Top Car Loans In India With Lowest Interest Rates: Driving a self-owned car is the dream of everybody, no matter how much rich or poor you are but the first car is always special, most of the people buy a car on car loans offered by the banks, but the problem is they get into some problem later if they don’t understand the loan properly, here we are going to tell you about the best car loan that you can get in India.
The list is completely made on research over the Internet , We are providing all the details regarding the Interest rates and all other info that can help you in deciding which one is better.
State Bank Of India
Minimum Interest Rate 8.80% Maximum Interest Rate – 9.50% Processing Fees – NIL
Wether is Car Loan or Home Loan, State bank of India is always a better option, The state bank of India Offers the lowest interest rate at 8.80 and Maximum Interest Rate @ 9.50 and the best part is there are no processing fees as till today.
You are going to get the loan in 4 types, you can choose any of them, they are, SBI New Car Loan Scheme, SBI Loyalty Car Loan Scheme, SBI Assured Car Loan Scheme, and SBI Car Loan Lite Scheme. The Minimum age for the SBI Car loan 18 Yrs lowest in (SBI Assured Car Loan) and the applicant must have at least an annual income of 2 lakhs, Minimum loan amount of 2 Lakhs would be given in (SBI Assured Car Loan Scheme) while there is No Cap For Maximum. The lowest loan tenure is 3 Yrs and the highest is 7 Yrs.
Bank Of Baroda
Minimum Interest Rate 8.30% +Strategic Premium @ 0.25% Processing Fees – 500+GST
Bank Of Baroda Is Another premium bank in the country, the minimum interest for the Bank Of Baroda starts from 8.35 plus strategic Premium @0.25%, there is a small processing fee of Rs 500 plus GST as per the latest update.
The lowest age for being eligible for the Car Loan is 21 years and the maximum is 70 years, there is another restriction, the loan applier must have the credit score of 725, the maximum tenure for the loan is 7 years, there is no penalty for pre-closure of loan, the maximum loan amount for the applier provided by the Bank Of Baroda Is Rs. 1 Crore.
Union Bank Of India
Minimum Interest Rate 8.60% Maximum Interest Rate – 8.70% Processing Fees – 0.50% ( Upto – 15,000)
In the list of best Home Loan providers we have also listed this Eastern Bank, Union Bank is here again for the Car Loan too, Union bank of India Offers Minimum interest of 8.60 and Maximum Interest @ 8.70, there is also processing fees of 0.50% of the loan amount which would be maximum up to 15,000 plus the service tax.
All Indian and Non-Indian Resident can apply for this loan with age group between 18 Yrs to 70 Yrs, the loan tenure would be of 7 Years and the Maximum Loan amount would be of Rs. 1.25 Crores.