Car Loan Interest Rate – Additional Benefits

430 Scuderia

Car Loan Rates

In today’s world, owning a car is not a luxury, but a necessity. Not having a car of your own restricts you and your family from living life to the fullest- going to work, outing for leisure or maintaining a good social and professional life. With growing number of institutions that offer vehicle loans, owning a car is no longer just a dream. Loans are available for new cars as well as used cars which enable you to buy your car and pay the borrowed amount through easy monthly EMIs.

Car Loan Interest Rate – Additional Benefits
  • A loan is secured against the car itself. There is no need to mortgage any other asset to procure a loan.
  • You get to use the car while paying for it in affordable and low installments.
  • Low vehicle loan rates enable you to invest your surplus savings in alternate investments with high interest rates.

Eligibility Criteria

Minimum and Maximum Age 18 years – 65 years
Note: However, many banks require minimum age of 23 years
Loan Amount Up to Rs. 50 lakhs. Some banks give maximum loan upto Rs. 1 crore
Note: Loan amount depends upon the value of the car and the EMI you can pay
Net Monthly Income Minimum Rs. 18,000 per month
Employment Type
  • Available for salaried, self employed and businessmen
  • Interest can range from 9.25% to 20.00%
Minimum Work Experience
  • Salaried: a minimum of 1 year of total work experience
  • Self Employed: business existence of minimum 5 years
  • ITR of minimum 2 years
CIBIL Score CIBIL 700 & more
Note: Most banks avoid giving loans if you have low credit score

 

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 Tenure Maximum Loan Amount
HDFC Bank Car Loan 9.25% Fixed Rs. 1,622 for 7 years 100% of ex-showroom price
SBI Car Loan 9.30% Floating Rs. 1,624 for 7 years 85% of on-road price
ICICI Bank Car Loan 8.65% Fixed Rs. 1,591 for 7 years 100% of ex-showroom price
Axis Bank 9.25% Fixed Rs. 1,478 for 8 years 90% of ex-showroom price
IndusInd Bank 10.65% Fixed Rs. 2,157 for 5 years 85% of ex-showroom price
Kotak Bank 11.50% Fixed Rs. 2,199 for 5 years 90% of ex-showroom price
PNB 8.75% Floating Rs. 1,596 for 7 years 85% of on-road price
Union Bank of India 9.20% Floating Rs. 1,619 for 7 years 85% of on-road price
Central Bank of India 9.00% Floating Rs. 1,609 for 7 years 90% of on-road price
Andhra Bank 9.40% Fixed Rs. 1,629 for 7 years 85% of on-road price
IDBI Bank 9.00% Fixed Rs. 1,609 for 7 years 90% of ex-showroom price
Federal Bank 9.15% Fixed Rs. 1,617 for 7 years 90% of ex-showroom price
Bank of India 9.50% Floating Rs. 1,634 for 7 years 85% of on-road price
Bank of Maharashtra 9.25% Floating Rs. 1,622 for 7 years 85% of on-road price
Corporation Bank 9.60% Floating Rs. 1,640 for 7 years 85% of ex-showroom price
Indian Bank 9.50% Floating Rs. 1,634 for 7 years 85% of on-road price
Bank of Baroda 8.90% Floating Rs. 1,604 for 7 years 85% of on-road price
OBC 9.05% Floating Rs. 1,611 for 7 years 85% of on-road price
United Bank of India 9.10% Floating Rs. 1,614 for 7 years 85% of on-road price

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