Best Car Loan in India May 2021

Top Car Loan 2021 – Lowest Interest Rates Loan Amount Instant e-Approval Specialties/features of Best Car Loan/Auto Loans Apply Online Now with Top banks.

Latest Update: No EMI’s for 6 Months as per RBI. Your CIBIL Score will also not be impacted by this EMI waiver on your Personal / home/car loans. so your credit report will not take hit also but if you don’t pay interest will increase.

Having a car is a dream of almost every one of us. It not only serves the purpose of transportation, but also acts as a fixed asset in the property. Nowadays, a car has become a necessity rather than a luxury. Many professionals have to travel a long distance from their houses to workplaces. In such cases, car becomes an easy and time-saving mode of transportation. Buying your own car or a used one is not difficult now. You can simply search for the best car loan and fulfill your dream of having a vehicle. Demand for finance of new cars has majorly arisen from the areas of Mumbai, Delhi, Bangalore, Rajasthan and Punjab. Since a shorter term loan, such as a 3 year loan, provides a lower rate of interest, majority of people prefer a shorter term of loan.

Get car loans at lowest interest rates for Hyundai Venue, Kia Seltos & MG Hector.

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Best Car loan Interest Rates India January 2021

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Axis Bank 9.05% – 11.30% Rs. 1,611 – Rs. 1,728
Bank Of Baroda 7.35% – 9.10% Rs. 1,526 – Rs. 1,614
Bank of Maharashtra 8.85% Rs. 1,601
Canara Bank 8.05% – 8.65% Rs. 1,561 – Rs. 1,591
Central Bank of India 8.40% – 8.65% Rs. 1,579 – Rs. 1,591
Corporation Bank 8.50% – 9.00% Rs. 1,584 – Rs. 1,609
HDFC Bank 8.80% – 8.90% Rs. 1,599 – Rs. 1,604
ICICI Bank 9.00% Rs. 1,609
IDBI Bank 8.85% – 9.45% Rs. 1,601 – Rs. 1,632
Indian Bank 9.00% Rs. 1,609
Union Bank Of India 8.60% – 8.70% Rs. 1,589 – Rs. 1,594
Oriental Bank of Commerce 8.05% – 8.50% Rs. 1,561 – Rs. 1,584
Punjab National Bank 8.55% – 9.00% Rs. 1,586 – Rs. 1,609
State Bank of India 8.65% – 9.35% Rs. 1,591 – Rs. 1,627
Uco Bank 8.60% Rs. 1,589
Bank of India 8.60% – 9.00% Rs. 1,589 – 1,609
United Bank of India 8.70% Rs. 1,594
Syndicate Bank 8.75% – 9.00% Rs. 1,596 – 1,609

Specialties/features of Best Car Loan/Auto Loans

Car loan basically serves the individuals who are either salaried or self-employed. The vehicle loans are available for fixed tenure at variable interest rates. There are two types of interests available: fixed and floating. Generally, it has been observed that the interest rates on car loans 2021 vary often if compared to other loans. Also, they are considered as secured loans. Thus, lenders are ready to take more risks while offering this amount to the customer. Below are the factors which affect the car loan:


  • Income of the customer ( annual and monthly)– The salaried professionals can obtain loan around three times of their annual income, while self employed persons can apply for the amount five to six times of their annual income.
  • Prices of the cars– You have to check whether the price of the car is covered with the loan or not. Usually, 80-90% price is covered by the bank loan. However, you must calculate the car loan emi amount you are eligible to obtain and the actual price of the car.
  • Market interest rates and other charges– The availability of the car loan will depend upon the market demand for the same. It also varies according to the processing fees, charges and processing requirements etc.

Different Options available for Auto loans

Many banks and financial institutions offer car loans. It is a secured loan product which is also beneficial for the lender. The lender can seize the car, if buyer is unable to repay the loan amount. If you want to search for the best loan available, you have to find out the car model, your eligibility for the loan amount and tenure you would select to repay the loan. Later, you can go for the options that are available in the market.

There are many other banks which offer low interest rates and maximum tenure. You have to select the best car loan according to your capability to repay and requirement of the model of preferred car.

Top 25 Cars of India in terms of Sales in India

Maruti Alto Maruti Dzire Maruti Swift Maruti WagonR
Maruti Baleno Maruti Celerio Hyundai Creta Maruti Brezza
Hyundai Grand I10 Hyundai I20 TATA Tiago TATA Nexon
TATA Tigor Mahindra Bolero Mahindra Scorpio Mahindra Xuv500
Hyundai Eon Maruti Celerio Maruti Scross Honda City
Maruti Ciaz TATA Hexa Toyota Innova Crysta Toyota Fortuner
Mahindra TUV300 Maruti Omni Maruti Eeco Maruti Ignis

News About Car Loans

Hyundai Venue car launched and it hits a sales mark of 7000+ in its first month of launch.

MG Hector shakes the segment with mouth watering prices starts from 12.18 lakh to 16.88 lakhs all ex showroom delhi. Check all prices of MG Hector Here

New Maruti Ciaz will be launched on 16 august as per current auto industry news. It comes with new SHVS engine in petrol & diesel. Car comes equipped with New Headlamps, Tail lamps, New Front Grill and few interior features.

New Maruti Ciaz

Maruti is working on the all-new Ertiga that is based on the new HEARTECT platform that underpins the likes of Swift, Dzire and Baleno in India. The new Ertiga will be larger in dimensions but will remain smaller than the Innova. With the new platform, the Ertiga will shed a lot of weight too. Its launched from price starts from 8.19 lakhs ex showroom delhi.

New Maruti Ertiga

Maruti is working on the all-new Ertiga that is based on the new HEARTECT platform that underpins the likes of Swift, Dzire and Baleno in India. The new Ertiga will be larger in dimensions but will remain smaller than the Innova. With the new platform, the Ertiga will shed a lot of weight too.

The new Ertiga will mark the debut of the 1.5-litre turbocharged diesel engine developed by Maruti Suzuki. The engine will produce a maximum of 108 Bhp – 138 Nm. The petrol engine is expected to remain the same. The Ertiga will offer both automatic and manual transmission options.

Mahindra Marazzo MUV

The Mahindra Marazzo is a premium MPV that will be launched later this year. The car has been caught testing extensively by Mahindra and it is expected to be placed between the Maruti Ertiga and Toyota Innova Crysta in the market. The car will get a grille similar to that of the new Scorpio. It gets projector headlamps and LED DRL on the foglamps.

The Mahindra Marazzo will come with an all-new 1.6-litre mFalcon diesel engine that has been developed with inputs from SsangYong. The new unit will churn out a maximum power of 125 Bhp and peak torque of 305 Nm. Mahindra will also offer a petrol engine with the MPV but exact details of the petrol engine are not yet known. The car will get standard safety features like ABS and airbags across all variants.

New Mahindra XUV 500

The 2018 Mahindra XUV500 has been launched in India with prices starting from Rs. 12.32 lakhs (ex-showroom, Mumbai). The facelifted XUV500 gets cosmetic as well as mechanical changes and is available in seven colour choices – Crimson Red (new), Pearl White, Opulent Purple, Volcano Black, Mystic Copper (new), Moondust Silver and Lakeside Brown.

Jeep Compass

Jeep Compass is the all-new compact SUV in India. Explore Jeep Compass -The state-of-the-art intuitive design, 4×4 capability, 7 speed Dual Dry Clutch transmission & other features of New Jeep Compass 2018. It’s dethrown Mahindra XUV500 from 1st position under category of 16 – 20 lakh SUV.

Maruti Brezza AGS launched

Maruti launched its much awaited compact SUB – Vitara Brezza at starting price of Rs 6.99 lakhs onwards delhi. these prices are ex showroom. Company currently launched brezza in only Diesel version, petrol model will be launched in coming festive season. Read more about maruti brezza

Thanks, for reading this article and Hope It Clears all your doubts and In Future you get a best deal for your Car Loans.