Car Loan

Car Loan - Compare & Apply Car Loan OnlineCar Loan Interest Rates

Updated on 22 May 2020

Car Loan Details

Interest Rate (Monthly reducing balance)	7.70% onwards
Processing Fees	Starts from 0.230% of the loan amount
Loan Tenure	1 year to 8 years
Pre-closure Charges	Varies with bank
Guarantor Requirement	Varies with bank

Note: The interest rates will differ from one bank to another. This makes it critical to compare the interest rates before choosing a loan to apply for.

Here's a Tip!It is vital that you maintain a good credit score when you apply for a car loan. Apart from the loan getting approved quicker, lenders will offer low interest rates if your credit score is good. No security or collateral is required when availing a car loan. The car acts as the security.

Listed below are some of the best car loan products you can opt for in 2020

IndusInd Car Loan	100% financing of on-road price for select models The maximum loan amount can be Rs. 3.5 crore Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs You can take a top-up loan after 9 months Funding for comprehensive insurance Effective Interest Rate8.80% onwards (Rack interest rate) TenureUp to 84 months Max Loan AmountUp to 84 months	View Details

ICICI Bank Car Loan	100% financing of on-road price for select models The maximum loan amount can be Rs. 3.5 crore Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs You can take a top-up loan after 9 months Funding for comprehensive insurance Effective Interest Rate8.80% onwards (Rack interest rate) TenureUp to 84 months Max Loan AmountUp to 84 months	View Details