Car Loan: Overview
It is one part of the middle class
trifecta the cool car along with the cushy job and the own home.
Only a minuscule percentage of
people (including the wealthy) opt to buy a car outright. Most of them go the
car loan route. All that's needed is a sufficiently good income and all the
vehicle papers in place.
No running to different banks to get their loan rates. Compare car loan interest rates right here on a click. Please note here that used car loans are slightly costlier than new car loans.
Car Loan EMI Calculator
Zeroed in on your dream machine? Want the delivery this festive season? But do now know how much money you will need to dole out every month for zipping in and out of your dream machine? How will increasing your down-payment affect your EMI?
With the ApnaPaisa Car Loan EMI Calculator, you can know your EMI (Equated Monthly Installment) which will be payable every month towards repayment of your loan. The down-payment at the time of making a car purchase affects the EMI you will pay later. Here's how:
The Loan Amount for your Car Loan is simply the Total Cost of the Car less the initial down-payment. As you increase the down-payment, your loan amount reduces. For a given rate of interest, a reduced loan amount reduces the EMI you have to shell out every month.
The ApnaPaisa EMI Calculator helps you play with different loan amounts to ensure that your EMI fits into your monthly budget.
With the ApnaPaisa Car Loan EMI Calculator, you can know your EMI (Equated Monthly Installment) which will be payable every month towards repayment of your loan. The down-payment at the time of making a car purchase affects the EMI you will pay later. Here's how:
The Loan Amount for your Car Loan is simply the Total Cost of the Car less the initial down-payment. As you increase the down-payment, your loan amount reduces. For a given rate of interest, a reduced loan amount reduces the EMI you have to shell out every month.
The ApnaPaisa EMI Calculator helps you play with different loan amounts to ensure that your EMI fits into your monthly budget.
Get Car Loan Offers
A maximum of 5 providers will compete to give you the best rates (Feb 2012)
Car Loans of over Rs. 368.66 crores applied for in 2012 (Last Updated on 23 Feb 2012 8:37 AM)
Bank/Product Name
Initial Rate (% p.a.)
EMI (Rs.)
Loan Eligibility (Rs. in Lacs)
Processing Fee
The Ratnakar Bank
11.0-14.0
7,754-8,198
3.6 - 4.5
1% of loan amount
Reliance Consumer Finance
11.25
7,790
3.6 - 4.5
1.5% of the loan amt.
Catholic Syrian Bank
11.5-12.5
7,827-7,974
3.6 - 4.5
1% of loan amount
HDFC Bank
11.5-16.25
7,827-8,541
5.4
Rs 2150 to Rs 3650
ICICI Bank
11.5-14.75
7,827-8,311
3.6 - 4.5
Rs 2500 to Rs 5000
SBI - New- Advantage Car Loan Scheme
12.0
7,900
3.6 - 4.5
0.50% of Loan amount.
Central Bank of India
12.25
7,937
3.6
Nil
State Bank of Mysore
12.25
7,937
4.5
0.50% of the Loan amt.
State Bank of Bikaner& Jaipur
12.25
7,937
3.6 - 4.5
0.60% of loan amount
Kotak Bank
12.25
7,937
3.6 - 4.5
3% of the loan amount