Question 1

What is the average car loan interest rate in India?

Accepted Answer

Car loan interest rates in India typically range from 7.5% to 14% per annum depending on the lender, loan amount, tenure, and your credit score. Public sector banks generally offer lower rates than NBFCs.

Question 2

How much car loan can I get on my salary?

Accepted Answer

Most banks offer car loans up to 3x your annual salary or up to 85-90% of the on-road price of the vehicle. Your EMI should ideally not exceed 40-50% of your monthly take-home salary.

Question 3

What is the maximum tenure for a car loan?

Accepted Answer

Car loan tenures in India typically range from 1 to 7 years. A longer tenure means lower EMI but higher total interest cost. Most lenders cap car loans at 5-7 years.

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Summary

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