5 Banks With Low Car Loan Rates
Buying A Car
A car is a depreciating asset - it loses value over time, with use. So here’s the thumb rule: don’t spend more than half your annual household salary on your car.
Buying A Car
Follow the 20-4-10 rule. Make a down payment of 20% from your pocket. Make sure your loan does not extend beyond 4 years. Keep loan payments to 10% of your monthly salary.
Taking Out A Car Loan
A car loan is a sum of money you borrow from a bank to finance the purchase of your car. Interest rates vary, depending on your monthly salary, credit score and other factors.
Lenders have different criteria for giving out loans. But in general, the applicant should fall between the ages of 18-75, must be salaried or self-employed and earn above Rs. 20,000.
If you take out a car loan for an electric vehicle, you will now avail tax relief of upto Rs. 1.5 lakh on the interest you have to pay.
Punjab & Sind Bank
Punjab & Sind Bank has a car loan interest rate of 7.1%.
Central Bank Of India
Central Bank has an interest rate of 7.25%.
The car loan interest rate offered by Canara Bank is 7.3%.
Punjab National Bank
PNB is offering borrowers an interest rate of 7.3%.
Bank Of Baroda
BOB has an interest rate of 7.35% for their car loans.
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