A car loan is the sum of money borrowed by the consumers to purchase a car.
Avail a car loan for purchasing both new and used cars.
Bank provides car loans up to 100% of ex-showroom price of the car. You can also get loans up to 100% of the ex-showroom price of the car.
The tenure of a car loan ranges between 7 years to 8 years.
Avail refinancing car loan to get an auto loan at a lower interest rate.
Apply for Loan |
Bank | Car Loan Interest Rates | Maximum Loan Tenure | Maximum Loan Amount |
HDFC Bank Car Loan Rates | 8.10% Fixed | 7 years | 100% of ex-showroom price |
SBI Car Loan Rates | 8.00% Floating | 7 years | 85% of on-road price |
ICICI Bank Car Loan Rates | 9.30% Fixed | 7 years | 100% of ex-showroom price |
Axis Bank Car Loan Rates | 9.25% Fixed | 8 years | 100% of on-road price |
IndusInd Bank Car Loan Rates | 10.65% Fixed | 5 years | 85% of ex-showroom price |
Kotak Bank | Kotak Bank | 5 years | 90% of ex-showroom price |
PNB | 8.75% Floating | 7 years | 85% of on-road price |
Union Bank of India | 8.60% Floating | 7 years | 85% of on-road price |
Central Bank of India | 9.00% Floating | 7 years | 90% of on-road price |
Andhra Bank | 9.40% Fixed | 7 years | 85% of on-road price |
IDBI Bank | 9.30% Fixed | 7 years | 90% of ex-showroom price |
Federal Bank | 9.15% Fixed | 7 years | 90% of ex-showroom price |
Bank of India | 9.50% Floating | 7 years | 85% of on-road price |
Bank of Maharashtra | 9.25% Floating | 7 years | 85% of on-road price |
Corporation Bank | 9.55% Floating | 7 years | 85% of ex-showroom price |
Indian Bank | 9.65% Floating | 7 years | 85% of on-road price |
OBC | 9.05% Floating | 7 years | 85% of on-road price |
Bank of Baroda | 8.90% Floating | 7 years | 85% of on-road price |
United Bank of India | 9.10% Floating | 7 years | 85% of on-road price |
Buying a car is one of the significant purchases that people make, second only to purchasing a home. There was a time when owning a car was a luxury and thus could be afforded by a few rich. However, with the availability of secure financing options having a vehicle is not just a dream but a necessity that most of us can easily afford. Whether you are planning to buy a new car or an old car, you can finance your car by taking a car loan at affordable car loan rates. The rates for a car loan varies as per the value of car, the loan amount you have applied for and repayment capability of the borrower. You may get upto 100% of the ex-showroom price of the car.
Do’s | Don’ts |
Check best discount and offers – Always check current offers and car loan interest rates offered to employees of large reputed companies | Do not apply for loan amount more than what you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application |
Compare car loan rates based on loan amount – Some banks offer lowest interest rate car loans for high loan amount | Do not apply with multiple banks – Simultaneous loan applications get recorded in your CIBIL report and can hurt your chances of getting a loan |
Discount for tenures – Banks may offer lower rates on car loan for certain tenure | Your salary bank may not offer the cheapest loan – Various banks keep offering attractive schemes to acquire premium customers. Hence, salary bank may not be the best option |
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