Basically, in a car loan, the bank provides an amount of loan to the customer at some rate of interest. This loan amount depends on the income of the applicant also. Car Loan comes in the category of secured loan, so the rates of interest are quite low as compared to unsecured loans. Sometimes the bank provides the customer up to 90% of the ex-showroom value of the car. To get a car loan the age of the applicant should be more than 21 years and less than 65 years. After that, the applicant should have a solid and stable source of income. Besides that, the applicant is required to be a customer of India.