All Bank Car Loan Interest Rate 2024 India: Hello friends, if you want to take any car loan If you want, before taking a car loan from any lender, it is important for you to have complete information about the interest rate of that loan. You can take a car loan to buy a new, used or any type of luxury car.
In this article, we will know in detail that car loan interest rate and will find out the cheapest car loan by comparing different car loan interest rates, so you read this article completely till the end.
How to get cheapest car loan?
You can get loan with Lowest Car Loan Interest Rate by following some steps:
- CIBIL Score:To avail any loan, your credit score must be very good. If your CIBIL score is bad then you will get loan at higher interest rate. Generally a score of 750 or above is considered a very good credit score.
- better your CIBIL score, the more you can get a car loan at the lowest Car Loan Interest Rate.
- Loan amount: The loan amount of your car loan can affect the interest rate of your loan. If you take a loan up to a higher loan amount, then you can get a loan at a lower interest rate. It depends on different bank.
- revenue: Before giving a loan, the bank checks what kind of employment you have, whether you have a stable income or not. If you have a good employment and you are getting a steady income from it, then you can get a car loan at low interest rate.
- Repayment Period: The loan tenure of your loan can affect your interest rate. If you take a loan for a longer tenure, then your EMI will be less but you may have to pay a higher rate of interest. But if you take a loan for a short period, the EMI may be high but you will be able to pay off your loan quickly and you will end the loan burden.
- Your relationship with the lender: If you have a good relationship with the lender then you can get relief in interest rate.
- Nature of Employment: If you have a good employment from which you are getting a good steady income, then you can take advantage of loan with attractive Car Loan Interest Rate.
Key things to know about car loan interest rates
- Before taking a car loan from any lender, you should have complete information about the interest rate of that loan.
- You can find cheap car loans by comparing the interest rates of different lenders.
- Before applying for the loan, you should calculate the EMI of your loan with the help of Car Loan EMI Calculator so that you can get an idea of how much you will have to pay at the time of loan repayment.
- Always maintain a good credit score to get a car loan at an affordable interest rate.
- Good car loan offers can be found for the existing customers of the bank.
- provide loan from 85% to 100% of the cost of the car. If you are being provided loan up to 100% then you will have to pay zero down payment.
- The higher the down payment you pay, the lesser the debt burden will be on you.
- You can apply for car loan both online and offline.
- The interest rate of a used car loan can be higher than that of a new car loan.
- Some lenders offer interest rate rebates to women customers.
Car Loan Interest Rate
The car loan comes under the category of a secured loan. That is, to take this loan, you have to give any collateral or security. But in a car loan, your car acts as the collateral. To take this loan your CIBIL Score must be very good.
Because banks check the credit score of the customer before giving the loan. If your credit score is very good then you can take advantage of the attractive interest rates of the bank. There are many banks and financial institutions in India that are providing car loans to the customers with attractive interest rates.
Bank give loans from 85% to 100% of the cost of the car. Some banks give full 100% loan i.e. you Zero Down Payment.
There are mainly three types of car loans. in all three Car Loan Interest Rate Less is more in different types. The following are the types of car loans:
- New Car Loan: When you take a loan to buy a new car, it comes under this category. The interest rate of this loan is low as compared to other car loans.
- Used Car Loan: When you take a loan to buy a used car, it comes under this category.The interest rate of this loan is higher as compared to the new car loan.
- Loan Against Car : When you mortgage your old car to buy a new car, it comes under this category. Its interest rate can be high.
Read Also: SBI Car Loan
Types of Car Loan Interest Rates
There are mainly two types of interest rates. Both the interest rates have different advantages and disadvantages. These interest rates are as follows:
- FixedInterest Rate: This interest rate remains constant throughout the loan tenure. It is not affected by the fluctuations in the market. fixed Under the interest rate, the EMI of your loan, which is the first month, will be till the last month. It is easy to budget in this interest rate because the interest rate remains constant.
- Fixed Interest rate is high.
- FloatingInterest Rate: This interest rate keeps on changing with the fluctuations in the market. In this your EMI does not remain constant. Budgeting in this is a bit risky because the interest rate is not constant in this.
- The interest rate Less than the fixed interest rate.
- In this, when your rate is low then you benefit but if the rate is high then it can be harmful for you.
All Bank Car Loan Interest Rate
Car loan interest rates of all banks are given below. You can apply for the cheapest car loan by comparing all these interest rates:
| Name of bank | Rate of interest |
| HDFC Bank | beyond 7.95% |
| Federal Bank of India | beyond 8.50% |
| Punjab National Bank | up from 6.65% |
| State Bank of India | up from 7.20% |
| Yes Bank | up 9.25% |
| Karur Vysya Bank | up from 7.80% |
| Indian Overseas Bank | beyond 7.55% |
| Canara Bank | up from 7.30% |
| IDBI Bank | up from 7.35% |
| South Indian Bank | Repo Rate + 5.10% |
| Karnataka Bank | beyond 8.05% |
| Jammu Kashmir Bank | RLLR + 0.75% (floating) |
| RLLR + 1.50% (fixed) | |
| Tamilnad Mercantile Bank | beyond 8.25% |
| Union Bank of India | up from 7.40% |
Used Car Loan Interest Rate 2024
You must be aware that there are mainly three types of car loan of friends, one of which is a used car loan. When you take a loan to buy a used car, it comes under this category. The interest rate of this loan can be higher as compared to the new car loan.
Used car loan interest rate, you can contact your nearest bank.
Given below are the used car loan interest rates of some banks:
| Name of bank | Interest rate |
| HDFC bank | 13.75% – 16.00% |
| axis Bank | 13.25% – 15.00% |
| Kotak Mahindra Bank | contact bank |
| Tata Capital | Starting from 15% |
| Punjab National Bank | Starting at 7.75% |
| Bajaj Finserv | contact bank |
| state Bank of India | 9.25% – 12.75 |
| Mahindra Finance | contact bank |
My Last Thought:
In this article we have you Car Loan Interest Rate all Bank Provided complete information about. Before applying for a car loan from any lender, it is important for you to know about the interest rate of that loan. You can apply for a cheap car loan by comparing the car loan interest rate of different banks.
If you want to get any other information about car loan interest rate, then you can contact your nearest bank. Hope friends, you have found this article informative. If you liked this article then please share it as much as you can.
FAQs on Car loan interest rate:
What is car loan?
When we take a loan to buy a car, it is a car loan.
What type of car loan interest rate?
Two types: fixed and floating interest rates. In fixed interest rate the interest rate remains constant throughout the loan tenure but in floating the interest rate varies.
How can I get a car loan at low interest rate?
If your credit score is good, you have a good employment, your profile is very good then you can get loan at low interest rate.