Check Car Loan Rates to Buy Your Dream Car

car loan rates

The car is one of the assets which is recognized with our choice and status at the same time.The dream to own a car is a childhood dream. There are people who have passions for cars. They make sure that every other new car that come in the market are there on the bucket list. They have all the information about all the features and how it works. But for few, it is the basic need and requirements. Nonetheless, be it, anyone and everyone. The decision to buy the car is crucial. Though we desire to buy it, but the cars are expensive. To manage the expenses of daily lives and still save for the car is not an easy task. Then how can we buy one for ourselves? Well, the answer is the car loan. Yes, the banks and NBFCs provide the car loan to the aspirant to fulfill their dream to add wheels in their life.

But the foremost question arises once when we think of getting the loan is the interest rates. The Car loan rates are one of the important things that a borrower seeks and finally takes the decision accordingly. It is important to shop properly before finalizing the lender. This helps you to choose the one which is more beneficial to you and enjoy the excitement and thrill of having and driving the car.

Car loan lenders and the interest rates-

Check out few of the car loan rates provided by other lenders here to make sure you get the best loan products and with all the benefits and advantages. Take out the time to compare and study the best which can offer you the best loan benefits.

SBI Car Loan:

The State Bank of India provides car loan for the purchase of both new and used car. The loan is sanctioned for the maximum tenure of 7 years. The borrower can even prepay the loan if in a position to. The bank doesn’t charge any penalty on the foreclosure. Moreover, it offers the loan at reasonable rates. The lending rates on a new car loan for women borrowers ranges from 9.00% p.a. while for male applicants it is 9.15% – 9.25% p.a. Whereas, the used car loan rates varies from 10.40% -12.65% p.a. for female applicants and from 10.45% – 12.65% for male borrowers.

Axis Bank Car Loan:

The borrowers can apply for a loan at Axis Bank and earn reward points for completing the transaction. The bank provides up to 95% of the ex-showroom price on the selected models while the minimum amount of loan is ₹ 1,00,000. The new car loan can be availed for the time period ranging from 1 year to 7 years. The rate of interest for salaried individuals is 9.15% p.a. and for others, it ranges from 11 -12% p.a. The bank also offers used car loan for the tenure lasting up to 5 years at the interest rate of 14.50% – 16.25% p.a. It lends up to 90% funding of the valuation amount.  

HDFC Bank Car Loan:

HDFC Bank finances the car requirement of the aspirants making a car purchase. It provides loan for the purchase of both second-hand and new car. The customer can avail up to 100% finance to purchase a new car. The loan can be taken for the flexible period of 7 years and for the maximum amount of ₹ 1,50,00,000. For the used car, the applicant can avail up to 80% of the car value for the tenure ranging from 1 year to 5 years. The maximum amount disbursed in the case of used cars is limited to ₹ 50,00,000. Both the loans are charged at fixed rate of interest. The lending rates for new car loan ranges from 11.50% – 13.75% p.a. and for used cars it variates from 14.50% – 17.50% p.a.

ICICI Bank Car Loan:

The salaried, self-employed professionals/  non – professionals between the age limit of 21 years to 65 years can apply for a car loan at ICICI Bank. The bank provides car loan up to 100% of the ex-showroom price for the tenure of 7 years. The bank offers pre-qualified car loans to the existing customers. The interest charges are based on the age and segment of the car.  The ICICI new car loan interest rate varies from 10.75% to 12.75% p.a. and depends on the tenure of the loan. However, the rate of interest for the pre- owned car is 15.50% p.a.

The car loan online is one of the important features that the borrower must look into once they want to avail the car loan. Thus, it should be noted that the borrower should go online and seek the information to select the one which is more beneficial to them.

Kunal Jaiswal is a digital marketing Executive and has written many topics in the related field.

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