Cheapest Car Loan: Buying a car is a dream for some, while it is a necessity for many people. Buying a car is a big decision, which requires a lot of money. To make the dream of a car come true, some people add capital for a long time and some people take loans from banks for this. Car loans are available at a lower interest rate as compared to loans like personal loans. Note that most banks finance only 80-90 per cent of the car’s on-road price. This means that the customers will have to make their own arrangements for the balance amount. However, there are also some banks that finance the full cost of the car, subject to certain conditions.
If you are planning to take a car loan, then first of all, you should compare the interest rates of different banks. Some lenders may have special tie-ups with dealers and may offer discounted rates. Some lenders offer pre-approved car loans to their selected customers or lower interest rates to their existing home loan borrowers. Hence, to get the best deal, you should compare the car loan offers offered by different lenders.
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Required information before applying
- According to online marketplace bankbazaar.com, car loan interest rates depend on age, income, credit score, loan amount, etc. In such a situation, before applying for a car loan, one should definitely find out the interest rates being offered by all the banks according to their eligibility.
- Some banks also offer some additional discounts on car loans to their home loan customers, so find out about it too.
- Some banks offer pre-approved car loan deals at attractive rates to their select customers which makes the process quick.
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If you are thinking of buying a car loan, then for your convenience, we have given here a list of interest rates of different banks. These banks are currently offering car loans at the lowest interest rates in the country. Here is the calculation of EMI for a loan of Rs 10 lakh for a tenure of 5 years. Keep in mind that the interest rate applicable to you may be higher depending on the loan amount, credit score, job profile, or any other terms and conditions of the lender you choose.
10 lakh loan EMI for a tenure of 5 years –
(Disclaimer: All figures have been taken from the respective bank’s website as on November 23, 2021. Here is the EMI calculation for a loan of Rs 10 lakh for a tenure of five years at the rate that the bank is offering the lowest Processing fees and other charges have not been included in this calculation. Source – bankbazaar.com)
(Article: Sanjeev Sinha)