Check your car loan eligibility from 23+ banks. Compare rates from 8.65% p.a. Free online calculator.
Car Loan eligibility depends on your monthly income, existing obligations, credit score, age, and employment type. Banks use FOIR (Fixed Obligation to Income Ratio) of around 55% to determine your maximum EMI capacity.
| Bank | Rate | Max Amount | Eligible (50K Income) | Eligible (1L Income) | Processing Fee |
|---|---|---|---|---|---|
| Bank of Baroda | 8.65 - 10.90% | ₹1 Cr | ₹13,84,241 | ₹27,68,482 | ₹1,500 + GST |
| Axis Bank | 8.70 - 12.50% | ₹1 Cr | ₹13,34,106 | ₹26,68,211 | 0.50% of loan amount |
| Kotak Mahindra Bank | 8.70 - 12.00% | ₹1 Cr | ₹13,34,106 | ₹26,68,211 | 0.50% of loan amount |
| Union Bank | 8.70 - 10.70% | ₹75 L | ₹13,82,619 | ₹27,65,237 | ₹1,000 + GST |
| HDFC Bank | 8.75 - 9.50% | ₹1 Cr | ₹13,32,543 | ₹26,65,086 | 0.50% of loan amount |
| ICICI Bank | 8.75 - 9.60% | ₹1 Cr | ₹13,32,543 | ₹26,65,086 | 0.50% of loan amount |
| Canara Bank | 8.75 - 10.50% | ₹75 L | ₹13,80,999 | ₹27,61,998 | 0.50% + GST |
| IDFC First Bank | 8.75 - 11.50% | ₹1 Cr | ₹13,32,543 | ₹26,65,086 | Up to 2% of loan amount |
| Indian Bank | 8.80 - 10.30% | ₹75 L | ₹13,79,382 | ₹27,58,764 | ₹1,500 + GST |
| IDBI Bank | 8.80 - 11.00% | ₹50 L | ₹13,79,382 | ₹27,58,764 | 0.50% + GST |
| Federal Bank | 8.80 - 12.50% | ₹75 L | ₹13,30,983 | ₹26,61,966 | 0.50% + GST |
| SBI | 8.85 - 9.55% | ₹1 Cr | ₹13,77,768 | ₹27,55,536 | 0.50% of loan amount + GST |
| PNB | 8.85 - 10.30% | ₹1 Cr | ₹13,77,768 | ₹27,55,536 | 0.50% + GST |
| Bank of India | 8.85 - 10.85% | ₹50 L | ₹13,77,768 | ₹27,55,536 | 0.50% + GST |
| Central Bank | 8.90 - 10.90% | ₹50 L | ₹13,76,156 | ₹27,52,313 | 0.50% + GST |
| Tata Capital | 8.95 - 13.00% | ₹1 Cr | ₹14,46,892 | ₹28,93,784 | 1% of loan amount + GST |
| IndusInd Bank | 9.00 - 13.50% | ₹1 Cr | ₹13,24,768 | ₹26,49,536 | 0.50% of loan amount |
| South Indian Bank | 9.00 - 12.00% | ₹50 L | ₹13,24,768 | ₹26,49,536 | 0.50% + GST |
| Bajaj Finserv | 9.00 - 13.00% | ₹1 Cr | ₹14,45,201 | ₹28,90,402 | Up to 2% of loan amount |
| Karur Vysya Bank | 9.10 - 12.00% | ₹50 L | ₹13,21,676 | ₹26,43,351 | 0.50% + GST |
| Yes Bank | 9.25 - 13.00% | ₹75 L | ₹13,17,056 | ₹26,34,112 | 1% of loan amount |
| Bandhan Bank | 10.00 - 14.00% | ₹50 L | ₹12,94,298 | ₹25,88,595 | 1% + GST |
| Mahindra Finance | 10.00 - 18.00% | ₹1 Cr | ₹14,11,961 | ₹28,23,922 | Up to 2.50% of loan amount |
Car Loan eligibility is the maximum loan amount a bank will approve for you based on your income, existing obligations, credit score, age, and employment type. Banks use a metric called FOIR (Fixed Obligation to Income Ratio) to determine how much EMI you can afford.
Bank of Baroda currently offers the lowest car loan interest rate starting from 8.65% p.a. in 2026. Rates vary based on your credit score and profile.
Eligibility is calculated using the FOIR method. Banks typically allow 55% of your gross monthly income for all EMI payments. After deducting existing EMIs, the remaining amount determines your maximum new EMI, which is then converted to the maximum loan amount using the interest rate and tenure.
Common documents include PAN Card, Aadhaar Card, Salary Slips (last 3 months), Bank Statements (last 6 months), and more. Exact requirements vary by bank and your employment type.
You can increase your eligibility by: clearing existing loans, adding a co-applicant, improving your credit score to 750+, choosing a longer tenure, and showing higher income with proper documentation.