Banks offering the lowest car loan interest rates and best EMIs

Purchasing a car is an expensive investment. To finance your dream car, the first thing you may think about is getting a car loan. However, you must ensure at least two things: find a bank with minimum eligibility criteria and pay the lowest possible EMI (equated monthly installment). Fortunately, many banks in India offer car loans with flexible repayment options, but the interest rates may vary significantly.

The interest rate can have a significant impact on your total amount payable. So, comparing various car loan providers is vital to finding the right loan with better interest rates and manageable EMIs. Following are some Indian banks you can consider to avail of a car loan for reduced EMIs, attractive interest rates, easy documentation, and instant approval.

IDFC FIRST Bank offers one of the lowest car loan interest rates in the industry to keep your monthly payments down. Not only this, but you may also get a hassle-free application process with a convenient EMI scheme and loan repayment tenure of up to 10 years.

Moreover, IDFC FIRST Bank also offers a personalized car loan EMI calculator to help you calculate your monthly EMIs based on the loan amount, interest rate, and repayment tenure. It helps you plan your down payment and repayment schedule effectively.

SBI – Interest rate starts at 7.55%
SBI is a popular car loan financer with interest rates starting at 7.55%. Other benefits offered include convenient repayment tenures and fewer charges. And if you have a long-term relationship with the bank, you may be given preference based on your excellent credit record.

ICICI Car Loans – The interest rate starts at 7.85%
With ICICI Bank, you can finance your car at low EMIs, competitive interest rates, simple paperwork, and instant disbursement. For a new car, the best car loan interest rate you may get depends on the car segment, customer relationship, credit score, loan tenure, etc. For used vehicles, the interest rate you may get is based on age/segment of car, top-up, product variant like refinance, purchase, etc.

HDFC – Interest rate starts at 7.95%
With HDFC, you may get the lowest car loan interest rate starting at 7.95%. The interest rate will depend on your credit score, car valuations, and employment status. HDFC offers an Xpress car loan with unique features like flexible repayment tenure, 100% financing on select vehicles, and manageable EMIs.

Axis Bank – Interest rate starts at 8.20%
Axis Bank offers car loans up to 100% on-road price with an attractive interest rate starting from 8.20%, depending on your loan amount, credit score, and several other factors.

With Axis’ new car loan, you also get other benefits such as affordable car loan charges, quick disbursal, and up to 100% loan on specific models.

You can get the lowest car loan interest rate with flexible tenure from any of the banks mentioned above. However, maintaining a good credit score is also crucial while applying for a car loan, as lenders often offer low-interest rates to such applicants. Once your loan is approved, make sure to check any associated hidden charges by reading its terms and conditions carefully.

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August 29, 2022