Car Loan Interest Rates Of Banks In 2020 | Best Interest Rates For Car Loan

Car Loan Interest Rates Of Banks

Today it is common to park the car in the garage of our home but bit difficult for the low earner. But you can easily take a car loan, by the help of car loan. Before applying for car loan must know its Interest Rates. We are presenting Car Loan Interest Rates of Banks in 2020 in this article for the ease and convenience of visitors. You can choose your bank which provides you best interest rate for car loan.

There are so many banks in India which are providing car loan at suitable interest rate. Some of them are Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Corporation Bank, HDFC Bank, ICICI Bank IDBI Bank and many more. It is quite difficult to purchase a car for a middle class person only from savings. So they can take the help of bank.

Interest Rate Of Major Banks


Check Also10 Things To Consider Before Taking A Car Loan

Car Loan Eligibility Criteria

Many times people apply for a car loan and their application will be rejected due to improper details. We are presenting the basic requirements of banks which are mandatory. The bank always checks your repayment capacity to sanction any loan. If you are a government employee then bank will not hesitate to provide you loan. If you are working in any reputed well known company that enhance your loan approval chances. But if your job is risky then the bank might provide you a loan.

  • Applier must have permanent job in any well known company or possess self business.
  • Borrower age must lie between 21 years to65 years old.
  • Applicant must have nationality proof residing in or outside the India.
  • The repayment capacity of applicant must fulfill the bank requirements.
  • The salary of borrower must meet the requirements of bank.
  • All documents should be proper.

Documents Require For Car Loan

Several documents are required for the approval of your loan like as identity proof certificate, income proof, residence proof, and many more. We are presented the all necessary documents.
Income proof documents for Self-employed persons:

  • Application form must be error less which you can easily receive from bank.
  • Generally applier need to submit 4 to 6 recent photos
  • Pan Card, Driving License, Voters ID card, Aadhaar card work as your ID Poof.
  • Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill work as your address proof.
  • You can submit Birth certificate, Passport, Aadhaar card, Pension payment order or Receipt of LIC policy for your age proof.
  • Applier will has to submit Form 16 with proper computation of income.
  • You need Last two years’ computation of income and Profit and Loss statement.
  • Applicant must have Last two years’ sales and bank statement of last 6 year.
  • You need to submit your income proof or business ownership proof.

Know About – Best Home Loan Banks In India

India is fastest growing automobile markets in the world. Demand of cars is also increasing abruptly. Today we can’t imagine our single day without our own conveyance. Many times you need to travel long distance places for the business purpose. If you have your vehicle you don’t need to depend on other transportation service. You can anytime go and hang out with your friends or family members.

Taking a car loan becomes easy because interest rate is reduced from10.15 percent to 9.95 percent. Car loans are not based on the models of car or brand it depends on the repayment capacity of applier. If the applier has well past records with banks and possess permanent job then the bank will trust that person and sanction his loan. Always cross check you’re all documents before submitting that all are valid and your application form must be errorless.


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