There are many banks that offer car loans to individuals to help them afford their dream cars with ease. The interest rates that are offered by banks for car loans are very competitive and very attractive for the customers as there are a great variety of banks and even Non-Banking Financial Companies (NBFCs) to choose from. 

Some of the banks that offer great interest rates along with other features for a car loan are:

1. HDFC Bank:

  • Interest rates begin at just 8.60%* 
  • They provide flexible repayment options such as step up EMI or Balloon EMI that can be chosen as per the customer’s needs
  • Loan amounts of up to Rs.3 crore is given on a wide variety of cars 
  • Top up loans can be availed for existing car loan customers with no documentation 
  • Tenures range from 1 year to 7 years

2. ICICI Bank:

  • Interest rates begin at just 9.30%*
  • They finance up to 100% of the car’s on-road price 
  • Tenures range from 1 year to 7 years 
  • Documentation for a car loan is very minimal and very easy 
  • Existing customers get reduced documentation as a benefit from the bank 

3. IndusInd Bank:

  • Interest rates begin at just 10.65%*
  • Up to 85% of the exclusive showroom price of the vehicle is provided by the bank to the customer 
  • Tenures range from 1 year to 4 years and can be extended based on the customer’s relationship with the bank 
  • Loan is disbursed very fast 
  • Documentation is very minimal and can be done very easily

4. RBL Bank: 

  • Interest rates begin at just 12%*
  • Loan amounts range from 50,000 to 1 crore for the customers
  • Tenures range from 1 year to 5 years  
  • Up to 90% of the new car’s price is funded by the bank. This is inclusive of ex-showroom price, applicable taxes and insurance. 

To apply for a car loan, click here.