Now a days car is more over a necessity than a luxury.So, want to buy a new car but don’t have funds for it? A car loan will help you to realise your dream. Car Loan helps you to overcome your budget constraints. To give your family the your best you can purchase any segment of car as per your wish and requirement from Maruti Alto to Suv’s , from Tata Safari to BMW.

While selecting the best bank who offers car loan , other than rate of interest you should also look at different features offered, different schemes, etc. Before buying a car one should also be clear whether to buy a new car or a used car.

TOP 5 BANKS with their USP for car loans

I - HDFC Bank Car Loans

HDFC bank offers three different types of loans when it comes to car loans, i.e. Used Car , New Car and loan against car. The most attractive feature is the higher loan ticket size and fast processing of the loans with minimal documentation. HDFC bank offers various car schemes to it customers with no hidden charges and with complete transparency. Flexible repayment tenure options from 12 months up to 84 months. Bank offers car loans up to 6 times the yearly income of its customers. Approval within 30 minutes is another catchy feature. HDFC Bank offers the lowest rate of interest in the market ie. 9.86%. The rate of interest depends on the loan amount, car segment and tenure of loan, etc .Processing fees of Rs. 2825/- to 5150/- is collected depending on the amount of loan.

New car bazaar is another website by HDFC bank where customer can compare cars, research information about cars, read reviews about cars by users and experts, locate dealers and a lot more! All this and much more all under one roof.

II- Icici Bank Car Loans

ICICI Bank offers two types of loans when it comes to car loans, New car loans and Pre-owned car loans. ICICI bank offers new car loans with fixed rate of interest i.e. 10. 75%. The rate of interest is based on customer relationship, car segment and tenure of loan, etc. ICICI Bank offers 100% finance on the ex-showroom price of the car. Loan tenure is up to 7 years. You should be at least 25 years of age if you are salaried and at least 28 years of age if you are self employed to avail car loan from ICICI bank. Insurance cover for loan liability is available , which is repayable along with the EMI itself. This ensures that family is not under burden to repay the loan.

III - Axis Bank Car Loans

AXIS bank offers car loans with special schemes and rates to its existing bank customers. 85% on road funding with 7 years tenure is offered. AXIS bank offers rate of interest 11% to 12% , processing fees of RS.3500 to Rs. 5500 and documentation charges of Rs. 300 from its customers. Axis bank offers fixed rate of interest which is among the most attractive feature in auto loan rates in India today.

IV - State Bank Of India Car Loans

SBI is the best lender in private sector bank in INDIA. It has a flexible repayment mode, wherein the borrower can choose to repay any time in a month , as their is no fixed EMI date. The floating rate of interest is an attractive feature and interest is calculated on Daily Reducing Balance. No pre payment penalty or foreclosure charges. Processing fees of 0.50% of the loan amount is charged. Competitive Rate of interest i.e 10.40% for men borrower and 10.35% for women borrower for all tenures. The processing time for loan approval is relatively higher as compared to HDFC and ICICI.

V - Kotak Mahindra Prime Llimited Car loans

Kotak Mahindra Prime ltd.(KMPL) is one of the competitive players in auto loan market. KMPL offers pre approved car loans to its existing customers. Various schemes such as Margin money scheme, Step up Scheme, Low Emi (Balloon scheme) Advance EMI Scheme , enables to customers to select the best scheme as per the requirement.90% finance on the ex showroom price is available with flexible tenure of 12 months to 60 months. Rate of interest charged is 10.50%.So , just log on to Letzbank and avail the best deal across the country.

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