Cheapest Car Loan: To buy a new car, you can get a loan from the bank for a period of eight years at a minimum rate of seven percent.
Cheapest Car Loan: Having a car of your own is almost everyone’s dream. For this they deposit money and some people take loans from banks. In the event of adding money, you have to wait a bit to make your car dream come true, whereas this car can be completed as soon as possible by taking a loan from the bank. To buy a new car, one can get a loan from the bank for a period of eight years at a minimum rate of seven percent. You can get 90-100 per cent finance of the cost of the car.
These banks are offering car loans at the best rates
- Bank of Baroda: In Bank of Baroda, you can get a loan for a new car at a minimum rate of 7 percent. On the car loan, the bank is charging Rs 1500 plus GST as additional processing fee.
- SBI: The country’s largest bank SBI is providing car loans at the rate of 7.20 percent without any processing fee. However, the processing fee on loan for new car is waived only till the end of this month i.e. 31st January 2022.
- Canara Bank: You can take a car loan from Canara Bank at the rate of 7.30 percent. On this, 0.25 percent of the loan amount will have to be paid as processing fee, the minimum limit of which is Rs 1 thousand and the maximum limit is Rs 5 thousand.
- Axis Bank: Private sector bank Axis Bank is also providing car loans at affordable rates. From here you can take a loan at a minimum rate of 7.45 percent. A processing fee of Rs 3500-7000 will have to be paid for a car loan.
They can get Car Loan
All banks have their own eligibility criteria for availing a car loan. Although some things are almost common in most of the banks-
- The age of the loan applicant should be 18-75 years.
- Monthly income should be at least 20 thousand rupees.
- Be associated with the current employer for at least 1 year.
- Should be salaried or self-employed in a government company or private company.