Affordable Car Loan Interest Rates

Travel woes – a term everyone using public transport, to commute, is extremely familiar with! Making your way into a crowded bus or haggling with a rowdy cabbie to settle for the right fare, is enough torture to your olfactory nerve and vocal chords. Buying a car is sweet solution to all these problems, and it comes with the special joy of owning an asset. With ICICI Bank car loan schemes you can live your dream of buying a car. ICICI Bank car loan interest rates are practical, affordable, and tailor-made to ensure that you get the best deal.

The soaring popularity of ICICI Bank is no secret. It is India’s largest private sector bank (with total assets of US$ 99 billion at 31st March 2014), boasting of a wide network comprising 3,880 branches 12,269 ATMs across India. The customers of ICICI Bank are all praises for its swift service, supportive staff and awesome car loan schemes. Offering loans for new cars and pre-owned cars, the primary features of the bank’s car loan are as follows –

ICICI Bank offers new car loans at a fixed rate of interest. The interest rate on the car loan will remain fixed during the tenure of the loan.

For New Cars an interest rate of 10.75% to 15.00% is applicable based on the segment of vehicle and tenure selected. It is as follows –

 

 

For pre-owned cars the rate of interest is 15.50% to 17% depending on the segment of vehicle.

 

You must decide on the loan amount and intended loan tenure before applying for a car loan. Make sure that you prioritise the interest rate and charges levied by the bank, over the type of car.  The idea is to minimise the payable rate of interest yet getting the best deal. If you are a first time buyer, your research/groundwork should be flawless. Make the best possible use of features like car loan EMI calculator, car comparison and car reviews.

Taking a car loan from a bank is the safest and best option. Though car dealers offer attractive discounts (to lure the prospective buyers), they levy many hidden charges. Unlike them, banks are quite transparent about their charges and fees, and do not impose you to take anything beyond your requirement. The best part is that car loan interest rates charged by banks are lower than that of the car dealers. So, go ahead and fulfil your dream of buying your favourite car. Happy driving!