Are you in the market for a new car in India? One of the most crucial decisions you’ll make is how to finance it. Finding a car loan with a low interest rate can save you money in the long run. Let’s delve into the top 10 low-interest car loans available in India to help you make an informed choice.
Best 10 Low-Interest Car Loans in India
Here is a table of the Top Best 10 Low-Interest Car Loans in India:
| Bank Name | Interest Rate Range (per annum) | Features |
|---|---|---|
| Canara Bank | 8.70% to 11.95% | Competitive rates, quick approvals, and flexible repayment terms. A great choice for budget-conscious buyers. |
| Bank of India | 8.75% | Affordable options, hassle-free processing, and a customer-centric approach. |
| ICICI Bank | 9.10% – 10.20% | A trusted name, quick loan approvals, and doorstep services. Consider it for convenience and reliability. |
| Indian Bank | 8.50% | Attractive rates, minimal documentation requirements, and personalized assistance. |
| Union Bank of India | 8.70% – 10.75% | Quick loan processing, and personalized support. Ideal for those valuing the human touch in banking. |
| Punjab National Bank | 9.40% – 11.60% | Competitive rates, flexible repayment options, transparent process. Making financing hassle-free. |
| Central Bank of India | 8.70% to 10.15% | Emphasizes affordability, and minimal paperwork. Simplicity-focused. |
| IDBI Bank | 9.30% to 9.90% | Competitive rates, quick processing, and doorstep services. Combining efficiency with convenience. |
| HDFC Bank | 8.30% – 11.70% | A customer-centric approach, minimal documentation, and reliable service. Known for a smooth loan journey. |
| State Bank of India (SBI) | 8.75% to 9.45 | Affordable options, and dedicated customer support. Commitment to service excellence. |
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Canara Bank
- Interest Rate: Starting from 8.70% to 11.95%. per annum
- Features: Canara Bank offers competitive rates, quick approvals, and flexible repayment terms. It’s a great choice for budget-conscious buyers.
Bank of India
- Interest Rate: Ranges from 8.75% per annum
- Features: Bank of India provides affordable options and hassle-free processing. Their customer-centric approach ensures a smooth loan experience.
ICICI Bank
- Interest Rate: Varies from 8.82% to 12.75% per annum
- Features: ICICI Bank, a trusted name, offers quick loan approvals and doorstep services. Consider it if you value convenience and reliability.
Indian Bank
- Interest Rate: Between 9.10% – 10.20% per annum
- Features: The Indian Bank provides attractive rates and minimal documentation requirements. Their personalized assistance sets them apart.
Union Bank of India
- Interest Rate: Ranges from 8.70% – 10.75% per annum
- Features: Union Bank ensures quick loan processing and personalized support. If you prefer a human touch, this bank is worth considering.
Punjab National Bank (PNB)
- Interest Rate: Varies from 9.40% – 11.60% per annum
- Features: PNB offers competitive rates and flexible repayment options. Their transparent process makes financing your car hassle-free.
Central Bank of India
- Interest Rate: Between 8.70% to 10.15% per annum
- Features: The Central Bank emphasizes affordability and minimal paperwork. If simplicity matters to you, explore their car loan offerings.
IDBI Bank
- Interest Rate: Ranges from 8.40% to 9.00% per annum
- Features: IDBI Bank combines competitive rates with quick processing. Their doorstep services add convenience to the mix.
HDFC Bank
- Interest Rate: Varies from 8.30% – 11.70% per annum
- Features: HDFC Bank’s customer-centric approach ensures minimal documentation and a smooth loan journey. Trust them for reliability.
State Bank of India (SBI)
- Starting from an 8.75% to 9.45% interest rate per annum.
- SBI offers competitive rates and quick approval processes. Enjoy flexible repayment options tailored to your needs with SBI’s car loan schemes.
Disclaimer: Interest rates are subject to change. Please check with the respective banks for the most up-to-date information.
FAQs Of Best 10 Low-Interest Car Loans in India
A car loan is a type of financing provided by banks or financial institutions to help individuals purchase a vehicle. The borrower agrees to repay the loan amount along with interest over a specified period.
You can apply for a car loan either online through the bank’s website or by visiting a branch in person. Typically, you’ll need to fill out an application form, provide necessary documents such as proof of identity, address, income, and employment details, and submit the required paperwork for verification.
The amount you can borrow for a car loan depends on various factors such as your income, creditworthiness, the value of the vehicle, and the bank’s lending policies. Typically, banks offer loans covering up to 80-90% of the car’s on-road price.
