Best Five Banks for Car Loans in India 2019

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Buying a brand new car is no longer what most people dream of – it’s really a necessity! Some people may choose to buy a car after a bounce or pay increase, while others may choose to give their family more flexibility or get in and out of the fees. Whatever the reason, buying a car is a big expense and many of us are unable to pay the full amount, we have to apply for a car loan. Even if you’re rolling in cash, a car loan can help you maintain your savings for emergencies or immediate financial needs, while simultaneously enjoying a new car. General Chat Chat Lounge

With almost all banks offering attractive offers, it is difficult for people to choose the best lender for their car loan. In the following sections, when comparing the car loan options offered by different banks, we have described some important comparison criteria. We have also included a short list of the 5 leading lending banks in India.

Car Loans Interest Rate and Tenure

This is an important factor you need to understand before applying for a loan, including a car loan. Car loans are currently offered at a floating rate. However, different banks offer different interest rates on the same loan. ની Low interest rates are better than high interest rates, however, in the long run at lower interest rates, your interest rate will be significantly higher. As such, it is best to use a car loan EMI calculator to calculate your total interest payment before choosing a particular option.

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Car Loans Credit History 

You must have a good credit history to get a car loan. The best way to analyze your credit history is to check your credit score. If the score is equal to or above 750, there is a good chance that your car loan will be approved.

Car Loans Down Payment Details

Most banks demand a 15% to 20% down payment, commonly known as a margin, and people generally choose banks that offer car loans with a low margin. However, it is more profitable to pay in the long run. This will dramatically reduce your payable EMI and allow you to negotiate better for a loan interest rate (therefore lower). For example, if you pay Rs. Let’s pay 60% on a car. 7 lakhs (meaning you pay Rs 2.8 lakh), 12.5% ​​of your EMI for a car loan and Rs 10 for a ten year term. 9,449 / month totaling Rs. 1,66,948 over the entire loan term. Alternatively, if you only pay 15% lower, then, other things being the same (i.e. car price, interest and term) your EMI will be Rs. 13,386 and the total interest payment is Rs. 2,08,176 over a 5-year loan period, which is significantly higher.

list of top 5 banks for car loans in India

No  Benks Processing Fees Interest Rates Foreclosure Charges Loan Amount Tenure
01 ICICI Bank Up to Rs. 5,000 10.75% –  12.75%
  • Loans less than 6 months: Not allowed
  • After 1 year: 6%
  • After 2 years: 5%
  • After 3 years: 3%
Up to 100% of ex-showroom price Up to 7 years
02 HDFC Bank Up to Rs. 5,150 11.50% – 13.75%
  • Loans less than 6 months: Not allowed
  • After 1 year: 6%
  • After 2 years: 5%
  • After 3 years: 3%
Up to 100% of ex-showroom price Up to 7 Years
03 Axis Bank Up to Rs. 5,500 9.5% – 15% 10% of the principal outstanding till 6 months and 5% thereafter. Two-part payments allowed every financial year Up to Rs. 5,500 Up to 7 Years
04 PNB 1% of loan amount subject to max. of Rs. 6,000 9.40% to 9.75%
  • Floating Rate: No prepayment charges
  • Fixed Rate: 2% on amount prepaid
Up to 85% of on-road price Up to 7 Years
05 SBI Up to Rs. 5,000 10.75% – 12.75%
  • Loans less than 6 months: Not allowed
  • After 1 year: 6%
  • After 2 years: 5%
  • After 3 years: 3%
Up to 100% of ex-showroom price Up to 7 years

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