Best Car Loan in India February 2024

Top Car Loan 2023 – Lowest Interest Rates Loan Amount Instant e-Approval Specialties/features of Best Car Loan/Auto Loans Apply Online Now with Top banks.

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.

Best Car loan Interest Rates India 2024

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Axis Bank 7.99% Rs. 1,558
Bank Of Baroda 7.10% – 10.10% Rs. 1,514 – Rs. 1,665
Bank of Maharashtra 7.30% – 8.15% Rs. 1,524 – Rs. 1,566
Canara Bank 7.30% Rs. 1,524
Central Bank of India 7.25% – 7.70% Rs. 1,522 – Rs. 1,544
HDFC Bank 7.30% – 10.00% Rs. 1,524 – Rs. 1,660
ICICI Bank 9.00% Rs. 1,609
IDBI Bank 7.50% – 8.10% Rs. 1,534 – Rs. 1,564
Indian Bank 6.90% Rs. 1,504
Union Bank Of India 7.40% – 10.50% Rs. 1,529 – Rs. 1,686
Punjab National Bank 8.50% – 9.00% Rs. 1,584 – Rs. 1,609
State Bank of India 7.20% – 7.90% Rs. 1,519 – Rs. 1,554
Uco Bank 7.25% Rs. 1,522
Bank of India 6.85% – 8.05% Rs. 1,502 – 1,561
United Bank of India 8.50% – 9.00% Rs. 1,584 – Rs. 1,609
Syndicate Bank 7.30% Rs. 1,524

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 2023 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 Altroz Mahindra Bolero Mahindra Scorpio Mahindra Xuv700
Kia Seltos Maruti Celerio Kia Sonet Kia Carens
Maruti Fronx TATA Harrier Toyota Innova Crysta Toyota Fortuner
Mahindra XUV300 Maruti Grand Vitara Maruti Eeco Maruti Ignis

News About Car Loans

Here are some of the upcoming cars in India in Nov 2023:

  1. Maruti Suzuki Jimny
  2. Mercedes-Benz EQS SUV
  3. Mercedes-Benz AMG SL
  4. Toyota Taisor
  5. Kia Seltos Facelift
  6. Force Gurkha 5-Door
  7. Maruti Suzuki Fronx CNG
  8. Tata Punch CNG
  9. Renault Triber Turbo
  10. Kia Sonet CNG

These cars are expected to be launched in India in June 2023. The prices of these cars are not yet known, but they are expected to be in the range of ₹7 lakh to ₹2 crore.

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