Banks can help you meet this need of buying a car. Many banks are offering Car Loan Offer at cheap interest. If your credit score is good and you fulfill other conditions then you can get a car loan at 7 percent interest.
Car Loan at Cheapest Interest Rate: The pandemic that has been causing problems for two years has made the car a necessity instead of a luxury. To avoid the restrictions of public transport and the risk of infection, the need for your car has already increased.
Banks can help you meet this need. Many banks are offering Car Loan Offer at cheap interest. If your credit score is good and you fulfill other conditions then you can get a car loan at 7 percent interest.
SBI is also giving cheap car loan
The country’s largest bank SBI is also offering affordable car loans. SBI Car Loan interest rates start from 7.25 percent. This bank is offering car loan to every person in the age group of 21 years to 67 years.
If you do a job, then the loan will be available only if the annual income is at least Rs 3 lakh. To such people, the bank can give an amount up to 48 times of the monthly salary for a car loan. SBI is also giving loans for used cars. Its interest rates are starting from 9.25 percent.
This bank is giving cheapest car loan
Bank Of Baroda has lowest car loan interest. You can get up to 90% finance from this bank. Its interest rates range from 7 percent to 9.75 percent. This bank charges a risk premium of 0.05 per cent to the customers who do not take credit insurance coverage. Apart from this, Bank of Baroda charges a service charge of Rs 1,500 on the car loan.
Great offers from these banks too
After Bank of Baroda, SBI is offering the lowest interest on car loan. After this the name of Canara Bank comes in the list. Canara Bank is offering car loans with an introductory interest rate of 7.30 percent.
This bank is charging a processing fee of Rs 1000 to Rs 5000. Similarly, Axis Bank’s car loans are starting at the rate of 7.45 percent. Although its service charge is high. This bank is charging a service charge from Rs 3,500 to Rs 7,000.
This is the interest of ICICI Bank
ICICI Bank is also offering car loans at cheap interest. This bank is currently giving loans at an interest of 7.50 percent to 9 percent. The segment of vehicle you are buying, what is your CIBIL score,
what type of customer you are and for how long you are taking the loan, these factors decide the interest rate at which the bank will give you the loan. ICICI Bank is offering loans for second hand cars at an interest rate of 12 per cent to 14.50 per cent.
