Hello, friends in every house, there is a wish of one, that there should be a 4 wheeler in their house so that they can roam with their entire family. But making a one-time full payment becomes difficult for a middle-class family.
Car loan where you can purchase both a new car and an old car on EMI.
Loan Special Offer will tell you about the Best Car Loan bank, here you can compare and apply for a car loan for yourself.
List of Some Lowest Car Loan Interest Rate in India
| Bank Name | Interest Rates | Processing Fee |
| Bank of Baroda Car Loan | Starts from 7.25% p.a. | Rs.1,500 + GSTForeclosure charges – NilRepayment tenure of the car loan can be up to 84 months |
| SBI Car Loan | 7.70% p.a. | 0.40% of the loan amount plus GSTRepayment tenure of 7 years optional Life Insurance Cover from SBIProvides financing on the On-Road price |
| Canara Bank Car Loan | 7.35% p.a. | 0.25% of the loan amount plus the GST interest rate that is charged is low. The loan can be availed for a duration of up to 84 months. The processing charges are minimal. |
| Axis Bank Car Loan | 8.70% p.a. | Minimum of Rs.3,500 and a maximum of Rs.7,000Provides financing on the On-Road price |
| Federal Bank Car Loan | 9.05% p.a. | Contact the bank repayment tenure of up to 84 months |
Read More: Car Loan
Best Car Loan Interest Rate 2022
| Car Loan Important Details | |
| Interest Rate ( Monthly) | 7.20% onwards |
| Processing Fees | It depends on the bank |
| Loan Tenure | 1 year to 8 years |
| Pre-closure Charges | It depends on the bank charges |
| Guarantor Requirement | It depends on the bank |
Car Loan Eligibility Criteria and Car Loan Documents Required
- Minimum monthly income of Rs. 20,000
- Minimum age required 18 years – 75 year
- At least 1 year of employment with the current employer
- Must be salaried or self-employed
- Identity proof (Aadhaar, Passport, Driving license, Voters ID, PAN card.
- Address proof (Aadhaar, Passport, Driving license, Ration card, and Electricity bill
- Proof of income Salary slips if you are salaried, Latest Income Tax Returns, Bank statements last 6 months
Car Loan Features and Benefits
The following features and benefits are:-
- It helps you purchase a car even if you don’t have full the money for it right now.
- Car loan in India always offers fixed interest rate options.
- Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.
- Most car loan offerings in India are secured loans.
Read More: How To Apply HDFC Car Loan
How to Apply Car Loan Online
You can visit the official website and apply for a car loan of your choice. You will have to upload the necessary documents and once the bank verifies it and is satisfied that all the documents submitted by you are correct, the loan amount will be disbursed to your bank account instantly.