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A car loan is provided by the bank to an individual to help them buy a car when they do not sufficient funds to buy the same in one shot. It is easy on the pocket of the individual as they can repay the loan in Equated Monthly Instalments (EMIs) and can use the remaining money for other financial obligations every month. The interest rates depend on one’s credit profile, relationship with the bank, loan amount and other factors.
There are a few banks that offer attractive interest rates and other additional features on a car loan. They are:
1 ICICI Bank
• Up to 100% of the car’s on road value is funded by the bank
• Interest rates begin at just 9.30%
• Tenures range from 1 year to 7 years
• There is easy and minimal documentation needed
2 HDFC Bank
• Up to 100% of the car’s value is funded by the bank
• Interest rates start at just 8.40%
• Tenures range from 1 year to 7 years
• Existing HDFC Bank customers can avail the loan in 10 seconds with minimal documentation
• Loan amount of up to 3 crores is offered
3 IndusInd Bank
• Up to 85% of the exclusive showroom price of the vehicle is funded by the bank
• Interest rates start at just 10.65%
• Tenures range from 1 year to 4 years and can be extended based on the customers relationship with the bank
• Speedy disbursal of the loan is possible
• Easy and minimal documentation
4 RBL Bank
• Loan amounts from 50,000 to 1 crore is given
• Interest rates start at 12%
• Tenures range from 12 to 60 months
• Up to 90% of the new car’s value is given. This is inclusive of ex-showroom price, applicable taxes and insurance
To apply for a car loan, click here.