Read This to Get the Insights of Car Loan Interest Rates

Many of you will surely agree on the fact that buying a car is a dream of many. Afterall, having a stylish and classy car enhances your lifestyle and makes your life simpler. But when it comes to buying the same, many of us go by it's color, features, look and appeal. Though these factors are important to look upon, what is also important to always keep in mind while going for your favourite vehicle is the interest rate. Yes, that’s right! If you have availed your car loan or unwilling to avail the same, car loan interest rates play a significant role here. You should always compare and check the rates of the different banks in order to grab the best deal.

Comparing them depending upon their rates allow you to get the best deal from the best lender. Nowadays, there are many lenders in the market, best known for offering the credit to pursue your dream vehicle. But if you are getting confused as which are those lenders and what are the rates offered by them, don’t worry as all you need to do is just read the article further to get all the insights under one roof. Below we have mentioned for you the top lenders, known for offering the best car loan deal in India.

HDFC: This bank offers finance for both new as well as the pre-owned car in order to cater the diverse need of all. For a new vehicle, the lender offers the interest rate of 11.50%-13.75%, depending upon the segment of the vehicle. While on the other hand, or a pre-owned vehicle, the offered rate is 11.50%-17.50%, depending upon the segment and age of the vehicle.   

SBI: Next, best lender, offering lucrative deals for your favourite vehicle is State Bank of India. By offering the loan at an interest of 9.20%-9.25%, this lender caters the needs of one and all in the best way. It allows you to get closer to your dream vehicle in no time. With the help of knowing the same earlier, can give you many benefits.

ICICI: Next in line is the name that does not need an introduction. ICICI is also considered as one of the top banks in the country when it comes to availing this sort of credit. It offers the loan at an interest rate of 10.75%-12.75% for a new vehicle, whereas 15.50% in case of used vehicle. You should be aware of these rates, before choosing this lender to get the finance for your vehicle.

Axis: This lender, in the case of a new car, offers the rate of 9.15% to all the salaried applicants. People can easily check the same available online and can get up to 100% on road funding in order to get closer to his/her dream vehicle.  

Kotak: Availing car loan comes easy when you apply for the same through Kotak. The rates are as per bank’s norms, hence allow you to get your favourite vehicle at attractive rates and charges.

Now, that you know which lender offers the loan at which rate, it is also important for you to know why we have mentioned the rates of different lenders in the article above. Well, just to let you know how rates are an integral part of your overall journey as the EMI, Interest Outgo and Total Amount Payable will solely depend upon the rates being offered to you by the lenders.

Yes, that’s right! The lower the rates are the less burden will be on your pocket to pay the monthly installments as the amount of the same will also be reduced. But if the rates are high, your EMI will also increase, thus more burden will be on your shoulders to repay the borrowed amount within that stimulated tenure. This is the reason that it is always advisable to check and compare car loan interest rates as it helps you in grabbing the best deal with flexible tenures, competitive rates and minimal charges.

So, I hope you will always keep these things in mind while cracking down a car loan deal!