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Car loan interest rates comparision

Having a car was a costly affair once upon a time as we were supposed to pay the total car value at the time of purchase, but now a days you have numerous financing firms offering car loans at competitive interest rates. You should ensure that you go for the best deal suitable to you and you capitalize on having more number of options. 

For this you need to check out with each bank about the interest rate and terms and conditions, which is a time taking job, Here we have compiled Car Loan interest rates from various banks and finance firms, just have a look and decide which will suit you better

11.25 %
11.25 to 12.25 %
11.5 to 17%
Axis Bank
11.5 to 14.0 %
Canara Bank
12.5 %
Kotak Mahindra
11.5 to 13.5%
Bank of Baroda
Bank of Maharashtra
Andhra Bank
12.50 %
Interest Rates mentioned above are as on 22.05.12

From the above table we understand SBI is providing the cheapest car loan, but one thing you should note is Banks offer interest rates based on the Applicants Company, Applicant's salary, Applicant's years of working etc . So you may have customized offer.

If you have a salary account with the bank you are applying for car loan, your chances of loan getting approved is easy
In general Banks finance you up to 85% of the car price, for some specific models banks even provide 100% finance

Tenure to repay your car loan is generally 36-84 months 
It is important you read the document carefully, while availing a car loan because some banks can be tricky

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Car loan interest rates comparision Reviewed by Gowardhan on 5/22/2012 11:24:00 PM Rating: 5

1 comment:

Ravindra shamsher said...

Besides comparing the car loan interest rate offered by different
banks, it is important to compare the EMI for the same loan tenure. This will
help you have the best choice in bank car loan India. Even if the EMI or loan
tenure available is similar, it is important to compare the offers on the basis
of interest rates charged by them, processing fees, service charges and other
bank fees applicable on your loan.

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