A car is a fantasy of huge people to have as a style symbol and social regard. But what grabs the focal point of the most is the financing cost charged by the banks on a car loan. All things considered, the interest rates can be either fixed or floating. With fixed, the ROI continues as before all through the period of a car loan. On account of the changing rate, the lending rate changes depending on the changes got by the lenders either in its Marginal Cost of the Lending Rate (MCLR) or the base rate.
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Know Car Loan Interest Rates of All Indian Banks 2020:
Check and analyze the interest rates of car loans of all Indian banks in the table suggested below.
| Banks | Interest Rates |
| Allahabad Bank | 8.30% – 10.75% |
| Bank of Maharashtra | 8.85% – 10.10% |
| HDFC Bank | 8.25% – 14.01% |
| Karnataka Bank | 9.09% – 10.94% |
| Punjab & Sind Bank | 8.70% |
| UCO Bank | 8.35% – 8.60% |
| Axis Bank | 9.05% – 11.30% |
| Yes Bank | 9.25% Onwards |
| Corporation Bank | 8.50% – 9.00% |
| Andhra Bank | 8.80% |
| Dena bank | 8.65% – 10.40% |
| Federal Bank | 9.25% Onwards |
| ICICI Bank | 9.30% – 12.85% |
| Bank of Baroda | 8.65% – 10.40% |
| IDBI Bank | 8.85% – 9.45% |
| Jammu & Kashmir Bank | 9.15% – 9.90% |
| Karur Vysya Bank | 9.45% – 10.55% |
| Bank of India | 8.60% – 9.20% |
| Central Bank of India | 8.40% – 8.65% |
| Lakshmi Vilas Bank | 9.95% |
| Nainital Bank | 8.55% – 10.65% |
| Oriental Bank of Commerce | 8.30% – 8.95% |
| Punjab National Bank | 8.55% – 9.00% |
| Canara Bank | 8.45% – 11.05% |
| RBL Bank | 12.00% – 14.00% |
| Vijaya Bank | 8.65% – 10.40% |
| United Bank Of India | 8.60% – 8.75% |
| Syndicate Bank | 11.00% – 11.40% |
| SBI | 8.65% – 9.35% |
Need for Car Loan:
Presently you can satisfy your fantasies about purchasing a vehicle by gaining Union Miles. You can avail of an extraordinary loan scheme to buy new or old (as long as 3 years) four-wheeler, and you can likewise get this loan to buy another bike.
Must Read – Key Factors to Choose Shorter Car Loan Tenure
Who Can Apply?
An individual needs to meet the accompanying criteria to benefit the loan:
- Citizens of Indian resident and Non-Resident Indians (NRIs) holding a valid permit.
- Minimum age – 18 years and maximum age – 70 years.
- Individual, either independently or mutually with other relatives viz. father, mother, child, mate or little girl as co-candidates.
- Organizations/Firms for the acquisition of vehicle for utilization by their Directors/workers
A car loan is the single amount sum borrowed from banks or other lending organizations to purchase a new or utilized vehicle. Here the loan amount is reimbursed in simple portions.
Car loan fee changes from one bank to the other and is affected by your month to month income, profession, existing EMI, credit score, etc. An individual can compare car loan interest rates of various banks online and apply for the lowest loan ROI with attractive features and flexible tenure.
A car loan interest rate calculator can assist you at what ROI you can get the loan amount and what might be your EMI. The moneylender will check for your current EMIs with the goal that the reimbursement isn’t a burden for you.
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