There are many banks and Non-Banking Financial Companies (NBFCs) that provide car loans to their customers. Car loans are opted for by many individuals to help fulfil their desires of wanting to own a car to travel in the city. A car is considered a luxury and not many individuals can afford to buy a car in one shot as it can take a toll on one’s savings, thereby not allowing him/her to focus on other financial needs. A car loan thus makes it easy for one to afford a car as he/she only needs to pay small amounts of money as EMIs for the chosen tenure.

There are some banks that provide great features for their car loans. They are:

1 HDFC Bank:

• Interest rates start at just 8.60%* and can go upwards based on one’s credit profile 

• Step up EMI or Balloon EMI can be picked. This makes repayment flexible for the customer

• Up to Rs.3 crore is given as the loan amount on a wide range of cars 

• One can apply for a top up loan for existing car loan customers with no documentation 

• Tenures span from 1 year up to 7 years

2 ICICI Bank:

• Interest rates start at just 9.30%* and can go upwards based on one’s credit profile.  

• They provide up to 100% of the car’s on road price 

• Tenures span from 1 year up to 7 years 

• Documentation is very minimal and easy for a car loan 

• Reduced documentation is given to existing customers as a benefit from the bank 

3 IndusInd Bank:

• Interest rates start at just 10.65%* and can go upwards based on one’s credit profile.  

• The customer can get up to 85% of the exclusive showroom price of the vehicle by the bank 

• Tenures span from 1 year to 4 years and can be extended based on the customers relationship with the bank 

• Very fast loan disbursal is done 

• Documentation is very minimal and easy

4 RBL Bank: 

• Interest rates start at just 12%* and can go upwards based on one’s credit profile

• Loan amounts from Rs.50,000 up to Rs.1 crore is provided for customers

• Tenures span from 1 year to 5 years  

• Up to 90% of the new car’s price is provided by the bank. This is inclusive of ex-showroom price, applicable taxes and insurance

To apply for a car loan, click here.