Well, buying a shiny and glamorous four-wheeler is the dream of many individuals. But, in a nation where most of the people in middle class and have restricted source of income, spending the hefty amount in buying a car can be a costly affair. The time has changed, we are now living in a world where banks and financial institutions are offering car loans and car loan interest rates at affordable EMIs.
Car loans are not only easy to avail but also a great way to buy a car. However, you must know that car loans interest rates may vary from one bank to another. Apart from this, you must also qualify the eligibility criteria mentioned by the bank to avail car loan.
Here is a quick view of the car loan interest rates offered by different banks and financial institutions :
|Bank Name||Interest rate||Processing Fees||Loan Amount||Loan Tenure|
|HDFC||Fixed Interest Rate- 8.40% – 10.35%||Up to ₹ 4720 (it’s a one time fee)||Minimum ₹ 1 Lac||1 -7 years|
|Axis Bank||Fixed Interest Rate- 8.60% – 11.50%||Up to ₹ 5000||Minimum ₹ 1 Lac||
|ICICI||Fixed Interest Rate- 8.40% – 13.25%||Up to ₹ 5000 (its one time fee)||Minimum ₹ 1 lac||1-7 years|
|Dena||Floating Interest Rate-9.15%||₹575 (it’s a one time fee)||Minimum ₹ 1 lac||1-7 years|
|Federal Bank||Fixed Interest Rate-9.75%||₹ 1500- ₹ 2500 (it’s a one time fee)||1-5 years|
|Bank of India||Floating interest rate- 9.25%||₹ 500+ ST||₹ 50 lac – ₹ 1 cr||7 years|
|Canara Bank||Floating Interest Rate- 8.60% – 9.25%||₹ 1000 – ₹ 5000||7 years|
|Bank of Maharashtra||Fixed Interest Rate- 8.95%||7 years|
|Indian Bank||Fixed Interest Rate- 9.95%||0.229% (max. ₹ 10,191/-) (It’s a one time fee)||Maximum ₹ 2 crore||7 years|
|Central Bank of India||Floating Interest Rate- 8.70%||Maximum ₹ 75 lac||Seven years|
|IDBI Bank||Fixed Interest Rate- 9.10%||0||–||7 years|
|L&T Finance Limited||Fixed Interest Rate- 16% – 17%||2%||Minimum ₹ 1 lac||7 years|
|Reliance Commercial Finance||Fixed Interest Rate- 16%||1.25% (Min. ₹ 5,175)( It’s a one time fee)||₹ 50K – ₹ 15L||1-4 years|
|Yes Bank||Fixed Interest Rate- 10.25% – 12.25%||₹ 5,000 to ₹ 10,000 (It’s a One time fee)||Minimum 1 lac||1-7 years|
|State Bank of India||Floating Interest Rate- 9.05%||₹0||–||7 years|
What Loanyantra can do for a lower car loan interest rates :
Loanyantra.com, known for the quickest disbursal and fastest process also helps you get loans from your favourite bank at lower interest rates. If you have a home loan, you can easily get a car loan from the same lender and at a lower interest rate. Get more tips and easiest ways from loanyantra.com. Also avail cash back offers on the car loan interest rates.