Cheapest Car Loan by: These 10 banks are getting the cheapest car loan, 5 are government and 5 are private, know Cheapest Car Loan Bank List 2023.
Cheapest Car Loan
At present, many finance companies, banks, fintech companies are providing car loans at very low interest rates. A huge amount of money is spent in buying a car, mostly a car loan to buy a middle class family car. Where banks provide loans from 80 to 90 percent of the on-road price.
If you are thinking of taking a loan to buy a new car, then first of all you should get the right information about the car loan, which bank charges the car loan interest rates. Let us tell you about 10 banks from which you can take a car loan at the cheapest interest rate.
These 5 Public Sector Banks are Offering the Cheapest Car Loan
| Bank name | Interest Rate |
| Punjab and Sind Bank | 7 percent interest rate will have to be given on the car loan. |
| Central Bank of India | 7.25 percent interest rate will have to be given on the car loan. |
| Bank of Baroda | 7.25 percent interest rate will have to be given on the car loan. |
| Canara Bank | 7.30 percent interest rate will have to be given on the car loan. |
| Punjab National Bank ( PNB Bank) | Loan is available on car loan at 7.30 percent interest rate. |
These 5 Private Sector Banks are Offering the Cheapest Car Loan
| Bank Name | Interest Rate |
| IDBI Bank | On taking a car loan, you will have to pay interest at the rate of 7.50 percent. |
| ICICI Bank | Car loan is being given at the rate of 7.90 percent. |
| Karur Vysya Bank | Car loan is available at the rate of 7.90 percent. |
| HDFC bank | If you take a car loan, you will pay interest at the rate of 7.95 percent. |
| Dhanlaxmi Bank | You can get a car loan at the rate of 8.10 percent. |
Some Things to Keep in Mind while Taking a Car Loan:
The most important thing before taking a car loan is that you should do a good research so that you can get a car loan at an affordable rate.
While taking a car loan, try to pay the maximum amount so that you have to pay less EMI. The higher the loan amount, the more interest you will have to pay.
Also keep in mind that do not fall into the trap of making EMI of less money.
If you can repay the EMI easily, then give money, because the more EMI you make, the more you will have to pay interest.
Car Loan Interest Rate Comparison for All Banks
| Name of the Bank: | Interest Rate (p.a.): |
| State Bank of India | 7.20% onwards |
| Indian Overseas Bank | 7.55% onwards |
| Federal Bank of India | 8.50% onwards |
| HDFC Bank | 7.95% onwards (Rack Interest) |
| Canara Bank | 7.30% onwards |
| Union Bank of India | 7.40% onwards |
| Karur Vysya Bank | 7.80% onwards |
| South Indian Bank Repo | Rate + 5.10% |
| IDBI Bank | 7.35% onwards (floating) |
| Punjab National Bank | 6.65% onwards |
| Yes Bank | Contact the bank |
| Karnataka Bank | 8.05% onwards |
| Tamilnad Mercantile Bank | 8.25% onwards |
How to Get the Cheapest Car Loan?
At present, Punjab and Sind Bank provides the cheapest interest rate, where you will have to pay less than 7% interest rate. You can easily apply online through the official website and mobile application.
Let us know how you can get a car loan at the lowest interest rate:
Step 1. – First of all go to the official website of the bank.
Step 2. – Now click on Car Loan option.
Step 3. – After this fill your personal information like name, address, mobile number etc.
Step 4. – Wait till the loan is approved As soon as your loan is approved.
Step 5. – After this you will be able to easily take a loan from any car agency.
Step 6. – After this, you can repay the loan by paying the monthly installment of your car loan every month.
Cheapest Car Loan Bank List 2023
| Name of the Lender | Interest Rate (p.a.) | Loan Amount | Processing Fee |
| Union Bank of India | 7.40% onwards | Up to Rs.125 lakh | 0.25% to 0.50% of the loan amount |
| IDBI Bank | 7.35% onwards (floating) | Up to Rs.25 lakh | – |
| Axis Bank | 7.45% onwards | Rs.1 lakh onwards | Rs.3,500 to Rs.5,500 |
| State Bank of India | 7.20% onwards | Up to 48 times of monthly income | Nil (Until 31 January 2023) |
| Jammu And Kashmir Bank | RLLR + 0.75% onwards (floating) | Rs.50 lakh | 0.5% of loan amount Min: Rs.1,500 |
| RLLR + 1.50% onwards (fixed) | |||
| Canara Bank Car Loan | 7.30% onwards | Up to 90% of the car’s value | 0.25% of loan amount Min: Rs.1,000 Max: Rs.5,000 |
| Federal Bank Car Loan | 8.50% onwards | Up to 100% of the car’s ex-showroom price | Rs.1,500 to Rs.2,500 |
| Bank of Baroda | 7.00% onwards | Rs.1,500 (plus GST) | 0.5% of loan amount Max: Rs.10,000 |
| Bank of India Car Loan | 6.85% onwards | Rs.200 lakh | 0.25% of loan amount |
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Conclusion
Through this article, we have provided you information about the cheapest car loan, such as which banks are giving you car loan at what rate of interest, in addition to this, we have also provided the Cheapest Car Loan Bank List 2023 if this information is available. If it is helpful for you, then do not forget to share this information with your friends and thank you wholeheartedly for reading this article till the end!
