In Mysuru, applicants usually weigh local employment patterns and lender coverage. Rates are indicative — the sanction letter is final.
Finance a new car with hypothecation to the lender. Compare bank vs dealer offers on total cost.
A car loan funds vehicle purchase; the car remains hypothecated until closure. Down payment is typically 10%–20% for new cars.
Applicants in Mysuru and the wider NCR are covered by most large banks and NBFCs, subject to PIN-code serviceability. Final rates and amounts depend on your profile.
| Bank / NBFC | Interest Rate | Loan Amount | Tenure | Processing Fee | |
|---|---|---|---|---|---|
| SBI | ~8.70%–12.00% p.a. | ₹1 Lakh – ₹75 Lakh | 12 – 84 months | 0.25%–1.00% | Apply |
| HDFC Bank | ~8.90%–14.00% p.a. | ₹1 Lakh – ₹1 Cr | 12 – 84 months | Up to 1.00% | Apply |
| Kotak Mahindra Bank | ~9.00%–14.00% p.a. | ₹1 Lakh – ₹50 Lakh | 12 – 72 months | Up to 1.50% | Apply |
| Mahindra Finance | ~10.00%–16.00% p.a. | ₹1 Lakh – ₹40 Lakh | 12 – 60 months | Up to 2.00% | Apply |
| Toyota Financial | ~9.50%–14.00% p.a. | ₹2 Lakh – ₹50 Lakh | 12 – 84 months | Up to 1.50% | Apply |
| Yes Bank | ~9.25%–14.00% p.a. | ₹1 Lakh – ₹50 Lakh | 12 – 72 months | Up to 1.50% | Apply |
| ICICI Bank | ~8.90%–14.00% p.a. | ₹1 Lakh – ₹1 Cr | 12 – 84 months | Up to 1.00% | Apply |
| Axis Bank | ~8.90%–13.50% p.a. | ₹1 Lakh – ₹1 Cr | 12 – 84 months | Up to 1.00% | Apply |
Rates and limits are indicative only (not an offer). Final terms are set by the lender.
*Indicative ranges for comparison. Final offer depends on profile and lender at sanction.
| Applicant type | Salaried or self-employed resident Indians |
|---|---|
| Age | 21 – 65 years (some lenders allow higher with co-applicant) |
| Income | Minimum net income often ₹15,000 – ₹25,000 per month |
| Credit score | 700+ preferred; 750+ for lower rates |
| Driving licence | Valid licence usually required |
| Down payment | Typically 10% – 20% of on-road price for new cars |
| FOIR | Proposed EMI + existing EMIs under ~50% of net income |
*Product-specific criteria for Car Loan. Final decision rests with the lender.
| KYC | PAN, Aadhaar |
|---|---|
| Income | Salary slips or ITR; bank statements 3–6 months |
| Vehicle | Dealer quotation / proforma invoice |
| Other | Driving licence; cancelled cheque |
Compare total interest + fee; dealer is convenient, bank may be cheaper.
Usually yes while the loan is active.
See Used Car Loan — age and LTV rules differ.
Yes.
Often 10%–20% for new cars.
Yes with ITR and banking.
Often 1–3 days for strong profiles.
Often after lock-in.
Yes.
See Car Loan.
Also read: Car Loan (national guide)
LoanPao.in