4 Best Banks for Car Loans in India

Best Banks for Car Loans in India

Buying a new car is no longer a dream for most - it is a must! Some people can buy a car after a promotion or salary increase while others choose to offer their families more comfort or commute to the office. Whatever the reason, the purchase of a car is a considerable expense and since many of us are not able to pay the full amount out of our own pocket, we have to take care of an autocredit. Even if you drive in cash, car loans can help you withhold your savings for emergencies or immediate financial needs while at the same time enjoying the comfort of a new car.

With almost all banks that come with attractive stores, it becomes difficult for people to choose the best lender for their car loan. In the following sections, we have described some important comparative criteria when comparing the autocredit options provided by different banks. We have also included a short list of the top 5 banks offering auto loans in India.

First payment: Most banks usually look for a margin of 15% to 20%, and people usually choose the banks that offer the car loan with a lower margin. A larger deposit is usually cheaper for you in the long term. This will drastically reduce your EMI to be paid, and you can also negotiate better (ie lower) credits.
To illustrate, if you pay a 40% deposit on a car of Rs. 7 Lakh (ie you pay Rs 2.8 lakh), your EMI for a car loan at 12.5% ​​and the 5-year lease comes to Rs .9,449 per month, resulting in a total compounding of Rs. 1.46.948 total loan term. Alternatively, if you make only 15% down payment, then other things that are equal (ie car price, interest and term) will be your EMI Rs. 13,386 and the total payment of interest will be Rs. 2.08.176 in the processing of 5-year loans, which is significantly higher.

Interest Rates and Termination - This is a key factor that you need to understand before you apply for a loan, including a car loan. Car loans are currently offered at variable interest rates, but different banks offer the same loan at different interest rates. A lower interest rate is preferable to a higher interest rate, but in the case of a longer term at a low interest rate, your interest will be considerably higher. Therefore, it is best to use an EMI autocredit calculator to calculate your entire interest rate before you opt for a particular option.
Credit History: You must have a good credit history to be eligible for a car loan. The best way to analyze your credit history is to review your credit score. If the score is equal to or higher than 750, there is a good chance that your autocredit will be approved.
Based on the above criteria, the following is our list of Top 5 banks for auto loans in India *

Bank interest rates loan amount processing fees mortgage expiration fees maturity
SBI 9.65% up to 85% of the zero price No foreclosure fees Up to 7 years
PNB 9.40% to 9.75% Up to 85% of the street price 1% of the loan amount up to a maximum of max. of Rs. 6,000
Variable interest rate: No prepaid fees
Fixed price: 2% on the prepaid amount

Up to 7 years
Bank of the Axis 9.5% - 15% Rs. 1 lakh forward up to Rs. 5,500 10% of the outstanding capital up to 6 months and 5% thereafter. Payments may be made in two parts per financial year Up to 7 years
HDFC Bank 11.50% - 13.75% Up to 100% of the ex-exhibition price Up to Rs 5.150
Loans less than 6 months: Not allowed
After 1 year: 6%
After 2 years: 5%
After 3 years: 3%
Up to 7 years
ICICI Bank 10.75% - 12.75% Up to 100% of the Ex-Showroompreise Up to Rs. 5,000
Loans less than 6 months: Not allowed
After 1 year: 6%
After 2 years: 5%
After 3 years: 3%
Up to 7 years.

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