Car Loan Interest Rates

Car is like your second home, where you spend most of your time with your loved ones after your own home. Because of the increase in traffic, cost of the public transport, and an increase in pollution, car seems to be the better option to take and has become a necessity in today’s world. But, most of us do not always have bulk amount in the accounts to purchase a car. So, the banks have given us an option to have a car loan where majority of the funds will be financed by the bank. And we have to pay some interest on the loan amount along with the principle amount in the form of EMI’s. So, let’s have a look at the car loan interest rates provided by some major banks:

Bank NameCar loan interest rates

ICICI Bank Car loan
10.50% to 12.25%

Axis Bank Car loan
10.50% to 11.50%

HDFC Car loan
10.25% to 10.50%

Magma Car loan
12.75% to 13.25%

IndusInd Car loan
11% to 12%

Therefore, these are the car Loan interest rates offered by some major banks and financial institutions in India. The lowest interest rate one can get is @10.40% provided by SBI, followed by 10.50% that is provided by the top 3 private sector banks including HDFC Bank, ICICI Bank and an Axis Bank. All these rates are very competitive in nature and provides a cheap source of car loan to the customers, fulfilling their dream of riding their own wheels.

One must check the car loan interest rates and compare them among different loan providers to get the best quote on their eligibility, net income, loan tenure and the loan amount. You can compare the car loan interest rates at BankBazaar and can hit the balloon that you want to get. It will make easy in choosing the right loan for you.

BankBazaar also provides you with facility of calculating your EMI’s after knowing your car loan interest rates. You can calculate it after putting the requisite information like, loan amount, loan tenure and interest rate that will help you in making the right decision for your bit.

So, want to drive your car home? Check the car loan interest rates, compare it and get your car in few days!

News About Car Loan Interest Rate

  • Mixed trend in passenger vehicle sales in September

    The trend in the September sales of passenger vehicles in India was mixed in comparison to the same month in 2014. Ford, Honda, Hyundai and Maruti Suzuki saw a growth in the sales owing to new products that they introduced into the market recently. Toyota and Tata saw a decline in the same category. For the first time in the last 17 years, Hyundai made its highest sales ever in a single month.

    Maruti Suzuki, India’s largest car manufacturer, reported a 6.8% year-on-year increase in the domestic sales reaching 1,06,083 units in the month of September. Honda’s growth rose 23% with the Amaze sedan being its bestseller for the month. Ford India went up 22%on the recent launch of the Figo Aspire.

    Mahindra’s passenger vehicle sales declined by 7% even after the launch of the TUV300 SUV. Toyota also declined 9% along with Tata Motors declined marginally. However, companies like mahindra remain optimistic as the RBI slashed the repo rate leading to a number of banks reducing their lending rate. This will make car loans more favourable and hopefully the demand will gather pace.

    20th October 2015

  • Cheap Auto loans & Increased Interest Rates!

    Car loan interest rates has been increasing subtly and it is more apparent than ever this year, though going by usual standards, they are still pretty low. Most customers will shell out only a few bucks more every month than they normally would have when interest rates on practically all kinds of vehicle financing dipped in 2013. Automobile firms also offer cut-price loans on more designs this season.

    The average interest rates for cars and trucks, be it new or used, have escalated by more than 25 percent as per a recent survey. The less you disburse to fund a new ride, the more reasonable will be your EMIs.

    20th May 2015

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