|Bank||Interest rates||Minimum income||Processing fee|
|IDBI Bank||9.10% p.a.||Rs.2.4 lakh p.a.||Nil|
|Axis Bank||8.60% p.a. to 11.50% p.a.||Rs.1.8 lakh to Rs.2.4 lakh||Up to Rs.5,500|
|Andhra Bank||9.20% p.a.||As per the lender’s terms and conditions||Nil|
|Indian Bank||9.95% p.a.||Rs.40,000 per month||0.229% of the loan amount|
|ICICI Bank||8.95% p.a. to 13.40% p.a.||As per the lender’s terms and conditions||Up to Rs.5,000|
|State Bank of India||9.25% p.a. to 9.30% p.a.||Rs.2.5 lakh to Rs.4 lakh p.a.||Nil|
|HDFC Bank||10.10% p.a. to 11.35% p.a.||Rs.25,000 per month||Up to Rs.5,310|
|Allahabad Bank||9% p.a.||Rs.25,000 per month||Nil|
|Canara Bank||8.60% p.a. to 9.25% p.a.||Rs.25,000 per month||Rs.1,000 to Rs.5,000|
|Federal Bank||9.75% p.a.||Rs.20,000 per month||Rs.1,500 to Rs.2,500|
*Note: The interest rate, processing fee, and income requirement may differ with the type of car loan that you choose.
Settling for the first car loan offer that you come across is not an effective way to reduce your financial burden. Here are some tips that you can follow to get car loans at reasonable interest rates.
Besides the above-mentioned tips, it is also important to calculate the total cost of your car loan so that you can be better prepared to make the repayment on time. Use the car loan EMI calculator that is available online to find out the monthly cost of your car loan.
Finding out if you are eligible for a car loan will help you avoid loan rejection. Here is a list of common eligibility criteria for salaried and self-employed applicants across lenders.
|Age||Minimum 21 years old||Minimum 21 years old|
|Income||Rs.1.8 lakh p.a.||Rs.25,000 per month|
|Work Experience||Minimum 3 years stable business||Minimum 1 year in a job|
*Note – The eligibility criteria will differ from lender to lender, therefore contact the bank or NBFC for more details.
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
*Note - You may have to provide more documents if required as it depends on the chosen lender.
There are 3 ways by which you can check the status of your car loan – visit the branch office at which you had applied for the loan, get in touch with the customer care department of the lender and provide your application number to get the status of car loan, or log in to the official website of the lender to find out the loan status.
Some lenders give you the option of car loan preclosure. If that’s the case, you will have to pay preclsoure charge levied by the lender. There are certain conditions that have to be met in order to avail this option. Get in touch with your lender for more details or better yet always find out such important features of a car loan prior to applying.
Yes. If you have failed to make more than 6 consecutive EMI payments, the lender can seize the hypothecated car to foreclose your loan. Furthermore, you will have to pay foreclosure charges for defaulting on your car loan payments.
Processing fees, documentation charges, and stamp duty make up the service charges while late payment fees, prepayment fees, and foreclosure charges make up the penalty fees. The fees and charges vary with lenders.
The benefits of using a car loan EMI calculator are threefold.
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