Which bank is giving you the cheapest car loan, know how much you will get the car you like at a low EMI
new Delhi. In the era of Corona, where there has been a break in the income of the people, on the other hand, the prices have been reduced by the auto companies. The special thing is that the interest rates of the loans from banks have also been reduced. Auto loans are linked to the repo rate. In such a situation, if the repo rate is reduced, then the rate of car loan is also seen to fall. However, in many banks, loans are fixed. At the same time it floats in many banks. You can also talk to the bank and get it cut. At the same time, tenure of loan is 8 years in a bank, then some bank is giving it for 5 years. In any bank, you are getting 100% of the loan amount of X-showroom price, while on any road you get 85%. Let us also tell you which bank is charging how much EMI at one lakh per month for how many years at an interest rate.
Also read: These banks are giving big benefit to senior citizens on 3 years Fixed Deposit
Which bank has a cheap car loan
| Bank | Interest rate (in percentage) | How much EMI on one lakh (in rupees) | Lone tenure | Maximum loan amount |
| HDFC bank | 9.25 fixed | 1,622 | 7 years | 100% of the showroom price |
| SBI Bank | 8 floating | 1,559 | 7 years | 85% of on road price |
| ICICI Bank | 9.30 fixed | 1,624 | 7 years | 100% of the showroom price |
| Axis Bank | 9.25 fixed | 1,478 | 8 years | 90% of the showroom price |
| IndusInd Bank | 10.65 fixed | 2,157 | 5 years | 85% of the showroom price |
| Kotak Bank | 11.50 fixed | 2,199 | 5 years | 90% of the showroom price |
| PNB | 8.75 floating | 1,596 | 7 years | 85% of on road price |
| UBI | 8.60 floating | 1,589 | 7 years | 85% of on road price |
| Central bank | 9 floating | 1,609 | 7 years | 90% of on road price |
| Andhra Bank | 9.40 fixed | 1,629 | 7 years | 85% of on road price |
| IDBI Bank | 9.30 fixed | 1,624 | 7 years | 90% of the showroom price |
| Federal Bank | 9.15 fixed | 1,617 | 7 years | 90 percent of the showroom price |
| BOI | 9.50 floating | 1,634 | 7 years | 85% of on road price |
| Bank of Maharashtra | 9.25 floating | 1,622 | 7 years | 85% of on road price |
| Corporation Bank | 9.55 floating | 1,637 | 7 years | 85% of the showroom price |
| Indian Bank | 9.65 floating | 1,642 | 7 years | 85% of on road price |
| OBC | 9.05 floating | 1,611 | 7 years | 85% of on road price |
| Bank of baroda | 8.90 floating | 1,604 | 7 years | 85% of on road price |
| United Bank of India | 9.10 floating | 1,614 | 7 years | 85% of on road price |
Who gets a car loan
– Many criterias have also been created to give car loans on behalf of banks.
– Many banks offer car loans to people between minimum 18 and maximum 65 years of age.
– If some banks are like this then they do not give car loans to people below 23 years of age.
– Car loan can be up to 50 lakh rupees, some banks also give it up to one crore rupees.
– Most of the banks offer car loans to people whose net income is 18000 rupees or more per month.
– If you are salaried, then you have to show one year work experience.
– On being self-employed, your business should not be less than 5 years old, you will also have to give two years ITR along with it.
– Your CIBIL score should be minimum 700, failing which many banks reject car loans.
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Keep these things in mind while taking a car loan
While taking a car loan, you need to take care of many things.
– You have to keep an eye on the car loans of all banks and see where the best offers and discounts are.
– Compare the interest rates of the car loans of all banks, choose the one that suits you.
– You need to keep in mind that what kind of car loan you need.
– Do not apply for car loan amount more than you need.
– There is no need to apply for loans in more and more banks.
– Do not trust the dealer at all, Evaluate the other option as well.
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