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Having a car is a dream of almost every one of us. It not only serves
the purpose of transportation, but also acts as a fixed asset in the
property. Nowadays, a car has become a necessity rather than a luxury.
Many professionals have to travel a long distance from their houses to
workplaces. In such cases, car becomes an easy and time-saving mode of
transportation. Buying your own car or a used one is not difficult now.
You can simply search for the best car loan and fulfill your dream of
having a vehicle. Demand for finance of new cars has majorly arisen from
the areas of Mumbai, Delhi, Bangalore, Rajasthan and Punjab. Since a
shorter term loan, such as a 3 year loan, provides a lower rate of
interest, majority of people prefer a shorter term of loan.
Boost for auto sales ahead of festive season
Updated as on 01 October 2015.
- Loan for Hyundai Creta at 10.00% from HDFC Bank
- Discounts on Processing Fees by Axis Bank.
- State Bank of India Car loan Rates starts from 9.55% under loyalty car loan scheme. otherwise 9.80% for women & 9.85% for others effective from 05 october 2015.
Specialties/features of Best Car Loan/Auto Loans
Car loan basically serves the individuals who are either salaried or
self-employed. The vehicle loans are available for fixed tenure at
variable interest rates. There are two types of interests available:
fixed and floating. Generally, it has been observed that the interest rates on car loans
vary often if compared to other loans. Also, they are considered as
secured loans. Thus, lenders are ready to take more risks while offering
this amount to the customer. Below are the factors which affect the car
loan:
- Income of the customer ( annual and monthly)- The salaried professionals can obtain loan around three times of their annual income, while self employed persons can apply for the amount five to six times of their annual income.
- Prices of the cars- You have to check whether the price of the car is covered with the loan or not. Usually, 80-90% price is covered by the bank loan. However, you must calculate the loan amount you are eligible to obtain and the actual price of the car.
- Market interest rates and other charges- The availability of the car loan will depend upon the market demand for the same. It also varies according to the processing fees, charges and processing requirements etc.
Different Options available for Auto loans
Many banks and financial institutions offer car loans. It is a
secured loan product which is also beneficial for the lender. The lender
can seize the car, if buyer is unable to repay the loan amount. If you
want to search for the best loan available, you have to find out the car
model, your eligibility for the loan amount and tenure you would select
to repay the loan. Later, you can go for the options that are available
in the market.
Following are considered as Top banks that offer affordable and Lowest Rates on car loans: Last Updated as on 14 October 2015
| Bank Name | Current Rate of Interest |
| Union Bank Of India Car Loan | 10.10% (Fixed) |
| IDBI Bank Car Loan | 10.35% (Fixed) |
| Bank Of Baroda Car Loan | 9.90% |
| Bank of India Car Loan | 10.15% |
| Dena Bank Car Loan | 10.10% – 11.20% |
| Axis Bank Car Loan | 11.50% |
| State Bank of India Car Loan | 9.80%(women), 9.85% (Men) |
| HDFC Bank Car Loan | 10.00% to 13.75% |
| ICICI Bank Car Loan | 10.75% – 12.75% |
| Syndicate Bank Car Loan | 10.35% |
| Indian Bank Car Loan | 10.15% |
| Canara Bank Car Loan | 9.90% – 9.95% |
| Kotak Mahindra Car Loan | 11.50% – 13.50% |
| Magma Fincorp Car Loan | 10.75% – 12.00% |
| United Bank of India Car Loan | 10.40% |
| Federal Bank Car Loan | 10.65% – 12.00% |
| Corporation Bank Car Loan | 10.75% – 11.25% |
| Corporation Bank Car Loan | 10.05% |
There are many other banks which offer low interest rates and maximum
tenure. You have to select the best car loan according to your capability to repay
and requirement of the model of preferred car. Thanks, for reading this
article and Hope It Clears all your doubts and In Future you get a best
deal for your Car Loans.
New About Car Loans
Maruti Baleno Launched at Rs.4.99 lacs
Maruti launched its much awaited premium hatchback car today
(26.10.2015) at starting price of Rs.4.99 lacs ex showroom delhi. You
can check baleno hatchback at its nexa showrooms of maruti in India.
Baleno competes with Hyundai i20, Polo, Ford Figo, S Cross & Swift.
Maruti claims fuel efficiency figures of 27.39 kmpl for Diesel &
21.4 kmpl for Petrol powered baleno. Diesel Version of Baleno starts
from Rs. 6.16 lakhs. In terms of features Maruti Baleno comes with a
SmartPlay infotainment system with Apple CarPlay, navigation and voice
command; Bluetooth, USB and AUX connectivity; keyless entry and go
system, push button start/stop, reverse camera, tilt and telescopic
steering wheel, puddle lamps, anti-pinch driver-side window, power
foldable and adjustable ORVMs, auto climate control, reverse parking
sensors with camera, among other features. Maruti Suzuki is offering
dual airbags, ABS with EBD, seatbelt pre-tensioners and force limiters
as standard across all variants of the Baleno.
Added on 26 Oct 2015Boost for auto sales ahead of festive season
RBI rate cut will hike sales of cars in India during coming festive
season 2015. Impact on EMIs is expected to be very minimal – a five-year
loan of Rs 5 lakh will save you Rs 7,200 over the payment tenure of 5
years. “Reduction in interest rates will lower the EMIs, thus bringing
down the cost of ownership. This festival gift of rate cut will assure
growth.” Almost 65% of Cars are financed through banks. These Days
Renualt Kwid, Maruti Alto 800, k10, Hyundai Creta, Ford Figo, Figo
Aspire creates a huge buzz in market for its premium & value for
money offerings.
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