Car Loan Interest Rate: These things have to be kept in mind while taking a car loan, see the real price

Car Loan Interest Rates Actual Value : Car shopping was going on in the country before the Corona Pandemic, now it is back on the same track. The country’s car market has once again reached its old era. Let us tell you that this year the car companies have launched many new models. If you are planning to buy a car, then you have many options regarding the car. People of salaried and middle class families definitely take loan from the bank to buy a car.

high car interest
If you look at the interest of the car loan, then it is higher than the home loan. Due to this, the real value of the car to the borrowers increases by about one and a half times after the loan is over. Let us tell you that what is the real cost for you on taking a car loan and what are the things you have to keep in mind before taking a loan. See how much the car will cost.

car will cost so much
If you take a loan of 10 lakhs for 5 years. There is a 10% interest rate on the loan amount of Rs 10 lakh. Your loan tenure is for 5 years. In this your monthly EMI of Rs 21247 comes. You have to pay a total interest of Rs 274823 in 5 years. After which the car becomes the original price of Rs 12,74823.

See how much interest is on car loan in the bank
State Bank Of India : 8.50%
Axis Bank: 12.00%
Bank of Baroda: 8.50% onwards
Canara Bank: 10.40%
HDFC Bank: 9.00%
Kotak Bank: 11.5%

PNB: 8.55% onwards
Andhra Bank: 10.80% onwards
Bank of India: 9.35% onwards
Federal Bank: 11.49% onwards
ICICI Bank: 9.00% onwards
Indian Bank: 9.20% onwards
Union Bank of India: 8.90% onwards

These things have to be kept in mind

  • While taking a loan, you must compare the interest rates or other offers of different banks. Wherever you get a good offer, choose that bank only.
  • While taking a car loan, ‘Zero Down Payment’ is such an offer that is common to all customers. Without paying down payment, you will be more expensive for the loan and the interest on it will be higher.
  • Taking a loan for a long term is not a good idea. Here your interest is increasing. Tenure of 3 to 5 years is right. Trying to finish the loan as soon as possible.

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