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Top 10 Car Loans In India: Best Car Loan For Your Requirement
The year-end is here, and many financial and automotive experts claim this part of the year to be best for buying a new car due to attractive offers and discounts. However, choosing the wrong car loan can put you in big financial trouble.
As such, here is the list of the top 10 car loans in India to help you choose the best car loan for your unique requirement.
SBI
The State Bank of India (SBI) provides a variety of car loan schemes, including the New Car Loan Scheme, Loyalty Car Loan Scheme, Assured Car Loan Scheme, and Green Loan for electric vehicles.
These loans offer up to 90% financing on the on-road price, covering costs like registration and insurance. Borrowers can also opt for life insurance coverage. Loan tenures extend up to 8 years with eligibility criteria based on income and profession.
HDFC
HDFC Bank offers car loans with repayment flexibility through options such as step-up EMI and balloon EMI. Existing customers can access top-up loans without additional paperwork. The scheme is available to individuals aged 21-65 with a minimum annual income of Rs.3 lakh, providing loans up to Rs.10 crore for a maximum period of 7 years.
Federal Bank
Federal Bank provides car loans without foreclosure penalties and includes free personal accident insurance up to Rs.10 lakh. They offer up to 100% financing of the vehicle's ex-showroom price. Eligibility details and loan amounts are confirmed directly with the bank, with repayment terms extending up to 7 years.
Union Bank
Union Bank of India caters to both new and used cars (up to 3 years old), offering loans to companies for employee use with a 10% margin on the on-road price. There are no prepayment penalties, and eligibility extends to resident and non-resident Indians aged 18-77, with no ceiling on new car loans for up to 7 years.
Axis Bank
Axis Bank provides special offers for priority customers in its car loan scheme. Loans range from Rs.1 lakh up to 100% of the road price, with a tenure of up to 8 years. Eligibility extends to individuals and non-individuals, with waivers on income documentation for specific customers.
Canara Bank
Canara Bank's "Canara Vehicle" loan covers both new and old four-wheelers, offering up to 90% financing that includes various related costs. Eligibility requires a minimum annual income of Rs.3 lakh, with loan terms lasting up to 7 years without any cap on the maximum amount.
Bank Of Baroda
Bank of Baroda finances passenger cars, SUVs, and MUVs for private use under its car loan feature. Interest rates favour those with high credit scores, and there is no penalty for pre-closure. Eligibility criteria include an age range of 21-70 years and a credit score of at least 725, offering loans up to Rs.5 crore over a tenure of up to 7 years.
Punjab National Bank
Punjab National Bank collaborates with leading car manufacturers for attractive deals in its car loan offerings. Loans are available for individuals and businesses using fixed or floating interest rates. Collateral security or third-party guarantees may be waived based on merit, especially under the 'PNB Pride Car Loan' scheme tailored for government employees with a maximum loan limit of Rs.1 crore.
Karnataka Bank
Karnataka Bank's XPress Car Loan is accessible to individuals, agriculturists owning agricultural properties, and NRIs. It offers financing up to 85% of the on-road price for both new and used cars. The minimum age requirement is 18 years, with a maximum loan amount set at Rs.75 lakh over a tenure of up to 7 years.
IDBI Bank
IDBI Bank provides loans covering various cars and SUVs with benefits from dealer tie-ups and flexible EMI payment options. Part payment or foreclosure is allowed after six months without penalty if prepayment is made from own funds. Eligibility includes individuals aged between 18-70 years with an annual income starting at Rs.2.4 lakh, offering terms lasting up to seven years.
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