In this fast paced world, every person is in hurry. Everyone has to manage his personal and professional lives daily. You have to go to the office or to work in morning and sometimes have to cover much distance daily which is very difficult by public conveyance. Public conveyance takes much time and sometimes it proves a frustrating experience when you found it is full & crowded and sometimes you missed the conveyance. So avoid this frustrating experience daily and make life smooth, need arises of your own conveyance. It becomes the necessity of our lives. It is not only a mode of transportation but it acts as a fixed asset also. the car becomes an easy and time-saving mode of transportation.
Having your own car is not difficult now. You can easily search for the best car loan which provides lower interest rates and helps you in fulfilling your dreams. Here we are talking about the best car loan providers bank with their interest rates in India. Below is a list of some banks with their interest rates and processing fees:
| S.NO | Name of the Company | Interest Rate | Processing Fee |
|---|---|---|---|
| 1. | Axis Bank Ltd. | 9.00 % to 11.50% | Rs. 3500 to Rs. 5500 |
| 2. | HDFC Bank | 9.50% to 11.60% | 0.40% of loan amount or Rs. 10,000 which is lower |
| 3. | ICICI Bank | 9.10% to 13.25% | Rs 2500 To Rs. 5000. |
| 4. | Central Bank of India | 8.90% | 0.50% of loan amount with minimum Rs. 2000 and Maximum up to Rs. 20,000 |
| 5. | Corporation Bank | 9.40% to 9.90% | 1% of the loan amount minimum up to Rs. 1000 |
| 6. | Canara Bank | 8.90% to 8.95% | 0.25% of loan amount with minimum Rs. 1000 and maximum up to Rs. 5000. |
| 7. | Bank of Baroda | 8.60% to 10.35% | 0.50% of the loan amount |
| 8. | Bank Of Maharashtra | 8.75% to 9.25% | 0.25% of the loan amount or Minimum Rs.500 |
| 9. | Oriental Bank of Commerce | 8.60% to 9.10% | Rs.500 to Rs.7000 |
| 10. | Punjab National Bank | 8.80% to 9.40% | Rs.100+ service Tax |
| 11. | State Bank Of India | 9.20% to 9.25% | 0.50% of loan amount + Service tax |
| 12. | IDBI Bank | 9.90% | N.A. |
| 13. | Dena Bank | 9.10% | Rs.500 |
| 14. | Union Bank of India | 9.35% | 0.50% of loan amount minimum up to Rs. 500 and maximum up to Rs.10,000 |
| 15. | Sundaram Finance | 12% to 14% | Rs.2500 |
| 16. | Jammu & Kashmir Bank | 9.50% to 12.35% | 0.50% off the loan amount with minimum Rs. 575 |
| 17. | Allahabad Bank | 9.10% | 0.50% of the loan amount with the maximum amount of Rs. 5750 |
| 18. | Indian Bank | 9.95% | 0.229% of the loan amount |
| 19. | Syndicate Bank | 9.40% | NIL |
| 20. | Indian Overseas bank | 9.15% | N.A. |
| 21. | Uco Bank | 9.00% | 1% of the loan amount with maximum Rs. 1500. |
| 22. | L&T Finance | 12% to 15% | 2% of the loan amount |
| 23. | Reliance | 16% | 1.25 5 of the loan amount with the minimum amount of Rs. 5175 |
| 24. | 10.25% to 12.50% | Rs. 5000 to Rs. 10000 | |
| 25. | Capital first | 12.5 to 14.5% | 2% of loan amount. |
Above are the interest rate for the car loan of different banks in India. However, it can fluctuate and change time to time. The factor that affects the car loans are mainly market interest rates and processing fees, the tenure of the loan, prices of the cars and the biggest factor is customer’s income.