Other useful links
- Documents Required for Auto Loan
- Eligibility Criteria for Auto Loan
- EMI Calculator for Auto Loan
- Application process for Auto Loan
- Factors impacting Auto Loan
Auto loan Interest rate
Auto loan Interest Rate starts from 9.20% and range is between 9.20%-11.25% per annum is feasible for most borrowers.
While there are lot of factors that impacts your interest rate, following are major factors.
- Income Levels
- Stability of Income
- Relationship with Lender or banker
- Category of Your Employer
- Employment Status for Salaried
- Business Longevity for Self-employed
- Vehicle or car type
- Credit History( loan repayment history)
Following table shows the EMIs for various Auto loan amount based on different tenures at 8.60%* onwards
- The EMI that you can avail with Auto loan of 10 Lakh is 10,024 with 15-years tenure. The EMI increases when you opt for tenure of 5 years.
- The EMI for a Auto loan of 15 Lakh is higher – 30,992, when you opt for 5-years. It decreases to 15,036 if you opt for tenure of 15 years.
- For a Auto loan of 25 Lakh, the cheapest EMI you can avail with 15 year tenure - 25,060. Decreasing the tenure to 5 years increases the EMI to 51,654.
- The EMI is 72,315 when you avail Auto loan of 35 Lakh for 5 years. The same will decrease to 35,084 if you increase the tenure to 15 years.
- The cheapest EMI comes with 15-years tenure with Auto loan of 50 Lakh – 50,120. The EMIs double when you opt for 5 years tenure.