On the other hand, interest rates for auto loans can be either fixed or variable. The interest rate of a fixed loan is fixed for the duration of the loan. With a floating rate, the lending rate varies in response to changes in the base rate or the lender’s marginal cost of lending rate (MCLR).
have a look here auto loan interest rates offered by
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State Bank Of India Auto Loan Interest Rate
The state finances up to 90% of the ‘on-road price’, the bank offers a loan tenure of 7 years for the purchase of new passenger cars, multi utility vehicles (MUVs) and SUVs.
SBI Auto Loan is linked to a one-year Marginal Cost of Funds Based Lending Rate (MCLR) which has now been revised to 7.40 per cent.
For SBI Car Loan, NRI Car Loan & Assured car loan The scheme loan interest rate varies from 7.65% to 8.35%. It varies from 7.60% to 8.30% under loyalty car loan scheme (CIC based rates apply). The interest rate for a tenure of 3-5 years for a CIC score above 757 would be 0.25 + 7.40 per cent = 7.65 per cent.
Punjab National Bank Auto Loan Interest Rate
Punjab National Bank auto loans are linked to Repo Linked Lending Rate (RLLR) (RLLR + BSP). Note that the BSP is the added risk premium based on the subscriber risk.
From June 6, 2022, both existing and new customers will see an increase in RLLR from 6.90 per cent to 7.40 per cent (repo rate (4.90 per cent) + mark-up (2.50 per cent)). 25 bps BSP fee will be added to RLLR.
icici bank auto loan interest rate
For car loans, the indicative lending rates with effect from June 16, 2022 are as follows:
“12-35 Months: Starting at 8.80%
” 36-38 Months: Starting at 8.3%
“39-96 months: 7.85%* onwards depending on CIBIL score and car model.
The interest rate for a new car loan is based on the car segment, CIBIL score, customer relationship, tenure of the loan, etc.
