Car and other loans interest rates

Dear All,

Has there been a significant hike in car loan interest rates? For 1 lkh, EMI is coming to 3336/month for 3 yrs loan from ICICI. This comes to about 12 %.

IS this the current situation? Any recent loan applicants please inform about details for Axis & HDFC.

Thanks

Hi arun

I applied car loan with SBI on last month, the interest at that time was 9.75% this month it got inceased to 10.5% for 3 year loan of 3.2 lacs, also the doc charges have gone up.( due to the SBI loan processing issues, my loan got sanctioned only last week )

I feel it was a bad time for us to buy ( after april 1st, car rates and loan rates have climbed up significantly )

Till Mar31st there was heavy discounts for cars offered by dealers and manufacturers and also loan rates were less, now all are  hiked..,

i was told it is 12 %...got quote from ICICI bank..was able to get a discount of 0.25%..

Banks quote interest rates in many different ways. Just looking at the interest rate value alone might not give you a true picture of which car loan quote is the best. The processing fee should also be considered when comparing auto loan quotes.

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