New Car Loan Interest Rate All eyes are on the approaching holiday season, which begins with Navratri on September 26 and follows two consecutive festive seasons disrupted by COVID-19. The banking, automotive, and retail sectors among others anticipate record-breaking sales over the next two months. Despite the fact that consumer inflation (7%) in August was somewhat higher than the RBI’s tolerance band (2–6%),
which would lead to another rate increase, many banks still offer auto loans with interest rates under 8%. Once the holiday season approaches, shoppers will probably start to see more alluring offers. Ten banks are listed below that provide new car loans for Rs. 10 lakh with various payback terms at the lowest interest rates.
New Car Loan Interest Rate
For the data compilation, Bankbazaar.com took into account the interest rates on auto loans supplied by all public and private banks that are listed on the BSE (with the exception of small finance banks and electric vehicle loans). When it comes to banks, data that is not accessible on their websites has not been taken into account. Information gathered from the websites of the relevant banks as of August 30, 2022. A bank giving the lowest interest rate on a car loan is listed at the top, and a bank offering the highest rate is shown at the bottom.
The chart displays the lowest interest rate that the banks, regardless of loan amount, will give. The interest rate for the Rs. 10 lakh loan with tenure is used to compute the monthly installment payment. New Car Loan Interest Rate
seven years (processing and other charges are assumed to be zero for EMI calculation). The indicative interest rates in the table may change depending on the terms and conditions of the banks.