Loans in Details

Car Loan

Well, no need to fret. You need to be salaried or self employed and have around 10 / 15% of the car cost needed for a down payment. If you are capable of repaying the balance amount through monthly EMI's a number of banks like ICICI, Kotak, Hdfc among others can step ahead to provide you a loan for the same.

If you are neither salaried nor self employed, no sweat again. You need to get a guarantor / co applicant who meets the income criterias and you could still drive home your dream car. Depending on your budget you have a choice of purchasing a new car or a second sale car.

Indicative rate of interest for a 5 year loan would be :
New Car 10% to 11%.
Used Car 12% to 16%
Actual rates that you may get from the bank depend on various factors like car model, tenure, income, profile, and negotiating power etc.