Car Loan Interest Rates in India

The car loan interest rates you will be charged and the loan amount you will be eligible for will vary by bank, and will depend primarily upon the model of car, the tenure of your loan, your income, your employer, your work experience and your residence stability. Car loan interest rates in India are usually quoted as monthly reducing balance rates, however some lenders quote car loan interest rates as daily reducing balance rates.The simplest way of comparing different car loan offers is to calculate the total amount of money you will need to repay the bank in order to completely pay off your loan.


Car Loan Interest Rates

Bank Name	Interest rate range	Rate Type
HDFC Bank Car Loan	8.5% to 10.75% fixed	Monthly reducing balance
ICICI Car Loan	9.75% to 11% fixed	Monthly reducing balance
Axis Car Loan	9.25% to 12% fixed	Monthly reducing balance
Reliance Car Loan	10.5% to 12% fixed	Monthly reducing balance
SBI Car Loan	8% in 1st year. 10% to 11.5% fixed in next years	Daily reducing balance
Bank of Baroda Car Loan	9.75% to 10.25% floating	Daily reducing balance
Canara Bank Car Loan	11% fixed	Daily reducing balance
Oriental Bank Car Loan	11% fixed	Daily reducing balance
Punjab National Bank Car Loan	11% fixed	Daily reducing balance
Union Bank Car Loan	11% to 11.25% floating	Daily reducing balance

Your car loan eligibility and car loan interest rate

Both salaried and self-employed people are eligible for car loans, as long as they have steady income. A car loan can be used to purchase either a new car or a used car. Most banks offer car loans which can be repaid over a period of up to 5 years. The loan amount you are eligible for and the car loan interest rate you will be charged are dependent on factors such as income, employment history, car make & model, and whether the car is new or used. Banks typically limit the monthly payment (EMI) on your auto loan to about 50% of your monthly income, and will also cap the overall loan amount to about 80% of the ex-showroom price of your car (This cap may be relaxed for existing customers of a bank, but is stricter for used cars).

Typical fees and charges payable for a car loan

1. Lenders charge a processing fee of about 1% of the loan amount, but this fee is usually capped.
2. If you repay your car loan earlier than the agreed time frame, lenders charge a foreclosure penalty of about 4% of the foreclosed loan amount.

Comparing car loan quotes from different banks/NBFCs

1. Banks quote interest rates in many different ways (ex. monthly reducing rate, flat rate), hence just looking at the interest rate value alone might not give you a true picture of which car loan quote is the best. The processing fee should also be considered when comparing auto loan quotes. The best way of finding out which car loan quote is the cheapest is by comparing the total amount that you need to pay in order to completely pay off your car loan.
Total cost of car loan = Loan amount + Total interest charged throughout loan tenure + Processing fees & related taxes

2. The amount you are eligible for will vary by bank, hence choose a lender who lends you enough for you to afford the down-payment on the car.
3. In case you wish to buy your car very quickly, also consider the average time taken by the bank to disburse a car loan.

EDUCATIONAL LOANS IN INDIA

Educational loans


A complete system of educational loan was framed with the query from the Government of India with the India Reserve Bank and the Indian Bankers Association. This system may apply for a loan of up to 7.5 lakh in India and 15 Lakhs for studies abroad. These numbers are not stable in nature for banks. State Bank of India is using a ceiling 20 lakhs and in recent days. Indian Bank updated the maximum limit of 15 lakh for education in India and 25 Lakhs for studies abroad. All details below will change later and students are invited to get proper information of the banks concerned.
The admissibility processing rate security
The interest rate on delivery of loan documents
Certificate of reimbursement capacity margin of holiday


Eligibility


The eligibility criteria of the Bank for a loan from any bank education India:-

Student who is looking for an educational loan should be Indian national
The student should have obtained admission to courses/professional technicians through the process of selection of test input
The student must have secured admission to universities and foreign institutions
Take a look at other important points of view that comprehensive educational loans:-


Documents
Must keep these documents in place before you apply for an educational loan:
Mark leaves the last preliminary examinations and the school of specialisation in India.
Proof of admission to the course.
Programming for the course.
Copies of the letter confirming the stock market.
Allow copies of the coin, if applicable.
Two passport size photos.
Bank statement for last six months the debtor.
Taxable income of not more than two years.
Short declarations of assets and liabilities of the debtor.
If you are a database client must prove identity and give proof of residency.


 The Margin
Where the cost of the course is up to 4 lakh, which is equal to zero for both studies in India and abroad. Where the cost of the course is more than 4%, 5 lakhs for studies of indoor and 15% for studies abroad.

Safety
Banks have the following guarantees of safety and security requirements for the granting of student loans. However, requirements vary from the Bank.

GET LOANS IN DUBAI

Changes in loans of financial institutions in Dubai to support the credit system.


Personal loans: personal loans, much needed. These 10 times to get a salary limit of 27 times. Thus, this limit may vary depending on the time to work. This loan is under the auspices of the employer's bank account, will be mainly. Thus, to focus on personal loans, your employer accepted as approved clients of the big bang, is to write to the application. This credit, however, an interest compared to other loans have high standards.


• For financing auto loans: This category is small and needs in the short term. Compared with the amount of personal loans is usually low, but the benefits of low interest of the debtor. Credit is protected from buying a new car. My banks partial loan provider can be exported vehicles. Thus, funding only upon payment in full you can download the full ownership. In addition, compared to easily obtain this loan Fast loan.
 Mortgage: the name that you specify for the purchase of a House of this loan is for them all. In accordance with the detailed procedures needed these loans to increase it. These loans are more expensive and requires vast amounts of documentation. Should tenant living proof of the agreement into force. This document is the proof of the reliability of tenants, including rent for individuals home more fun.