Car Loan: In India, buying a car is considered as a big investment meant for atleast 3-5 years, its because in our country, even the most affordable new car costs around 4-5 lakhs, in this case, it is very cruicial to have atleast this much amount of money to buy a car, when people don’t have required finances, they prefer to take loans. In the Indian automobile market, a big proportion of people take car loan to buy a new car, but they need to take some takeaways into consideration when taking car loans, it eventually gets a hectic and burdensome process for you. Here, in this article, we will compare all the major lenders offering some of the best car loan schemes at lower interest rates. Checkout more details below.
Car Loan: Interest Rates Compared
| Bank | Car Loan Interest Rates (Per annum) | Processing Fee |
| State Bank Of India | 8.65% | Upto Rs. 2000 |
| Axis Bank | 9.15% | Miniumum- Rs. 3500 Maximum- Rs. 12000 |
| Bank Of Baroda | 8.70% | Rs. 2500 |
| Canara Bank | 8.80% | 0.25% of the loan Minimum- Rs. 1000 Maximum- Rs. 5000 |
| Federal Bank | 8.85% | Not Provided by the bank |
| ICICI | 8.95% | Not Provided by the bank |
Top Car Loan Products Customers Can Option For
| Made For | Bank | Interest Rates (PerAnnum) | Tenure | Maximum Loan Amount | Others |
| For Luxury Vehicles | HDFC | 8.85% | 84 months | 10 Crore | 100% Financing on road price for selected models |
| For Professionals and Agriculturists with no income proof | State Bank Of India | 8.85% | 84 months | 90% of the vehicle’s on-road price | For professionals and agriculturists |
| Small Loans | Axis Bank | 9.15% | 96 months | 100% of the on-road price | loan of Rs.1 lakh |
| Free Personal Accident Insurance | Federal Bank | 8.85% | 84 months | 100% of the ex-showroom price can be availed | 100% of the ex-showroom price can be availed |
| Low-Interest Rates for Used Cards and New Cars | Canara Bank | 8.80% | 84 months | 90% of the on-road price | Lower interest rates are provided for women |
| Long Repayment Tenure | ICICI Bank | 8.95% | 7 years | Not provided by the bank | Minimal documents need to be submitted. |
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER