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Car Loan for
Defence
Personnel

Best Car Loans at Lowest Interest Rate

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What is Car Loan?

A car loan also known as automobile loan,is a sum of money a consumer borrows in order to purchase a car.

We at Loan4fauji offer car loan of various Banks to compare & choose cheapest among all for Military which includes individuals working in Army, Navy & Airforce, Paramilitary which includes individuals working in CISF, CRPF, BSF, ITBP, SSB  and Ex-servicemen.

Types of Car Loan

New Car Loan

It is a car loan which is granted to a customer who want to purchase a new car

Used Car Loan

It is a car loan which is granted to a customer who want to buy a second hand or a used car at a little higher interest rate.

Loan against Car

It is a car loan which is granted to a customer against their preowned car which is not older than five years.

Car Loan Eligibility

Every Bank or NBFC providing a car loan have different eligibility requirement and needs. Still there are some common criteria for all the Banks & NBFCs. Before applying it is advisable, to check eligibility on Eligibility Calculator.

1. Age

2. Credit Score

3. Minimum Net Income (monthly)

4. Employment Type & Work Experience

Documents Required for Car Loan:

  • Complete Car Loan Application form with 2 passport size photographs.
  • Photo Identity Proof: Passport/PAN card/Driving Licence/Voter ID.
  • Residence Address Proof: To Whomsoever Concern/Utility Bill/Quarter Allotment letter/Aadhaar Card.
  • Income Proof: Salary slip, Bank Statement & Form 16.
  • Bank Statement: Last 6 months statements.
  • Completely filled car loan form & photographs.
  • 6) Vehicle Registration Certificate.
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Benefits of Car Loan

Following are the benefits which you can get when you apply for Car Loan

  • It is easier to get a car loan as compare to other loan products and customers with slightly low credit scores can also hope to get one.
  • Car loans are not just meant for new cars but can also help you buy a pre-owned car.
  • A customers with high credit score can get a better deal and cheaper car loan.
  • Generally, a car loan have a fixed interest rate options which means, the customers have to repay a fixed EMI monthly.
  • Customers can even get a car loan with 100% finance for the on-road price. This means no down payments.
  • Generally a car loan will be financed by on-road price of the car.

Car Loan Interest Rate Comparison for All Banks, Lowest EMI, Best Rates in India

Bank Car Loan Interest Rates Lowest EMI per lakh for Max TenureMaximum Loan Amount
HDFC Bank Car Loan Rates 9.25% Fixed ₹ 1,622 for 7 years 100% of ex-showroom price
SBI Car Loan Rates 8.00% Floating ₹ 1,559 for 7 years 85% of on-road price
ICICI Bank Car Loan Rates 9.30% Fixed ₹ 1,624 for 7 years 100% of ex-showroom price
Axis Bank 9.25% Fixed ₹ 1,478 for 8 years 90% of ex-showroom price
IndusInd Bank 10.65% Fixed ₹ 2,157 for 5 years 85% of ex-showroom price
Kotak Bank 11.50% Fixed ₹ 2,199 for 5 years 90% of ex-showroom price
PNB 8.75% Floating ₹ 1,596 for 7 years 85% of on-road price
Union Bank of India 8.60% Floating ₹ 1,589 for 7 years 85% of on-road price
Central Bank of India 9.00% Floating ₹ 1,609 for 7 years 90% of on-road price
Andhra Bank 9.40% Fixed ₹ 1,629 for 7 years 85% of on-road price
IDBI Bank 9.30% Fixed ₹ 1,624 for 7 years 90% of ex-showroom price
Federal Bank 9.15% Fixed ₹ 1,617 for 7 years 90% of ex-showroom price
Bank of India 9.50% Floating ₹ 1,634 for 7 years 85% of on-road price
Bank of Maharashtra 9.25% Floating ₹ 1,622 for 7 years 85% of on-road price
Corporation Bank 9.55% Floating ₹ 1,637 for 7 years 85% of ex-showroom price
Indian Bank 9.65% Floating ₹ 1,642 for 7 years 85% of on-road price
OBC 9.05% Floating ₹ 1,611 for 7 years 85% of on-road price
Bank of Baroda 8.90% Floating ₹ 1,604 for 7 years 85% of on-road price
United Bank of India 9.10% Floating ₹ 1,614 for 7 years 85% of on-road price
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Frequently Asked Questions

Frequently Asked Question on Car Loan

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If you would know the value of money try to borrow some.

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