||N.A|
|Union Bank of India||9.15%||Rs.2083||No processing charges (offer valid till 31/03/2017)|
|Oriental Bank of Commerce||8.85% – 9.10%||Rs.2069 – 2081||N.A|
|Punjab National Bank||8.70% – 9.05%||Rs.2061 – 2078||1% of the loan amount (Max. Rs. 6000/-)|
|State Bank of India||9.20% – 9.25%||Rs.2085 – 2088||N.A|
|Uco Bank||9.00%||Rs.2076||NIL – Festive Offer till 31.03.2017|
|Bank of India||9.35%||Rs.2093||NiL till 31.03.2017|
|United Bank of India||9.35%||Rs.2093||0.50% of the loan amount sanctioned subject to minimum of Rs.500/- and maximum of Rs.10,000/-|
|State Bank of Travancore||9.35% – 9.45%||Rs.2093 – 2098||NiL till 31.03.2017|
|Dena Bank||8.95% – 9.05%||Rs.2073 – 2078||Rs 500/- irrespective of loan amount.|
|Indian Overseas Bank||9.15%||Rs.2083||N.A|
Top Banks Offering two wheeler loan interest rate
Maximum Repayment Period
State Bank of India
1.25% – 2.00% of loan amount
12.90% – 24.00%
2% of loan amount, 1% for HDFC Account Holders
11.10% – 13.60%
100% waiver till 31.03.2016
Bank of Baroda
2%, (Minimum Rs.250/-)
Bank of India
13% – 18%
up to 4%
up to 3 Years
Bank of Maharashtra
Disclaimer: This data is collected from various online sources. I am not updating this on daily basis, so inn case of any changes in the interest rates or processing fees please always refer to actual bank or loan provider website only.
Documents Required to Apply for Car Loan or Two Wheeler Loan
Well, to apply your first car loan or bike loan application, considering you are a Salaried and Self-employed individual you have to furnish the below documents. Although there might be specific documents need to provide as per the bank or loan provider. But here I am sharing in-general what are the documents you may have to provide to get your car loan approved.
- PAN Card
- Address Proof, Age proof, Identity Proof
- Signature Verification Proof
- One Photograph
- ITR/Salary Slips/Form 16
- Bank Statement of last 3 months
List of Public sector banks in India
Bank of Baroda, Allahabad Bank, State Bank of Saurashtra, Central Bank of India, State Bank of Patiala, Andhra Bank, Canara Bank, State Bank of Hyderabad, Oriental Bank of Commerce, Dena Bank, State Bank of Mysore, State Bank of Indore, UCO Bank, Vijaya Bank, Syndicate Bank, State Bank of India, Bank of India, Corporation Bank, Indian Bank, Union Bank of India, Punjab National Bank, State Bank of Bikaner and Jaipur, State Bank of Travancore.
List of Private Sector Banks in India
Bank of Rajasthan, Catholic Syrian Bank, Bank of Punjab, Dhanlakshmi Bank, HDFC Bank, Karur Vysya Bank, ING Vysya Bank, Laxmi Vilas Bank, Karnataka Bank, South Indian Bank, United Western Bank, UTI Bank, Centurion Bank, City Union Bank, Development Credit Bank, Federal Bank, ICICI Bank, IndusInd Bank, Jammu & Kashmir Bank
Any kind of loan is a big liability and in case you have cash, try to pay as much as down payment to reduce the interest rate burden of your car loan. In case you have any query or doubt about car loan application process in India, how to fill up car loan application form online, from where to download the two wheeler loan application form, how to close car loan before maturity, penalty regarding foreclosure of your car loan or any thing else, you can write a comment below. I will try my level best to answer your queries as per my experience.