Buying a new car can feel exhilarating! The rush one gets from comparing features of different cars, going behind the wheel for test drives and picking out new car seat covers definitely feels great. However, what most people tend to forget in this rush of excitement is the fact that the loan against which they buy the new car can come with some serious glitches. Here are 7 loan rates you may look into before investing in a new car in 2021:
SBI Bank Car Loan
SBI offers a fixed interest rate of 7.75% to 8.45% on car loans processed through them. The loan amount sanctioned can be as high as 90% of the car’s road price. Any person within the age group of 21 to 67 and has a net annual income of a minimum 3 lakhs per annum are eligible for an SBI car loan. The loan processing charges are only 0.20%. One can also opt for an SBI Green car loan for the purchase of an electric vehicle. One can look at their Car Loan Calculator for getting an idea of the loan amount.
HDFC Bank Car Loan
With a portal dedicated to cars, customers can research, compare, read reviews on new cars, and apply for a loan. They have different repayment schemes to choose from, such as balloon repayment scheme, step-up loan, EMI options, top-up loans with fixed repayment tenure etc. The bank finances vehicles up to Rs.3 crores at an interest rate of 7.29% to 12.50%, depending on the vehicle segment, for a tenure of up to 84 months.
Axis Bank Car Loan
Axis bank helps finance 100% of the car’s on-road price at an interest rate of 8.75% to 11%. The loan tenure can be as long as 7 years. Customers can earn edge rewards points for taking a car loan from Axis bank. The loan processing charges can vary between Rs.3500 to Rs.5500. Their Car Loan EMI Calculator can help one calculate monthly instalments.
ICICI Bank Car Loan
ICICI bank car loans can be availed for a new car, pre-owned car and even loan against a car. The interest rate offered by the ICICI Bank car loan is from 7.5% to 13.75% for the 100% on-road price of the car, which can be repaid over a tenure of up to 7 years. Customers can log on to their website for the Car Loan Eligibility Calculator.
Magma Fincorp Car Loan
Magma Fincorp car loan can be obtained at an interest rate that varies between 6% and 12%. Magma is an attractive lender with 100% finance available on on-road car price and quick processing of loans. They provide end to end doorstep service by collecting documents and also offer flexible repayment modes such as ECS, post-dated cheques and cash deposits.
Sundaram Finance Car Loan
Sundaram Finance can help one secure a loan for not only Indian but also imported cars for 100% ex-showroom price. The interest rate offered is from 8% to 16% for instalments of 12 to 60 months and monthly instalment options for 5+2 years.
Bank of Baroda Car Loan
Bank of Baroda can finance vehicles like a hatchback, sedan, SUV, MUV, Sports cars, and luxury cars for up to Rs.1 crore, with the maximum loan amount being 90% of the on-road car price. A minimum CIBIL score of 701 is required for availing of a car loan from the Bank of Baroda.