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Car loan interest rates vary with the banks, with banks like Punjab National Bank and Union Bank of India offering competitive rates starting from 7.80% and 7.90% respectively.
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During the festive season, car buyers can expect attractive loan offers from banks, with interest rates ranging from 7.90% to 9.99% for a Rs 10 lakh loan.
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Confused between a personal loan and a car loan for your next car? This article breaks down the pros, cons, and cost differences to help you choose smartly.
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Looking to buy a car without stretching your budget? A used car loan can help you drive home a pre-owned vehicle with ease and affordability.
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A used car loan helps you finance a pre-owned vehicle by covering most of its cost. While interest rates are slightly higher than new car loans, they offer a budget-friendly way to own a vehicle without making a huge upfront payment.
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Planning to get a car but worried about getting a loan? Here's all you need to know about the credit score required for getting a car loan with smooth approval.
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A car loan in India involves more costs than just the principal amount borrowed. Interest rates, loan tenure, down payment, and fees all influence the overall expense. Ultimately, understanding these factors and other will enable more affordable car ownership and financial stability.
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The new rules follow a pledge last month from the head of the National Financial Regulatory Administration to promote consumption by making it easier to get car loans.
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The new rate, the bank said, is applicable on the purchase of a new car and is linked to a borrower’s credit profile.
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It’s one thing to aspire to buy a luxury car, but quite another if your car’s equated monthly installments exhaust your entire monthly budget. Ideally, your total EMIs should not exceed 30 percent of your monthly take-home income.
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HDFC Bank is hosting the mega car loan mela on June 2 and 3 in central India and Maharashtra. The bank is offering customers two flexible repayment options – step-up and balloon. Moneycontrol looks into the pros and cons.
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Car is a depreciating asset and hence, it’s better to take as small a loan as possible.
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Several Diwali loan offers are currently on. But read the fine print before you opt for one. Take loan only if you really need to borrow.
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SBI, Bank of Baroda and Axis Bank, among others, are offering better interest rates on EV car loans than petrol and diesel variants. And there’s a tax benefit too. But lack of enough charging stations across the country might be a temporary roadblock. However, that’s not dampening the rising popularity of EVs.
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The availability of credit with just a click of a button lures us to borrow more and more. Taking a loan is not bad, but it becomes a problem when you borrow for things that are not a necessity. Loan apps have made it easier to borrow, but also made it easier to get trapped in the vicious cycle of borrowing to repay. So here are a few points to keep in mind to borrow responsibly, so that loan apps don’t kill you.
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Besides, the bank has also lowered interest rate on car loans to 6.80 per cent, from 7.05 per cent in line with market competition.
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The interest rate is also applicable to balance transfer cases and is lowest among public sector banks. PNB also decreased interest rate on home loans above Rs 50 lakh by 50 basis points.
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For retail depositors, the State Bank of India is introducing ‘Platinum Term Deposits’ to mark 75 years of independence.
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Bank of Baroda charges an interest rate of 7.25 percent, the same as what Central Bank of India does
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Canara Bank, Punjab National Bank charge 7.3 percent for Rs 10-lakh car loans
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EMIs for car loans of Rs 10-lakh start at Rs 15,142
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The cheapest car loan rates start at 7.10 percent. State Bank of India offers car loans starting at 7.85 percent.
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The lender said it is offering a waiver of 0.25 percent in the existing applicable rates for Baroda Home Loans (under take over cases only) and Baroda Car Loans.
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Lenders, led by public sector banks, offer interest rates starting at 7.1 per cent
