Buying a stylish car is the ultimate dream of many people. Do you too get excited when a Sedan or Audi passes by you on the road? There are people who simply jump on their bed when a brand new car enters the market. They are eager to know every minute detail about the car. In today’s time a car is no longer a luxury but has become necessity. A car adds spark to your style statement and you can easily say goodbye to the public transport when you have your own car. Once you buy a car there is no need to hire a cab or auto.
You can go on long drives and plan short trips to nearby hill stations. Your car is the best medium to make ever lasting memories. Buying a car may turn out to be heavy for your pocket if you have not made enough savings. This is where a car loan comes into the picture. You can easily avail a car loan and repay the loan in the form of monthly installments. Just in case you have pooled up some savings, then you can you use the same to pay the down payment amount to the car dealer and the rest will be taken car by your car loan lender. Car Loans can be availed for a maximum period of seven years and can be used to buy any passenger car or multi utility vehicle (MUV) in India. Before you decide to avail a car loan you must be aware about the best options available in the market. To make things easier for you, this article will throw light on the best car loans available in India.
SBI Car Loan
State Bank of India is one of the leading public sector banks in the country and is a major player in the car loan segment. The best part about a SBI car loan is that product is available to agriculturists in addition to salaried employees, self-employed people, partnership firms and professionals. With interest rates between 9.10-9.25%, the product is quite affordable and easy to the pocket. No processing fee is charged for a new car loan and there are no foreclosure charges as well. The product can be used to buy a passenger car, a MUV or a SUV ( sports utility vehicle). The applicant must be between the age of 21 to 65 years and must an income stated by the bank. In case of a new car, the bank offers a loan amount up to 85% of the on-road price of the vehicle.
HDFC Car Loan
HDFC, one of the prominent private sector banks in India is one of the leaders in the car loan segment. HDFC car loan is one of the best car loans in India and can be availed by any eligible salaried employee or self-employed person at an interest rate of 11.50 to 13.75%. Quicker loan disbursal, higher amount and flexible tenure makes the product a hit amongst car loan seekers. One can secure a loan amount upto 100% of the on-road price of the vehicle. The applicant must be above the age of 21 years while applying for the loan and must earn a minimum annual income imposed by the bank.
ICICI Car Loan
Another product that can be called as one of the best car loans in the market is an ICICI car loan. ICICI Bank is a well known name in the Indian banking sector and is known for its affordable car loans. The interest rates for the same is between 10.75-12.75% nd depends on the tenure of the loan. Faster approval, easier documentation process and higher loan amount are some of the best reasons why the product is so much in demand. One can secure a car loan up to 100% of ex the showroom price from the bank. The product can be availed by both salaried employees and self-employed individuals.
Axis Bank Car Loan
Axis Bank, one of the leading private sector banks in India holds a good share in the car loan market. With interest rates between 11 to 12%, an Axis Bank car loan has turned out to be quite popular amongst the car loan seekers. Instant approval, provision to earn eDGE reward points, flexible tenure are some of the reasons why the product is so much highly demanded in the market. The car loan can be availed by any eligible salaried employee or self-employed person for an amount up to 85% of the ex showroom price of the vehicle.
As a loan borrower you have multiple options in the form of a car loan. These are some of the best car loans available in the market. You should choose a product which offers you the maximum benefits and is friendly to your pocket. I wish you all the luck for a successful car loan journey.