{"id":13236,"date":"2023-07-06T17:30:05","date_gmt":"2023-07-06T12:00:05","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=13236"},"modified":"2023-07-06T17:30:38","modified_gmt":"2023-07-06T12:00:38","slug":"best-car-loans-with-lowest-interest-rate","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/","title":{"rendered":"Best Car Loans With Lowest Interest Rate (2023)"},"content":{"rendered":"\n<p>Nowadays, buying a car has become a lot easier, thanks to the easy accessibility of the <a href=\"https:\/\/www.tickertape.in\/blog\/refinance-car-loan\/\">car loan<\/a>. It has made it possible for many individuals to buy a car with ease. One can choose from various government and private car loans that are available in the market at the lowest <a href=\"https:\/\/www.tickertape.in\/blog\/flat-interest-rate-vs-reducing-balance-interest-rate\/\">interest rate<\/a>. In this blog, we will cover the best car loan from banks at the lowest interest rate you can refer to.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#What-is-a-car-loan\" title=\"What is a car loan?\">What is a car loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#5-banks-with-the-best-car-loans-with-lowest-interest-rate\" title=\"5 banks with the best car loans with lowest interest rate&nbsp;\">5 banks with the best car loans with lowest interest rate&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#State-Bank-of-India\" title=\"State Bank of India\">State Bank of India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Federal-Bank\" title=\"Federal Bank\">Federal Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Canara-Bank\" title=\"Canara Bank\">Canara Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Bank-of-Baroda\" title=\"Bank of Baroda\">Bank of Baroda<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Axis-Bank\" title=\"Axis Bank&nbsp;\">Axis Bank&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Car-loan-eligibility-criteria\" title=\"Car loan eligibility criteria\">Car loan eligibility criteria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Documents-required-for-car-loan\" title=\"Documents required for car loan&nbsp;\">Documents required for car loan&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tickertape.in\/blog\/best-car-loans-with-lowest-interest-rate\/#FAQs\" title=\"FAQs\">FAQs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What-is-a-car-loan\"><\/span><strong>What is a car loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A car loan is just like any other loan which an individual borrows from banks for buying a car. Following the same structure of a normal loan, it is broken down into instalments which the borrowers have to repay in EMI.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5-banks-with-the-best-car-loans-with-lowest-interest-rate\"><\/span><strong>5 banks with the best car loans with lowest interest rate&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here is the list of best banks for a car loan &#8211;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"State-Bank-of-India\"><\/span><strong>State Bank of India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>State Bank of India (SBI) offers various car loan schemes. A brief list of them is mentioned below.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Types of car loan<\/strong><\/td><td><strong>Interest Rate<\/strong><\/td><\/tr><tr><td>i) SBI Car Loan,ii) NRI Car Loan,iii) Assured Car Loan Scheme<\/td><td>From 8.65% to 9.65%<\/td><\/tr><tr><td>SBI Car Loan, NRI Car Loan<\/td><td>From 8.65% to 9.65% (CIC Based rates are applicable)<\/td><\/tr><tr><td>SBI Green Car Loan (For Electric Cars)<\/td><td>From 8.60% to 9.30%<\/td><\/tr><tr><td>Certified Pre-owned Car Loan Scheme<\/td><td>From 11.25% to 14.75% (CIC Based rates are applicable).<\/td><\/tr><tr><td>SBI Two-Wheeler Loan<\/td><td>17.75% to 19.50% p.a.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Federal-Bank\"><\/span><strong>Federal Bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Considering the present repo rate of 6.50% per annum, the Federal bank offer the car loan at &#8211;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Features<\/strong><\/td><td><strong>New Car Loan Scheme<\/strong><\/td><td><strong>Used Car Loan Scheme<\/strong><\/td><\/tr><tr><td><strong>Interest Rates<\/strong><\/td><td>11.00% p.a. onwards<\/td><td>16.30% p.a. onwards<\/td><\/tr><tr><td><strong>Foreclosure Charges<\/strong><\/td><td>Nil<\/td><td>Nil<\/td><\/tr><tr><td><strong>Repayment Tenure<\/strong><\/td><td>Up to 84 months<\/td><td>Up to 84 months<\/td><\/tr><tr><td><strong>Other Details<\/strong><\/td><td><\/td><td><\/td><\/tr><tr><td><strong>Loan Tenure<\/strong><\/td><td>For new cars &#8211; 60 months<br>For new cars (salaried individuals) &#8211; 84 months<br>For used cars &#8211; 60 months<\/td><td><\/td><\/tr><tr><td><strong>Applicant&#8217;s Income<\/strong><\/td><td>Minimum amount &#8211; Rs. 20,000<\/td><td><\/td><\/tr><tr><td><strong>Insurance Cover<\/strong><\/td><td>Free insurance cover up to Rs.10 lakh<\/td><td><\/td><\/tr><tr><td><strong>Financing<\/strong><\/td><td>Up to 100% of car&#8217;s ex-showroom price<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Canara-Bank\"><\/span><strong>Canara Bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Canara Bank presents an enticing interest rate for car loans, accompanied by the added advantage of flexible repayment options.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Features<\/strong><\/td><td><strong>New Car Loan Scheme<\/strong><\/td><\/tr><tr><td><strong>Interest Rate<\/strong><\/td><td>8.80% &#8211; 11.95% p.a.<\/td><\/tr><tr><td><strong>Processing Charges<\/strong><\/td><td>0.25% on the total loan amount subject to a minimum of Rs.1,000 and a maximum of Rs. 5,000<\/td><\/tr><tr><td><strong>Loan Amount<\/strong><\/td><td>Up to 90% of the total value which includes life tax, invoice value, registration charges, etc.<\/td><\/tr><tr><td><strong>Repayment Period<\/strong><\/td><td>84 months<br>60 months for pre-owned cars<\/td><\/tr><tr><td><strong>Prepayment Charges<\/strong><\/td><td>Nil<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bank-of-Baroda\"><\/span><strong>Bank of Baroda<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Bank of Baroda offers car loans with up to 90% financing at the interest of 8.70% &#8211; 11.15%. An individual can avail the maximum loan amount of Rs.1 cr., with repayment tenure stretches up to 84 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Axis-Bank\"><\/span><strong>Axis Bank&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At Axis bank, you can get up to 100% car loan on the on-road price of the car, which is highly unusual in any other banks listed in this blog. Axis bank offers an attractive 8.75% p.a. interest rate on car loans.<\/p>\n\n\n\n<p>The processing fee for the same is Rs. 3,500 to Rs. 5,500.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Car-loan-eligibility-criteria\"><\/span><strong>Car loan eligibility criteria<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are the eligibility criteria that one must meet to get a car loan &#8211;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Age<\/strong><\/td><td>Minimum 21 yrs, Maximum 75 yrs<\/td><\/tr><tr><td><strong>Employment Type<\/strong><\/td><td>Salaried or Self-employed<\/td><\/tr><tr><td><strong>Employment status<\/strong><\/td><td>Employed\/In-business for at least 3 yrs. and at least 2 yrs with current employer\/business<\/td><\/tr><tr><td><strong>Maximum loan amount<\/strong><\/td><td>On an average financial institution pay up to 90% of the loan<\/td><\/tr><tr><td><strong>Minimum Income<\/strong><\/td><td>Rs. 20,000 per month<\/td><\/tr><tr><td><strong>Tenure<\/strong><\/td><td>Minimum \u2013 12 months<\/td><\/tr><tr><td><strong><a href=\"https:\/\/www.tickertape.in\/blog\/get-an-instant-loan-without-credit-score\/\">Credit Score<\/a><\/strong><\/td><td>Preferred 680 or higher<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents-required-for-car-loan\"><\/span><strong>Documents required for car loan&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While applying for a car loan, following documents are required &#8211;&nbsp;<\/p>\n\n\n\n<ul><li>3 passport size photographs<\/li><li>Complete loan application<\/li><li>Proof of residence (photo copies of recent Telephone Bills\/ Electricity Bill)<\/li><li>Statement of bank account\/ pass book for last six months<\/li><li>Proof of identify (photo copies of Voters ID card\/ Passport\/ Driving license\/ IT PAN card)<\/li><li>IT returns for the three years for self-employed professionals<\/li><li>Form 16\/IT returns for the last two financial years for salaried employee<\/li><\/ul>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>Various aspects, such as interest rate, repayment plan, loan amount, etc. are essential to evaluate before applying for a car loan. It can help you choose the best car loan available, specific to your needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>What is the financing rate of used cars at Canara Bank?<\/strong><br>Canara Bank finances 60% of the price or 60% of the total value of the car after the assessment of the vehicle.<\/p>\n\n\n\n<p><strong>What are the benefits of a car loan?<\/strong><\/p>\n\n\n\n<p>You can easily buy a car by applying for the loan application online and select a suitable repayment plan based on the credit profile.<\/p>\n\n\n\n<p><strong>How to apply for a car loan in India?<\/strong><\/p>\n\n\n\n<p>You can check the list of banks that offer car loans and apply using their app or website within the comfort of your home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking for the banks that offer the best car loan with lowest interest rates? Here is the list of 5 banks with lowest car loan interest rates in India.<\/p>\n","protected":false},"author":131,"featured_media":812,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1754],"tags":[],"acf":[],"modified_by":"Harshit Singh","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2020\/02\/electric-car.jpg?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/13236"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=13236"}],"version-history":[{"count":1,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/13236\/revisions"}],"predecessor-version":[{"id":13237,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/13236\/revisions\/13237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/812"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=13236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=13236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=13236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}