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» Car Finance - Interest is calculated on Reducing Balance Method.
» Fixed Deposit - Interest is calculated on Cumulative Basis. Compound Interest Calculator is used
Live Instance - Interest Calculation
Below is Interest Rate Calculation for Interest Earned of Fixed Deposits Vis a Vis Outflow through Car Loan
Interest Comparison | Amount Invested | 3 yr | 5 yr | 7 yr | Flat Rate (rounded off) |
Fixed Deposit @ 8.5% | Rs. 3 Lakh | 83,000 | 1.51 Lakh | 2.31 Lakh | 9% after TDS for 5 yrs |
Fixed Deposit @ 8.5% | Rs. 5 Lakh | 1.38 Lakh | 2.51 Lakh | 3.85 Lakh | 9% after TDS for 5 yrs |
Amount Borrowed | |||||
Car Loan @ 11% | Rs. 3 Lakh | 53,500 | 91,000 | 1.31 Lakh | Around 6% |
Car Loan @ 11% | Rs. 5 Lakh | 89,000 | 1.52 Lakh | 2.19 Lakh | Around 6% |
Dont be Surprised : Interest is Compounded on Recurring Month on Month Basis in Fixed Deposit, while under Loan Repayment - Interest calculated on diminishing reducing basis on Principal Outstanding
Thus your Effective Flat Rate for Auto Finance will be lower than Fixed Deposit
Calculators | Get One Touch Information |
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Its Wise Choice to take Car Finance even if you having your Own Funds
Major Banks and NBFCs Financing Auto Loan in India are - HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra Primus, PNB Car Finance
Segment | Car Loan Interest Rates in 2023 |
Luxury Cars Range | 8.5% |
Executive Segment / Mid SUV | 8.75% |
Mid Sedan Segment | 9% |
Premium Hatchback / Compact Segment | 9% to 9.25% |
Hatchback | 9.25% to 9.5% |
Category | Car Loan Documents |
Common Loan Documents | |
KYC Documents (ID, DOB, Signature Proof) | Copy of PAN Card, Aadhaar Card. 2 PP Photos with Signed Application Form |
KYC Residence Address Proof | Local Residence Ownership Proof Copy in Self or Spouse or Parents Name |
Permanent Address Proof if Rented | If Rented - Additionally Permanent Address Proof with Telephone Bill |
Documents for Salaried | |
Income Dox | Last 2 year Form 16 + Latest 3 month Salary Slips |
Banking | Latest 6 month Salary Account Bank Statement |
Profession | Office ID Card. If Recently Joined Appointment Letter Copy Required |
Previous Loan / Vehicle Details | Copy of RC of Existing Vehicle and Loan Track record if available |
Documents for Self Employed | |
Income Documents | Latest 2 Year ITR with Computation |
Banking | 6 month Current Account Statement from Primary Business Account |
Business Entity Proof | Office Proof as Sales Tax / Service Tax / VAT Certificate |
Office Address Proof | Postpaid / Landline Telephone Bill Copy at Office Address |
Previous Loan / Vehicle Details | Copy of RC of Existing Vehicle and Loan Track record if available |
Get on to the Best Car Loan with Lowest Interest Rate on Car Loans from ICICI Bank, HDFC Bank, Axis Bank, SBI in Delhi NCR and other Cities in India. *