SBI Car Loan Interest Rate 2022 | Car Loan Interest Rate Lowest of HDFC, ICICI, Pnb, Bank of Baroda (BOB), All bank Car Loan Interest Rate: Friends, we all want to buy our car, but nowadays the price of vehicles has become very high and buying a car is not a matter for all of us.
Due to rising inflation, money is hardly kept in the pockets of the people. Due to this people also have very less savings. If you make up your mind to take a car, then it is possible only with a car loan, so we look for such a bank.
Through this, we can get a car loan at low-interest rates. Getting a car loan at low-interest rates is not an easy task. For this, you need a CIBIL score. In today’s article, we are going to make this problem easy for you.
Because this article will focus on car loan interest rates only. Let us know about the car loan interest rates.
Car Loan Interest Rate
Friends, whenever most of the middle-class society does it, it takes it on finance. Various banks offering cars on finance are present around us. You can apply for car finance by visiting any bank branch.
Taking a car loan is a simple process as compared to other loans. Car loans are provided by all the banks to their customers at different interest rates. Let us know about the interest rates on car loans offered by leading India.
|Bank Name||Car loan interest rate||Processing fee|
|Bank of Baroda||7.00% per annum||Rs 1500|
|State Bank of India||7.20% p.a.||0.20% of the total loan amount (minimum 500 to maximum 10000)|
|Axis Bank of India||7.45% p.a.||Minimum 3500 to Maximum 7000|
|Federal Bank Car Loan||8.50% p.a.||NA|
|Canara Bank Car Loan||7.20% p.a.||25% of the total loan (from minimum 1000 to maximum 5000)|
Note: Interest rates and processing fees change from time to time. Sometimes special offers are given by banks to the customers. On which interest rates and processing fees are waived. Therefore, it is better to go to the nearest bank branch and find out about the processing fee. “SBI Car Loan Interest Rate 2022 | Car Loan Interest Rate Lowest of HDFC, ICICI, Pnb, Bank of Baroda (BOB), All bank Car Loan Interest Rate”
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Best Car Loan Products, You Should Buy in 2022
|HDFC||Luxury Car Loan Easy Interest Rates|
|State Bank of India||Loan facilities for common people and farmers|
|Axis Bank of India||Small Loan|
|Canara bank||loan at low-interest rates|
Car Loan Interest Rate All Bank
Friends, now let us talk about the interest rates on car loans given by the major banks of India. Let us know about the Bihar Dharma offered by each bank. Given below is the list of car loan interest rates offered by popular and leading banks in India.
|State Bank of India||7.20% p.a.|
|HDFC Bank||7.95% p.a.|
|Canara Bank||7.30% p.a.|
|Punjab National Bank||6.65% p.a.|
|Union Bank of India||7.40% p.a.|
|Federal Bank of India||8.50% p.a.|
|Karnataka Bank||8.05% p.a.|
Apart from this, by visiting the branch of any central bank from which you want to take a loan, you can find out about its interest rates. Apart from this, you can also get information about the interest rates by visiting the official website of the interested bank.
Also Read: CIBIL Score How to Check | How to Check your CIBIL Score for Free
SBI Car Loan Interest Rate
State Bank of India is the largest bank in India. This bank is known for providing you loans at low-interest rates as compared to other banks, whenever we finance anything banana, then SBI comes to our mind.
SBI provides loans to its customers at low-interest rates. For this reason, this loan bank is preferred more than other banks. State Bank of India (SBI) provides a car loan facility to its customers at an annual rate of 7.35% (minimum).
These rates of SBI Bank can be a maximum of 8.05%. The interest rates may increase or decrease depending on your CIBIL score.
- SBI car loan interest rate – 7.35% – 8.05%
- Loyalty car loan scheme interest rate- 7.30%-8.00%
- SBI Green Car loan -7.15%-7.50%
- SBI two wheeler loan interest rate is 16.35% to 18.10%
Note: All interest rates are quoted from minimum to maximum. All interest rates given are in annual rates.
Normally all loans are offered by SBI. Minimum 3 years to maximum 5 years. “SBI Car Loan Interest Rate 2022 | Car Loan Interest Rate Lowest of HDFC, ICICI, Pnb, Bank of Baroda (BOB), All bank Car Loan Interest Rate”
Car Loan Interest Rate Hdfc
HDFC offers loans to its customers at an interest rate of 7.35% per annum. You can take a loan from HDFC Bank for up to 90% of the total cost of the car for a loan. A minimum of ₹ 100000 is given in this.
This loan is given by HDFC to its customers with a tenure of 7 years (maximum). But one thing is worth noting that HDFC provides this loan to only those customers whose monthly income is a minimum of more than ₹ 20000 and the applicant should be between 21 years to 65 years.
HDFC charges its customers 0.5% of the total loan amount as a processing fee. If you want to close your loan before the tenure, then you have to pay 4 closure charges for it. It is 6% from 7 months to 12 months.
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Car Loan Interest Rate ICICI
Friends, now let’s talk about the car loan given by ICICI. ICICI Bank offers its customers the facility of interest at the rate of 7.35% per annum. If you want to take a car loan from ICICI Bank, then this bank finances you 80% of the on-road price of your car.
It is mandatory to take a minimum loan of up to ₹ 100000. This bank gives its customers a limit of up to 7 years to repay this loan. Only those people are eligible to get a loan from the bank, who earn a minimum of ₹ 20000 per month.
Applicants should be between 18 years to 65 years to get a car loan from ICICI Bank. 0.40% of the total loan amount is paid by the bank as a processing fee on the loan. Foreclosure charges in this bank can be up to 5%. “SBI Car Loan Interest Rate 2022 | Car Loan Interest Rate Lowest of HDFC, ICICI, Pnb, Bank of Baroda (BOB), All bank Car Loan Interest Rate”
Car Loan Interest Rate Pnb
How can anyone forget Punjab National Bank when we talk about them. This bank is one of the major banks in India, providing services in maximum cities of India.
If you want to take a car loan from Punjab National Bank, then you can get a loan from this bank at a 7.35% per annum rate. as well as giving you a convenient loan tenure. You can repay your loan in installments between 1 year to 7 years.
It also has many options in the form of EMI. The minimum EMI can be Rs 1596. The good thing is that no foreclosure charges are taken from you by this bank. You can buy any type of passenger car-like multi-utility vehicles and sports utility vehicles by taking finance from this bank.
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Car Loan Interest Rate of Bank of Baroda (BOB)
How can one forget Bank of Baroda when it comes to car loans. The bank is one of the major banks in India providing loan facilities to lakhs of people every month.
Car loan service is provided by the Bank of Baroda to its customers at the rate of 7.35% per annum. This bank provides loans to its customers up to a total of 85% of the on-road price of the car.
The tenure of the loan offered by the Bank of Baroda can range from 1 year to 7 years. To take a loan from this bank, the minimum income of the applicant should be more than 15 thousand per month.
Applicant age must be between 21 years to 7 years. You can take a loan from the Bank of Baroda for any type of car. Bank of Baroda does not charge any foreclosure charges from its customers. “SBI Car Loan Interest Rate 2022 | Car Loan Interest Rate Lowest of HDFC, ICICI, Pnb, Bank of Baroda (BOB), All bank Car Loan Interest Rate”
Car Loan Interest Rate Lowest
Friends, this is the first attempt of any customer. So that he can get the loan at the lowest interest rates. Because getting a loan at low-interest rates proves to be very beneficial for the customer.
The lower the interest rates, the more the customer will get the benefit. That’s why the customer tries to get the loan at low-interest rates.
- Bank of Baroda – 7.00% p.a.
- State Bank of India – 7.20% p.a.
- Axis Bank of India- 7.45% p.a.
- Federal Bank Car Loan – 8.50% p.a.
- Canara Bank Car Loan- 7.20% p.a.
Mainly by these banks, a car loan facility is provided to you at low-interest rates.
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Hope you liked this article, you can visit our website for more such important information. Where you have been given a lot of loan information. To send this article to those who know you. So that they too can choose the best car loan for themselves with the help of this article.
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What is a good interest rate on a car loan?
If you want to take a loan from any Indian bank then you should take a loan from a government bank only because NBFC companies provide you loans at very high rates. Therefore, your priority should be that you get a loan from a government bank. It is very difficult to get a loan at a good interest rate. For this, your CIBIL score must be very good. Generally, a good car loan interest rate ranges from 7% p.a. to a maximum of 9% p.a. If you are getting a Loan Against Car Loan interest in this range, then this is a profitable deal for you. Only then can you get a loan at such low-interest rates. When you take a loan from a government bank, you have to pay higher interest rates while taking a loan from a non-government bank.
Is 6% interest on a car loan good?
It is very good to get an interest loan at 6% p.a. Often we see that people’s CIBIL score is not good. Due to this loans are given to them at high-interest rates. If your CIBIL score is very good, then only you can get a loan at a 6% annual interest rate. If you are getting a loan at 6% p.a., then this is the best option for you.
What is the EMI for a 10 lakh car?
Whenever we take a loan, we have to repay it in installments. What will be the EMI also depends on us and depends on your non-amount as well as the loan tenure. If you have applied for a loan of ₹ 1000000 and you want to know what will be your EMI per month. So first of all let me tell you that the loan EMI depends on your amount and loan tenure. For example, if you have taken a loan of Rs 5 lakh for five years, then you will have to pay an installment of Rs 10470 per month. If you have taken a loan of Rs.10 lakh for 5 years then you will have to pay an EMI of Rs.20,953 per month.
Is 3% good for a car loan?
Often we see that no bank is ready to give you a loan at such low-interest rates. Often we see government banks also provide loans ranging from 7% to 9%. If you are getting a car loan at 3% interest rates then this is a great opportunity. which you should not lose. If you are getting a car loan at 3% interest rates, then you should take this loan. Because 3% interest rates are usually too low.