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How to Apply for Car Loan at Low Interest Rates in India
Banks

How to Apply for Car Loan at Low Interest Rates in India

Bulbul Kumari No Comments

Once, buying a brand new car was a dream for many people. I am not saying that today it’s not the dream, but in reality today buying a car has become a necessity. To provide comfort to your family people are more than willing to have one. But a lot of time it is seen that they could not pay the entire amount. That is the time when a car loan comes forward to help you. Right now, a lot of banks are coming forward with great offers. It’s up to you which one you select but before selecting, you should know that there are certain things which you need to check before applying for a car loan.

How to Apply for Car Loan at Low Interest Rates in India

How to Apply Car Loan

The Down Payments

If you are looking for a car loan, the banks will seek around 15% to 20% as a down payment. If you can make a down payment more than that, certainly that will be good for you as then you will see that EMI which you are going to pay has reduced magically and you may negotiate for a lower interest rate as well. How to Apply for Education Loan to Study Abroad at Low Interest Rates in India.

Tenure and Interest Rates

This is certainly the most important point to check while applying for a car loan. Different bank offers different interest rates. The more the tenure of the loan is the lower the interest rate will be as the outgo of the interest will be higher in that situation. So, check the interest rates carefully before choosing the bank.

Eligibility

Your eligibility must be good to get a car loan at a lower interest rate. Usually the salaried persons get a lower interest rate than a self employed person. So, if you are self employed and your wife is a salaried person, try to take the loan in her name to reduce the interest rate.

These are the top 5 banks which provide the car loans at best interest rate. You can choose the one according to your liking.

BANK NAMEINTEREST RATEMAXIMUM AMOUNTDURATION
SBI>9.65% onwardsUp to 85% of the on-road price1 to 7 years
PNB9.40% – 9.75%Up to 85% of the on-road price1 to 7 years
AXIS BANK9.5% – 15%Over 1 Lakh1 to 7 years
HDFC BANK11.5% – 13.75%Up to 100% of ex-showroom price1 to 7 years
ICICI BANK10.75% – 12.75%Up to 100% of ex-showroom price1 to 7 years
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About The Author

Bulbul Kumari

Hello everyone. Welcome to my blog ContactFolks. I’m Bulbul Kumari, a mother of one sweet girl. I'm working on Banking Field. Highly reliable and focused Personal Banker with an exceptional client service record and extraordinary depth of loan and credit knowledge.

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