Car Loan Lowest Interest Rates 2023
In today's world, a vehicle has become a necessity. Earlier, it was known to be a luxury item, but now it is the need of time. To purchase a four wheeler is yet another expense for the person who has a dream of owning a car. As a comfortable means of transport or as a status symbol in society, one deserves ownership of a car.
Now you no longer have to wait to buy your dream car because almost all the banks offer easy car loan upto 100% of value of the car. Car Loan is a perfect solution to fulfil your dream. You can get best car loan offers with lowest interest rates starting at 9.95%, having loan tenure up to 7 years with faster approvals and doorstep services.
Loan for cars ranges from small & compact cars to super premium cars, SUVs and MUVs. Car loan schemes of each bank differ in terms of interest rates and other factors like maximum loan amount, loan tenure, EMI, processing fees and prepayment fees. There are lots of benefits which are now available to the customer when availing of a car loan such as preferred pricing for existing customers, less documentation, plenty of repayment options, door-step service, faster processing time, etc. Some lenders even offer special rates of interest to their existing customers and those having good credit score.
To get Car Loan with lowest interest rate and lowest EMI, you are advised to compare interest rates and offers of all banks before making a final decision.
Car Loan at lower Interest Rate Feb 2023
| Bank Name | Interest Rate | Per Lac EMI | Tenure | Max. Loan Amount |
|---|
Car Loan Eligibility
- Age: 21 to 60 years.
- Income Salaried : A minimum annual income of Rs. 1,80,000 is required
- Income Self-employed : A minimum annual income of Rs. 1,80,000 is needed
- Job/Business Salaried : Work experience of atleast 2 years with a minimum of 1 year with the current employer
- Job/Business Self-employed : A minimum of 2 years in the same line of business is needed
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Important Link About Car Loan
Important Points to Consider before Applying for Car Loan
(1) Choose the Best Lender
This is the most significant point as there are many lenders offering you a car loan but you should pay attention in choosing the best one among them who is offering you the desired loan amount at the lowest interest rate and very fast too.
You can get the help of online marketplace like codeforbanks.com to compare the various car loan offerings.
(2) Check your Credit Score beforehand
You must not forget to check your latest Credit Score before applying for car loan. It is very important to check it as it gives you opportunity to bargain with the lender, if you carry a decent credit score.
(3) Never Over Shop for the Car Loan
Always remember as to not to apply for the loan amount which you cannot afford to repay conveniently.
Mistakes to Avoid While Opting for a Car Loan
When we want to buy a car then we do proper research and homework to select the best car which we can afford. In the similar way, we should do through homework while opting for a Car Loan. We must avoid following mistakes while we are opting for Car Loan:
(1) Availing 100% Car Financing: You must not take a car loan of 100% of the value of a car but you should give some down payment. Nil down payment simply means that you will increase your interest cost as you have to pay more EMIs in future because you have not given any contribution from your side as a down payment for buying your Car. Try making a significant down payment to keep the overall cost of your car loan to a minimum.
(2) Selecting Longer Tenure of Car Loan: You must see as to how much maximum amount of EMI can you pay comfortably. If you are able to pay more EMIs then go for shorter tenure car loan as it will save your interest outgo to a large extent.
(3) Not Comparing Interest Rate of Different Lenders: You must compare the interest rates on car loan offered by different lenders before applying for car loan from any particular lender. Little difference in interest rate results into a lot of saving towards interest outgo in future for you.
(4) Not Checking Other Costs: You must explore other charges & fees involved in availing the loan. These costs include Loan Processing Fee, Administration Chares, Pre-payment Penalty, etc.
