Best Car Loan Interest Rates In January 2024

When buying a new or used car, it’s important to consider the interest rates on car loans, as they determine if the purchase is affordable. Both public and private banks offer loans with a certain rate of interest, usually calculated through equated monthly installments (EMI). These loans can be for either the entire car cost or a portion of it after a down payment. They cater to both salaried and self-employed individuals.sdg

Your credit score significantly influences the interest rate you get – a higher credit score means a lower interest rate and vice versa. The calculation considers factors like loan tenure, amount, and your relationship with the bank. Many banks also permit existing customers to provide collateral security or use the car as collateral for the loan.

For a clearer understanding of available options, Forbes Advisor India has compiled a list of new car loan schemes and the current interest rates offered by both public and private sector banks in India, helping you make informed decisions based on your financial needs.

Read More: Car Loan Interest Rate for New Car