Different individuals have different dreams in life. And, among those many dreams, buying a sparkling car is surely on the wishlist of many, right? But, today with the rise in monthly expenses, it is nearly impossible to do the savings for your wishes. So, what to do? What is the best solution to fulfill your wish, even if you don't have enough finances or savings for the same? Well, my friend, the answer is a car loan. Yes, if you avail the same, you will take a one-step further towards your wish and would be able to get the keys of your favorite vehicle. Yes, my buddy, believe it not, but a car loan allows you to fulfill your most possessed passion in the most hassle-free manner. But, before you go for the same, it is important to pay attention to ICICI car loan interest rate.
Being one of the largest private sector banks, this lender over the years has created its own space in the banking sector, this is the reason that each of its product has been thoughtfully designed to meet the specific needs of all. So, let's have more clarity on the topic below.
The bank offers the loan with fixed rates, which means your interest will remain the same till your loan gets repaid. The bank offers the credit facility for new and used cars at competitive rates with flexible tenures. The interest rates range between 10.75%-12.75% p.a. (new cars) and 15.50% (used cars), both on monthly reducing balance for a tenure of 1-7 years. Now, one thing that needs to be mentioned here is the fact that those who are availing this credit facility for the first time, instead of taking an impulsive decision, they should take a calculative decision. What, didn't get the same? Let's just give you more clarity below.
Before saying 'Yes' to a lender, it is really crucial for you to know which lender is offering the best deal. And, that can easily be done, if you compare different lenders on various parameters, especially the interest rates. Yes, different lenders offer you the credit facility at different rates, once you started comparing them, you would be able to know which lender to choose, and which one is offering the best deal. You must be wondering how comparing the lenders, rates and the best deal has a connection, isn't it? Well, let me tell you, my friend, it's gonna be an eye-opener for you. Let's just reveal the suspense below.
The moment you compare different lenders, you will be able to find the one, which is offering you the credit facility at lowest rates because the higher the rates are the more burden will be on your shoulders. So, always try to find a lender, which offers you the best deal i.e. the credit facility at lower rates so that the less burden will be there on your pocket. Suppose, Rakhi Singhal, a 28-year-old Software Engineer by profession is looking to avail a car loan, thus for the same, she has applied in a bank. After evaluating his profile, two lenders are ready to offer her the loan of ₹6 Lakh for a tenure of 5 years. The catch here is that one is offering the interest rate of 9.50% p.a. and another one is at 12.75% p.a. So, whom Rakhi will choose? Let's find out below.
Loan Amount: ₹6 Lakh
Interest Rate: 12.75% p.a
Tenure: 5 years
Interest Outgo: ₹2,14,511
Total Amount Payable:₹ 8,14,511
Loan Amount: ₹6 Lakh
Interest Rate:9.50% p.a.
Tenure: 5 years
Interest Outgo: ₹1,56,067
Total Amount Payable: ₹7,56,067
Moreover, with the help of both the scenarios above, it would be easy for you to understand how a lower interest rate can actually make a big difference in the EMIs, interest outgo and total amount payable towards a car loan. Hence, it would be better that Rakhi will choose the lender offering lower rates as that credit facility will be lighter on her pocket, thus to make his journey memorable. So, now that you know why it is important that you should know about ICICI car loan interest rate before so as to grab the best deal for your favorite car.
Article Source: https://wishfin.blogspot.in/2017/02/before-buying-your-dream-car-know-about.html