Check and compare the car loan interest rates of all the banks in India in the table below.
| Banks | Interest Rates |
|---|---|
| Central Bank of India | 7.25% – 7.70% |
| Federal Bank | 7.65% Onwards |
| HDFC Bank | 7.95% – 8.30% |
| ICICI Bank | 7.90% Onwards |
Keeping this in view, are car loans good or bad?
Automobile loans are fairly high-interest loans As a form of consumer loan, most auto loans have a fairly high (6% and higher) rate of interest. Any loan that has such a high rate means that you’ll be investing much of your monthly payment into interest.
You can be away from any debt, liability or loan problems. The depreciation cost of the vehicle is high and fast, so sometimes your loan may not get over, but the value of the vehicle may be reduced to very low.
Hereof, can I get car loan with 30k salary?
If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from. (In Rs.) (In Rs.) (In Rs.)
Can we buy car on EMI?
Your car is a place to create memories, an expensive place which needs big investment. Thankfully, there are many services offered that aide you in turning your dream into reality, you can easily get your car on EMI with the help of a car loan for any XYZ Bank.
How can I reduce my car loan EMI?
Simple Ways to Reduce Your Loan EMI
- Opt for a Higher Down Payment. …
- Choose a Loan With a Longer Repayment Tenure. …
- Go for a Step-Down EMI Plan. …
- Consider Taking Loans With Your Existing Bank. …
- Negotiate With Bank For Lower Rate. …
- Compare Before You Switch Your Lender. …
- Full or Part Prepayment Helps Reduce Loan Burden.
How is EMI calculated on cars?
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the Car Loan.
How much car loan can I get on 20000 salary?
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.
How much loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
Is SBI car loan on floating rate?
SBI Car Loan Details 2022
SBI New Car Loan interest rate starts from 7.25% and SBI Used Car Loan interest rates starts from 9.25%. These are Floating rate loans and are one of the best car loan rates in India. Rate of interest vary by borrower occupation, loan amount and loan tenure.
What is the current interest rate for SBI car loan?
Auto Loans Interest Rates (Fixed Rate)
| Scheme | Interest Rate (1 year MCLR: 7.00%) |
|---|---|
| Certified Pre-owned Car Loan Scheme | From 9.25% to 12.75% |
| Super Bike Loan Scheme | 3.25% above 1 year MCLR i.e. 10.25% p.a |
| SBI Two-Wheeler Loan | 16.25% p.a. to 18.00% p.a. |
What is the EMI for 10 lakh car?
What is a car loan EMI calculator?
| Loan amount | Loan tenure | EMI |
|---|---|---|
| Rs.5 lakh | 5 years | Rs.10,477 |
| Rs.10 lakh | 1 year | Rs.87,637 |
| Rs.10 lakh | 5 years | Rs.20,953 |
| Rs.15 lakh | 1 year | Rs.1,31,456 |
Which bank is best for used car loan?
Most banks and NBFCs provide used car loans.
| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| HDFC Bank | 13.75% – 16.00% (Rack Interest) | 7 years |
| Punjab National Bank | Starts from 7.90% | 5 years |
| Axis Bank | 14.40% – 16.40% | 5 years |
| Mahindra Finance | Contact the bank | 5 years |
Which bank provides 100% on road car loan?
Which loan is best for buying a car?
Compare Best Car Loan Interest Rates in India for 2021
| Bank Name | Car Loan Interest Rates |
|---|---|
| Bank of Baroda Car Loan | 7.00% p.a. onwards |
| Canara Bank Car Loan | 7.30% p.a. onwards |
| Axis Bank Car Loan | 7.45% p.a. onwards |
| Federal Bank Car Loan | 8.50% p.a. onwards |