Down payment for car loan

#1

Can I pay more than the minimum down payment to avail a car loan? What’s the minimum downpayment? What is the interest rate?

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#2

Hi,

Yes you can pay more than the minimum down payment to avail a Car Loan. The larger the down payment, the better your chances are of securing a Car Loan and the easier it will be for you to pay it off. The minimum down payment may vary from around 10% to 20% of the car value. However, this depends on the bank’s policy as well as their evaluation of your application. Interest rates for Car Loans in India can range from 8.5% - 12.75% depending on which bank you approach.

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Cheers,
Team BB

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