A lot of people opt for a car loan from the dealer whose showroom they are planning to purchase a car. While this is a convenient option, it is not necessarily the best option. Banks typically dish out a whole range of subsidies, freebies and discounts that are available to customers who shop around. This is why it is so important to go to the market for competing offers. WHEN BANKS COMPETE YOU WIN. You never know how many accessories you might be eligible to get either free of cost or at substantial discounts not to mention potential discounts on the interest rates initially quoted. So the next time you take a car loan, make sure that you are getting a sweet deal in totality:
- Lowest Interest Rate
- Discounts
- Free Accessories/ Extended Warranty
The 7 step process to get the best car loan deal
1) Fix the loan amount and loan tenure first and ask everybody to quote EMIs and fees and charges for that loan amount and tenure.
2) Compare the options available from the dealer to other options provided by the lenders active on Apnapaisa
3) If the car you are buying has discounts available negotiate separately for the discounts in cash to be adjusted against your down payment requirements. Don�t accept discounts in terms of accessories as they are overpriced and have very high dealer margins.
4) Stick to a fixed rate loan unless the floating rate option is at least 1% cheaper than the fixed rate option.
5) Other things remaining the same choose the loan option that has a the lowest pre-payment charge
6) If you are trading in your existing car for a new car negotiate separately for the price of the old car and separately for your new car. Remember if you have not claimed anything on the car that you have sold you can transfer the no claim benefit to your new car insurance policy where you can save thousands of rupees.
7) Separate your car insurance need from the car purchase. Remember if you have not claimed anything on the car that you have sold you can transfer the no claim benefit to your new car insurance policy where you can save thousands of rupees. Car insurance premiums are negotiable so make sure you negotiate hard and compare with options available from Apnapaisa providers. This can save you thousands of rupees.
Comparison Of Lakshmi Vilas Bank plans with similar plans
| Plan | Interest Rate Min | Interest Rate Max | EMI | Processing Fee |
|---|
Bank of Maharashtra - Old - Floating
15.5
15.5
2808
Rs 2000
| Bank of Maharashtra - Old - Floating | 15.5 | 15.5 | 2808 | Rs 2000 |
Bank of Maharashtra - New - Floating
12.75
12.75
2670
Rs 2000
| Bank of Maharashtra - New - Floating | 12.75 | 12.75 | 2670 | Rs 2000 |
Central Bank of India - New - Floating
12.5
12.5
2658
Nil
| Central Bank of India - New - Floating | 12.5 | 12.5 | 2658 | Nil |
Canara Bank - Old - Fixed
13.5
13.5
2708
0.1% of loan amount or min Rs 250 and max Rs 500
| Canara Bank - Old - Fixed | 13.5 | 13.5 | 2708 | 0.1% of loan amount or min Rs 250 and max Rs 500 |
Canara Bank - New - Fixed
13.5
13.5
2708
0.1% of loan amount or min Rs 250 and max Rs 500
| Canara Bank - New - Fixed | 13.5 | 13.5 | 2708 | 0.1% of loan amount or min Rs 250 and max Rs 500 |
Bank of Baroda - New - Floating
12.5
12.5
2658
Nil
| Bank of Baroda - New - Floating | 12.5 | 12.5 | 2658 | Nil |
Federal Bank - New - Fixed
12.45
12.95
2656 - 2680
0.50% of loan amount
| Federal Bank - New - Fixed | 12.45 | 12.95 | 2656 - 2680 | 0.50% of loan amount |
Federal Bank - Old - Fixed
15.7
16.2
2819 - 2844
0.50% of loan amount
| Federal Bank - Old - Fixed | 15.7 | 16.2 | 2819 - 2844 | 0.50% of loan amount |
Catholic Syrian Bank - New - Floating
11.5
12.5
2609 - 2658
upto Rs 25000- Nil, above Rs 25000- 1% of loan amount, minimum Rs 250
| Catholic Syrian Bank - New - Floating | 11.5 | 12.5 | 2609 - 2658 | upto Rs 25000- Nil, above Rs 25000- 1% of loan amount, minimum Rs 250 |
Punjab National Bank - New - Floating
13.0
13.0
2683
1% of the loan amount or max Rs 4000
| Punjab National Bank - New - Floating | 13.0 | 13.0 | 2683 | 1% of the loan amount or max Rs 4000 |
Indian Bank - Old - Fixed
14.0
14.0
2733
0.30% of the loan amount, Minimum Rs 300.
| Indian Bank - Old - Fixed | 14.0 | 14.0 | 2733 | 0.30% of the loan amount, Minimum Rs 300. |
Dena Bank - New - Floating
13.25
13.25
2695
For loans upto Rs. 2.50 lacs, Rs. 1,000/-. For loans above Rs. 2.50 lacs to Rs. 7.50 lacs, Rs. 1,500/- For loans above Rs. 7.50 lacs, Rs. 2,500/-. 50% concession applicable during festive offer
| Dena Bank - New - Floating | 13.25 | 13.25 | 2695 | For loans upto Rs. 2.50 lacs, Rs. 1,000/-. For loans above Rs. 2.50 lacs to Rs. 7.50 lacs, Rs. 1,500/- For loans above Rs. 7.50 lacs, Rs. 2,500/-. 50% concession applicable during festive offer |
SBI - New Car Loan
12.0
12.0
2633
0.50% of Loan amount, Minimum: Rs. 500/-, Maximum Rs. 10,000.
| SBI - New Car Loan | 12.0 | 12.0 | 2633 | 0.50% of Loan amount, Minimum: Rs. 500/-, Maximum Rs. 10,000. |
Oriental Bank of Commerce - New - Floating
11.75
11.75
2621
0.50% of loan amount or min Rs 500 50% waiver during festive offer
| Oriental Bank of Commerce - New - Floating | 11.75 | 11.75 | 2621 | 0.50% of loan amount or min Rs 500 50% waiver during festive offer |
Indian Bank - New - Fixed
11.25
11.25
2597
0.30% of the loan amount, Minimum Rs 300.
| Indian Bank - New - Fixed | 11.25 | 11.25 | 2597 | 0.30% of the loan amount, Minimum Rs 300. |
Bank of India - New - Floating
12.75
12.75
2670
Upto 25,000/-, Rs.1000/- Above Rs.25,000/- upto Rs.25 lacs - 1.10% of loan amount – Min. Rs.1500/- Max. Rs.5000/-. Processing Fees waived during festive offer
| Bank of India - New - Floating | 12.75 | 12.75 | 2670 | Upto 25,000/-, Rs.1000/- Above Rs.25,000/- upto Rs.25 lacs - 1.10% of loan amount – Min. Rs.1500/- Max. Rs.5000/-. Processing Fees waived during festive offer |
Vijaya Bank V Wheels - Old
11.3
11.3
2599
0.1% of the loan amount, min Rs.500/-and max Rs.2500/-.
| Vijaya Bank V Wheels - Old | 11.3 | 11.3 | 2599 | 0.1% of the loan amount, min Rs.500/-and max Rs.2500/-. |
UCO Bank - New - Floating
13.75
13.75
2720
1% of loan amount or max Rs 1000
| UCO Bank - New - Floating | 13.75 | 13.75 | 2720 | 1% of loan amount or max Rs 1000 |
State Bank of Mysore - Old - Floating
17.75
17.75
2924
Nil
| State Bank of Mysore - Old - Floating | 17.75 | 17.75 | 2924 | Nil |
State Bank of Mysore - New - Floating
12.25
12.25
2646
0.50% of the Loan amount with Minimum of Rs. 500 and maximum of Rs. 10000
| State Bank of Mysore - New - Floating | 12.25 | 12.25 | 2646 | 0.50% of the Loan amount with Minimum of Rs. 500 and maximum of Rs. 10000 |
Corporation Bank - New - Floating
12.6
12.6
2663
1% of loan amount or min Rs 1000
| Corporation Bank - New - Floating | 12.6 | 12.6 | 2663 | 1% of loan amount or min Rs 1000 |
Corporation Bank - Old - Floating
12.6
12.6
2663
1% of loan amount or min Rs 1000
| Corporation Bank - Old - Floating | 12.6 | 12.6 | 2663 | 1% of loan amount or min Rs 1000 |
Syndicate Bank - Old - Floating
12.75
12.75
2670
NA
| Syndicate Bank - Old - Floating | 12.75 | 12.75 | 2670 | NA |
Syndicate Bank - New - Floating
12.75
12.75
2670
NA
| Syndicate Bank - New - Floating | 12.75 | 12.75 | 2670 | NA |
Indian Overseas Bank - New - Floating
13.25
13.25
2695
upto Rs 2 lakh: Rs 134 (in rural areas) and Rs 168 (in other areas), above Rs 2 lakh: Rs 134 per Rs 1 lakh (in rural areas) and Rs Rs 168 per Rs 1 lakh or part thereof (in other areas)
| Indian Overseas Bank - New - Floating | 13.25 | 13.25 | 2695 | upto Rs 2 lakh: Rs 134 (in rural areas) and Rs 168 (in other areas), above Rs 2 lakh: Rs 134 per Rs 1 lakh (in rural areas) and Rs Rs 168 per Rs 1 lakh or part thereof (in other areas) |
Karnataka Bank - New - Floating
12.75
12.75
2670
0.25% with a minimum of Rs 250 + asset verification charges Rs. 1000.
| Karnataka Bank - New - Floating | 12.75 | 12.75 | 2670 | 0.25% with a minimum of Rs 250 + asset verification charges Rs. 1000. |
Tata Capital - Car Loans (New)
12.5
12.75
2658 - 2670
0.5% of loan amount.
| Tata Capital - Car Loans (New) | 12.5 | 12.75 | 2658 - 2670 | 0.5% of loan amount. |
State Bank of Patiala - Old - Floating
17.25
17.25
2898
0.50% of loan amount
| State Bank of Patiala - Old - Floating | 17.25 | 17.25 | 2898 | 0.50% of loan amount |
Tata Capital - Car Loans (Used)
18.5
21.0
2964 - 3097
0.5% of loan amount.
| Tata Capital - Car Loans (Used) | 18.5 | 21.0 | 2964 - 3097 | 0.5% of loan amount. |
State Bank of Patiala - New - Floating
12.5
12.5
2658
0.50% of loan amount
| State Bank of Patiala - New - Floating | 12.5 | 12.5 | 2658 | 0.50% of loan amount |
UCO Bank - Old - Floating
14.75
14.75
2770
1% of loan amount or max Rs 1000
| UCO Bank - Old - Floating | 14.75 | 14.75 | 2770 | 1% of loan amount or max Rs 1000 |
ABN Amro - Old - Fixed
17.5
18.5
2911 - 2964
Rs 500 to Rs 1000
| ABN Amro - Old - Fixed | 17.5 | 18.5 | 2911 - 2964 | Rs 500 to Rs 1000 |
ABN Amro - New - Fixed
15.0
15.0
2783
Nil
| ABN Amro - New - Fixed | 15.0 | 15.0 | 2783 | Nil |
HDFC Bank - New - Fixed
11.5
16.25
2609 - 2847
Upto 2.5 Lacs : Rs.2150/- 2.51 to 4 lacs : Rs.3150/- above 4 Lacs :Rs. 3650/-
| HDFC Bank - New - Fixed | 11.5 | 16.25 | 2609 - 2847 | Upto 2.5 Lacs : Rs.2150/- 2.51 to 4 lacs : Rs.3150/- above 4 Lacs :Rs. 3650/- |
HDFC Bank - Old - Fixed
14.0
15.0
2733 - 2783
2% of loan amount or Rs. 4000/- whichever is lower.
| HDFC Bank - Old - Fixed | 14.0 | 15.0 | 2733 - 2783 | 2% of loan amount or Rs. 4000/- whichever is lower. |
ICICI Bank - New - Fixed
11.5
14.75
2609 - 2770
upto Rs 2.5 lakh: Rs 2500, above Rs 2.5 lakh- Rs 5 lakh: Rs 3100, above Rs 5 lakh- Rs 10 lakh: Rs 4000, above Rs 10 lakh: 5000
| ICICI Bank - New - Fixed | 11.5 | 14.75 | 2609 - 2770 | upto Rs 2.5 lakh: Rs 2500, above Rs 2.5 lakh- Rs 5 lakh: Rs 3100, above Rs 5 lakh- Rs 10 lakh: Rs 4000, above Rs 10 lakh: 5000 |
Union Bank of India - New - Fixed
15.75
15.75
2821
0.5% of loan amount with a max of Rs. 6000/-
| Union Bank of India - New - Fixed | 15.75 | 15.75 | 2821 | 0.5% of loan amount with a max of Rs. 6000/- |
Allahabad Bank - New - Floating
11.0
11.0
2585
Rs. 1000
| Allahabad Bank - New - Floating | 11.0 | 11.0 | 2585 | Rs. 1000 |
Allahabad Bank - Old - Floating
11.0
11.0
2585
Rs. 1000
| Allahabad Bank - Old - Floating | 11.0 | 11.0 | 2585 | Rs. 1000 |
Kotak Bank - New - Floating
12.25
12.25
2646
3% of the loan amount
| Kotak Bank - New - Floating | 12.25 | 12.25 | 2646 | 3% of the loan amount |
South Indian Bank - New - Fixed
14.9
14.9
2778
0.50% of loan amount
| South Indian Bank - New - Fixed | 14.9 | 14.9 | 2778 | 0.50% of loan amount |
Punjab National Bank - Old - Floating
13.0
13.0
2683
1% of the loan amount, maximum Rs.6000.
| Punjab National Bank - Old - Floating | 13.0 | 13.0 | 2683 | 1% of the loan amount, maximum Rs.6000. |
Catholic Syrian Bank - Old - Floating
11.5
12.5
2609 - 2658
upto Rs 25000- Nil, above Rs 25000- 1% of loan amount, minimum Rs 250
| Catholic Syrian Bank - Old - Floating | 11.5 | 12.5 | 2609 - 2658 | upto Rs 25000- Nil, above Rs 25000- 1% of loan amount, minimum Rs 250 |
Apna Sahakari Bank Ltd - Old - Fixed
14.0
14.0
2733
0.50% of the loan amount
| Apna Sahakari Bank Ltd - Old - Fixed | 14.0 | 14.0 | 2733 | 0.50% of the loan amount |
J&K Bank - New - Fixed
13.25
13.25
2695
0.25% of loan amount, min Rs 500
| J&K Bank - New - Fixed | 13.25 | 13.25 | 2695 | 0.25% of loan amount, min Rs 500 |
SBI - Old - Floating
17.5
17.5
2911
0.5% of loan amount or min Rs 500 and max Rs 10000
| SBI - Old - Floating | 17.5 | 17.5 | 2911 | 0.5% of loan amount or min Rs 500 and max Rs 10000 |
J&K Bank - Old - Fixed
15.75
15.75
2821
NA
| J&K Bank - Old - Fixed | 15.75 | 15.75 | 2821 | NA |
J&K Bank - New - Floating
12.75
12.75
2670
0.25% of loan amount, min Rs 500
| J&K Bank - New - Floating | 12.75 | 12.75 | 2670 | 0.25% of loan amount, min Rs 500 |
Punjab & Sind Bank - New - Floating
12.5
12.5
2658
Rs 500
| Punjab & Sind Bank - New - Floating | 12.5 | 12.5 | 2658 | Rs 500 |
City Union Bank - New - Fixed
14.75
14.75
2770
1% of loan amount
| City Union Bank - New - Fixed | 14.75 | 14.75 | 2770 | 1% of loan amount |
State Bank of Hyderabad - New - Floating
13.25
13.25
2695
Nil
| State Bank of Hyderabad - New - Floating | 13.25 | 13.25 | 2695 | Nil |
State Bank of Hyderabad - Old - Floating
16.25
16.25
2847
Nil
| State Bank of Hyderabad - Old - Floating | 16.25 | 16.25 | 2847 | Nil |
State Bank of Bikaner& Jaipur - New - Floating
12.25
12.25
2646
0.60% of loan amount
| State Bank of Bikaner& Jaipur - New - Floating | 12.25 | 12.25 | 2646 | 0.60% of loan amount |
State Bank of Bikaner& Jaipur - Old - Floating
16.75
16.75
2873
0.60% of loan amount
| State Bank of Bikaner& Jaipur - Old - Floating | 16.75 | 16.75 | 2873 | 0.60% of loan amount |
State Bank of Travancore - Old - Fixed
17.5
17.5
2911
0.50% of the loan amount subject to a minimum of Rs 500 and maximum Rs 10000
| State Bank of Travancore - Old - Fixed | 17.5 | 17.5 | 2911 | 0.50% of the loan amount subject to a minimum of Rs 500 and maximum Rs 10000 |
State Bank of Travancore - New - Fixed
12.5
12.5
2658
0.50% of the loan amount or min Rs 500 and max Rs 10000
| State Bank of Travancore - New - Fixed | 12.5 | 12.5 | 2658 | 0.50% of the loan amount or min Rs 500 and max Rs 10000 |
Karur Vysya Bank - Old - Floating
16.0
16.0
2834
0.3% of loan amount or min Rs 100 and max Rs 5 lakh
| Karur Vysya Bank - Old - Floating | 16.0 | 16.0 | 2834 | 0.3% of loan amount or min Rs 100 and max Rs 5 lakh |
Karur Vysya Bank - New - Floating
12.5
12.5
2658
0.3% of loan amount or min Rs 100 and max Rs 5 lakh
| Karur Vysya Bank - New - Floating | 12.5 | 12.5 | 2658 | 0.3% of loan amount or min Rs 100 and max Rs 5 lakh |
United Bank of India - Old - Floating
14.25
14.25
2745
0.50% of loan amount
| United Bank of India - Old - Floating | 14.25 | 14.25 | 2745 | 0.50% of loan amount |
United Bank of India - New - Floating
12.75
12.75
2670
0.50% of loan amount
| United Bank of India - New - Floating | 12.75 | 12.75 | 2670 | 0.50% of loan amount |
Tamilnad Mercantile Bank Ltd - Old - Floating
14.0
14.0
2733
1% of loan amount
| Tamilnad Mercantile Bank Ltd - Old - Floating | 14.0 | 14.0 | 2733 | 1% of loan amount |
Tamilnad Mercantile Bank Ltd - New - Floating
14.0
14.0
2733
1% of loan amount
| Tamilnad Mercantile Bank Ltd - New - Floating | 14.0 | 14.0 | 2733 | 1% of loan amount |
Lakshmi Vilas Bank - New - Floating
16.15
16.15
2842
1% of the loan amount, min Rs 500 and max Rs 3000
| Lakshmi Vilas Bank - New - Floating | 16.15 | 16.15 | 2842 | 1% of the loan amount, min Rs 500 and max Rs 3000 |
Dhanalakshmi Bank Ltd - Old - Floating
19.0
19.0
2990
Rs. 4000 - Rs. 5750
| Dhanalakshmi Bank Ltd - Old - Floating | 19.0 | 19.0 | 2990 | Rs. 4000 - Rs. 5750 |
Apna Sahakari Bank Ltd - New - Fixed
14.0
14.0
2733
0.50% of the loan amount
| Apna Sahakari Bank Ltd - New - Fixed | 14.0 | 14.0 | 2733 | 0.50% of the loan amount |
Abhyuday Co-op Bank Ltd - New - Fixed
13.0
13.0
2683
1.2% of the loan amount
| Abhyuday Co-op Bank Ltd - New - Fixed | 13.0 | 13.0 | 2683 | 1.2% of the loan amount |
Abhyuday Co-op Bank Ltd - Old - Fixed
13.0
13.0
2683
1.2% of the loan amount
| Abhyuday Co-op Bank Ltd - Old - Fixed | 13.0 | 13.0 | 2683 | 1.2% of the loan amount |
Reliance Consumer Finance - Old
17.5
17.5
2911
1.5% of the loan amt or Rs. 5500/- whichever is higher.
| Reliance Consumer Finance - Old | 17.5 | 17.5 | 2911 | 1.5% of the loan amt or Rs. 5500/- whichever is higher. |
The Ratnakar Bank - New - Fixed
12.5
14.0
2658 - 2733
1% of loan amount
| The Ratnakar Bank - New - Fixed | 12.5 | 14.0 | 2658 - 2733 | 1% of loan amount |
Reliance Consumer Finance - New
11.25
11.25
2597
1.5% of the loan amt or Rs. 5500/- whichever is higher.
| Reliance Consumer Finance - New | 11.25 | 11.25 | 2597 | 1.5% of the loan amt or Rs. 5500/- whichever is higher. |
Dhanalakshmi Bank Ltd - New - Floating
15.0
15.0
2783
Rs. 3000 - Rs. 6500
| Dhanalakshmi Bank Ltd - New - Floating | 15.0 | 15.0 | 2783 | Rs. 3000 - Rs. 6500 |