You need your own car if you want to be continually on the go in the fast-paced world of today! Moreover, you won’t need to go any farther if you are considering purchasing a new car and are looking for a car loan in Delhi or a car loan interest rate in Delhi.
Continue reading to find out which bank has the lowest interest rate on car loan.
Which bank is best for auto loan?
The interest rate determines which bank is best for a car loan. Car loan interest rates in Delhi for a few banks are listed below. Whether you are searching for a new car or searching for a loan on second-hand cars in Delhi, the majority of banks offer easy car loan interest rate in Delhi.
Bank of Baroda
| Scheme | Amount | Interest Rates | Processing Fee |
| Digital Car Loan | Up to Rs.50,00,000 | 9.40% -10.40% | 0.50% (Rs.2,500 – Rs.10,000) |
| Car Loan | Up to Rs. 5 crore | 9.40% – 12.65% | 0.50% (Rs.2,500 – Rs.10,000) |
| Loan on second-hand cars in Delhi | Rs.2 Lakh – Rs.50 Lakh | 11.90% – 14.65% | 0.50% (Rs.2,500 – Rs.10,000) |
State Bank of India
| Scheme | Amount | Interest Rate | Processing Fee |
| SBI New Car Loan Scheme | As per requirement | 8.65% – 9.45% | 0.25% of loan amount + GST |
| Loyalty Car Loan Scheme | As per requirement | 8.80% – 9.40% | 0.25% of loan amount + GST |
| SBI Green Car Loan (For Electric Cars) | As per requirement | 8.60% – 9.30% | 50% of SBI Car Loan |
| Loan on second-hand cars in Delhi | Rs.3 Lakh – Rs.100 Lakh | 11.25% – 14.75% | 1.25% (maximum Rs.10,000) |
Union Bank of India
| Scheme | Amount | Interest Rate | Processing Fee |
| Union Miles (New 4-wheeler) | No upper limit | 8.70% – 10.40% | Contact the bank for details |
| Union Miles (Old 4-wheeler) | Up to Rs.20 Lakh | 11.40% to 11.50% | Contact the bank for details |
| Union Green Miles (New 4-wheeler) | No upper limit | 9.00% – 10.40% | Contact the bank for details |
Punjab National Bank
| Scheme | Amount | Interest Rate | Processing Fee |
| PNB Green Car Loan (New) | Up to Rs.100 Lakh | 8.90% – 9.70% | Nil |
| PNB Car Loan | Up to Rs.100 Lakh | 8.95% – 9.75% | Nil |
Central Bank of India
| Scheme | Amount | Interest Rate | Processing Fee |
| Cent Vahini (for women borrowers) | According to requirement | 8.75% | Contact the bank for details |
| Cent Vehicle | – Up to Rs.10 Lakh for 2-wheeler – Up to Rs.200 Lakh for 4-wheeler |
9.25% – 10.15% | 0.50% (minimum Rs.2,000 – maximum Rs.10,000) |
Bank of India
| Scheme | Amount | Interest Rate | Processing Fee |
| Star Vehicle Loan for Individuals | As per requirement | 8.25% – 9.95% | Nil |
| Star Vehicle Loan – Entities Other than Individuals | No upper limit | 8.25% – 8.45% | Nil |
| Star Vehicle Loan – Doctor Plus | No upper limit | 8.25% – 8.45% | Nil |
How can I lower the car loan interest rate in Delhi?
You can lower your car loan interest rate in Delhi in numerous ways. Among the techniques are
- Boost your credit score
- Maintain a healthy debt-to-income ratio.
- Seek out deals or plans that work for you.
- Watch the market and bide your time till interest rates drop.
- To lower the percentage of loan money that goes toward the cost of your car, think about making a down payment.
In conclusion
Many factors affect car loan interest rate in Delhi. Examine the websites of several banks to determine which bank has lowest interest rate on car loan. Banks often offer discounts to female borrowers and forgo processing fees for specific time frames. When choosing a car loan in Delhi, being aware of these will support you save money.
To increase your financial planning, it’s also a good idea to figure out your EMIs beforehand. For this, you are looking for help from the BIR Credit Solutions.
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