A Car Loan is an amount provided by the banks to customers who wish to have their own car for fulfilling their dreams and necessities.
The following list shows the Top 15 Car Loan providers in India.
Table of Contents
Car Loan Comparison
| Sl. No. | Bank Name | Tenure | Interest rates |
|---|---|---|---|
| 1 | Bank of Baroda | 5 years | 7.25% onwards |
| 2 | HDFC | 7 years | 13.75% |
| 3 | Canara | 5 years | 7.3% onwards |
| 4 | ICICI | 7 years | 7.5% |
| 5 | Axis | 7 years | 7.45% |
| 6 | IndusInd | 5 years | 7% |
| 7 | Federal | 7 years | 8.5% |
| 8 | Kotak | 5 years | 6.5% |
| 9 | PNB | 7 years | 6.65% |
| 10 | State Bank of India | 7 years | 7.7% |
| 11 | Union Bank of India | 7 years | 7.4% |
| 12 | IDBI | 7 years | 7.35% |
| 13 | Andhra | 7 years | 7.4% |
| 14 | Central Bank of India | 7 years | 7.25% |
| 15 | Indian Bank | 7 years | 8.45% onwards |
1] Bank of Baroda
Bank of Baroda (BOB) offers the best car loans to its consumers with attractive rates and quick processing.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.25% onwards |
| 2 | Tenure | 5 years |
| 3 | Loan | 90% of on-road charge |
| 4 | Processing charge | 0.5% +GST |
2] HDFC Bank
HDFC is amongst the largest Car Loan providers in India with the best services.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 13.75% |
| 2 | Tenure | 7 years |
| 3 | Loan | 100% of ex-showroom charge |
| 4 | Processing charge | 0.5% +GST |
3] Canara Bank
Canara is the most affordable bank with a flexible tenure period along with higher interest rates.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.3% onwards |
| 2 | Tenure | 5 years |
| 3 | Loan | 90% of on-road charge |
| 4 | Processing charge | 0.25%+GST |
4] ICICI Bank
ICICI is the leading private bank and offers loans for new and old cars with good repayment terms.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.5% |
| 2 | Tenure | 7 years |
| 3 | Loan | 95% of ex-showroom charge |
| 4 | Processing charge | 2-5% + GST |
5] Axis Bank
Axis Car Loan is amongst the best car loans as it provides higher rates compared to other banks.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.45% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 100% of on-road charge |
| 4 | Processing charge | 0.5-1% +GST |
6] IndusInd Bank
IndusInd Bank offers affordable car loans with the best pre-payment facility to their customers.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7% |
| 2 | Tenure | 5 years |
| 3 | Loan | 85% of ex-showroom charge |
| 4 | Processing charge | 2% +GST |
7] Federal Bank
Federal Bank offers well services for car loans with ZERO pre-payment charge and no collateral requirements.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 8.5% |
| 2 | Tenure | 7 years |
| 3 | Loan | 100% of ex-showroom charge |
| 4 | Processing charge | 3% +GST |
8] Kotak Bank
Kotak Bank provides fast car loans within 48 hours and has a fully digitized procedure.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 6.5% onwards |
| 2 | Tenure | 5 years |
| 3 | Loan | 90% of ex-showroom charge |
| 4 | Processing charge | 1% +GST |
9] PNB Car Loan
Punjab National Bank (PNB) provides car loans to its consumers with quick processing facilities and attractive interest rates.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 6.65% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 85% of on-road charge |
| 4 | Processing charge | 1% +GST |
10] State Bank of India Car Loan
SBI offers the best car loan service to its consumers with optional life insurance cover facilities and no advanced EMIs.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.7% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 90% of on-road charge |
| 4 | Processing charge | 0.5% +GST |
11] Union Bank of India
Union Bank provided a flexible tenure period and this car loan facility is open for all Indians and Non-Indian applicants.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.4% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 85% of on-road charge |
| 4 | Processing charge | 0.4% +GST |
12] IDBI Bank Car Loan
IDBI Bank offers a well-organized car loan facility where a customer can pay back EMIs in a number of ways.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.35% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 90% of ex-showroom charge |
| 4 | Processing charge | 0.5-3% +GST |
13] Andhra Bank Car Loan
Andhra Bank takes ZERO pre-payment charges for car loans with minimal documentation and fast procedure.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.4% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 85% of on-road charge |
| 4 | Processing charge | 0.5-1% + GST |
14] Central Bank of India
Central Bank of India provides easy Car Loans to their customers with flexible tenure and quick disbursal of loans.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 7.25% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 90% of on-road charge |
| 4 | Processing charge | 0.4% +GST |
15] Indian Bank Car Loan
Indian Bank offers a Car Loan with Low EMIs and quick processing.
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Interest rates | 8.45% onwards |
| 2 | Tenure | 7 years |
| 3 | Loan | 80% of on-road charge |
| 4 | Processing charge | 0.23-0.4% +GST |
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