The Indian automobile industry is booming and owning a car is now a dream for every Indian. In the Indian industry, we have a variety of car range available and everyone need to plan accordingly their budget.
A car Loan is one of the easiest and most feasible ways to plan your own car in India. Almost all banks provide car loans at very affordable interest rates and the process to apply for a car loan is on the tip of the customer. There are also multiple NBFCs that provide car loans at very low-interest rates. The whole process of availing of a car loan is very easy nowadays and there are multiple aggregator or marketplace platforms for car loans like CarVaidya which provides one-to-one assistance, cost comparison, feature comparison, etc. functionalities on their Website or App.
Here, through our blog, we are providing you with information related to the Best car loans with low-interest rates in India.
In the process to get the car loan, Foremost, you should finalize which car you are going to purchase and how much the purchase value is.
Car Loan lenders provide you the different plans and down payments according to your car choice. Few cars come with an offer on a Loan or some kind of discount on a down payment. These kinds of plans Car Loan Banks or lenders apply when you finalize your car.
Best Car Loan Banks in 2023 – India
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Bank Name
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Best Car Loan Interest Rate
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Processing Fee
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SBI Car Loan
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7.20% p.a. onwards
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Starting from 0.40% of the Loan
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Federal Bank Car Loan
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8.50% p.a. onwards
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As per terms and conditions
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Canara Bank Car Loan
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7.30% p.a. onwards
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0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
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Bank of Baroda Car Loan
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7.00% p.a. onwards
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Rs.1,500
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Axis Bank Car Loan
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7.45% p.a. onwards
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Minimum: Rs.3,500, Maximum of Rs.7,000
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Through our analysis, the following are the most feasible, affordable, and cheapest car loan any customer can get through a bank in 2023 India.
Factors that affect availing of the best car loan in India.
Here we are listing a few important factors that customers should consider while taking the Car Loan.
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Choose the Car Loan as per the selected Car and the budget.
There are three important factors in any car loan. i.e. Down payment, tenure & Interest Rates. These factors give you an idea about your Car Loan EMI (Estimated Monthly Installment). If customers face any kind of challenge to decide which Car Loan they should opt for. Customers can go to CarVaidya Car Loan Section and choose the best plan after comparison.
There is always a documented process before taking a Car Loan and their approval. Customers need to understand the car loan process properly before applying for it. How hectic is the process, which kinds of documents are required for a car loan, and how much time is required to sanction a car loan? These are very considerable factors that customers should confirm.
The hidden part of a Car Loan is always a Terms & Conditions. Customers should read the Terms & Conditions very carefully and understand each aspect and their consequences. Few examples: What if I am looking to close my Car Loan before tenure? What will happen if I miss any EMI to pay? How my EMI would be deducted and the process? What will be the process to close a car loan if I sell my car in the future?
The last but vital part is your Credit Score. If your credit score is high and clean. Then, there would be no problem getting any Car Loan. But, in the case of low credit scores. May be possible your car loan request would be denied by Banks.
Disclaimer: This blog is solely for information & educational purpose. We are not recommending any kind of investment through this information.
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By Kuldeep
