INSUBCONTINENT EXCLUSIVE:
Car loan borrowers can avail loans from different banks at different rates of interest.
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly
In simple words, a borrower take car loan from a lender to pay for the purchase of a vehicle and agree to pay back the money in installments
over the course of the loan
Car loan borrowers can avail loans from different banks at different rates of interest
Banks like State Bank Of India (SBI), HDFC Bank, ICICI Bank, among others offer mottled types of cars loans which can be chosen by borrower
foreclosure charges, minimal paperwork and quick disbursements, as mentioned on the official portal of country's largest lender
SBI's new car loan scheme is available for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs)
With effect from March 1, 2018, SBI charges a rate of interest of 8.9 per cent to 9.4 per cent on auto loans
(excluding taxi, transport operators and fleet segments)
Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans
This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent
SBI charges a rate of interest of 11.8 per cent on loan to own a super bike
This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website
sector undertaking, private company or a reputed establishment where the net annual income of applicant and/or co-applicant if any, together
should be a minimum of Rs
The maximum loan amount that can be given in this case is 48 times of the net monthly income.ICICI Bank's car loan schemeICICI Bank offers
car loans up to 100% ex-showroom price of the car, with attractive interest rates and up to 7 years tenure, as mentioned on the official
For existing ICICI Bank customers, the bank offers extended scheme
Existing customers also get the benefit of reduced documentation
The bank gives loan tenure up to 5 years.HDFC Bank's car loan schemeHDFC Bank offers attractive interest rates on car loans, as mentioned on
the official website of the bank
The eligibility criteria for car loans are applicable for both salaried and self-employed individuals
HDFC Bank's car loans include flexible repayment tenure and EMIs, along with 100 per cent financing on select vehicles, according to the
case of salaried professional and 6 times of annual income in case of self-employed professionals
Borrower can choose any repayment option from 12 to 84 months
Most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies can be financed for HDFC's new car
loans.For the latest Election Results Live Updates from Karnataka log on to TheIndianSubcontinent.com
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