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Best Car Loan

Want to buy a car? Then, get the maximum mileage from a car loan. But the interest rate is a mystery. It depends on a wide range of factors — the amount you need, the car you choose, the dealer, your employer, designation, income category… the list is long. The face of the Indian car finance market is changing swiftly.

An employee of a software company will have the luxury of a lower rate of interest, compared to his counterpart in a manufacturing company.

If he is earning a salary of around Rs 3.5-4 lakh, the deal gets even better. He need not pay the customary penalty for pre-closure.

Car finance industry sources say car model and tenure determined the interest rate earlier. Now, other things are getting into the list. For instance, you can even walk away with 100 per cent finance, if you have a high-paying job and own a house.

“Interest rates on car loans have dropped to 7-8 per cent,” says a source at ICICI Bank. As a result, 90 per cent of cars sold at present are running on loans. A city like Bangalore disburses loans worth Rs 100 crore, on a monthly basis. The picture is expected to get even bigger in the coming years.

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