• Compare Car Loan Interest Rates Before You Buy Your Dream Car This Diwali

    Diwali is the time to buy all that we wished for throughout the year. With manufacturers bombarding us with attractive discounts and mind-blowing offers, this festival marks the beginning of many new things. From designer clothes to gold jewellery, Diwali demands it all. To the festival observers, it's not only a time for fun but also a time to be fully funded to meet festive related expenses. Many buy their dream car during this auspicious day. Buying a car is not just a purchase but a status symbol, a milestone and a much appreciated achievement in India. If you have set your eyes too long on your dream car, it’s time to buy it! It’s Diwali! Many need financial aid when buying a car. Most of the car buyers opt for financing schemes or car loans. To help your decide better, we have consolidated a list of banks that offer car loans and their features. Take a look.

    Bank Interest Rate Features of the loan
    HDFC Bank 9.25% and 11.25% p.a.
    • Provides auto loan up to 80% of the cost of the car.
    • The minimum loan amount you can avail is Rs.1 lakh.
    • For new cars, the tenure ranges from 1 to 7 years. For used cars the repayment period ranges between 12 months to 60 months.
    • No guarantor is required.
    Federal Bank 9.75% p.a.
    • Auto loan provided up to 90% of the car’s ex-showroom price.
    • The minimum loan amount that can be availed is Rs.50, 000 and the maximum loan amount can go up to Rs.2.5 crores.
    • Zero processing fees.
    • No guarantor is required.
    Axis Bank 9.65% and 15% p.a.
    • The minimum loan amount available is Rs.1 lakh.
    • Repayment period ranges from 1 year to 7 years.
    • No guarantor is required.
    • There is an option for part payment and foreclosure with a nominal fee.
    State Bank of India The interest rate for women applicants 9.75% p.a and the interest rate for men is 9.80% p.a.
    • Loan repayment tenure up to 7 years.
    • Nil prepayment or foreclosure fees.
    • No advance Car Lon EMI required.
    • Overdraft facility available.
    ICICI Bank 10.75% to 15.50% p.a.
    • Loan tenures range from 1 year to 7 years.
    • The minimum loan an applicant can avail is Rs.1 lakh.
    • No guarantor required.
    • Pre-approved car loans are offered to existing customers.
    TVS Credit Services 14% and 15% p.a.
    • Car loans up to 85% of the cost of the car.
    • Repayment period ranges from 1 to 5 years.
    • 1% processing fee charged on the loan amount.
    • No guarantor is required.
    DENA Bank Interest rate on new cars is 9.95% p.a or men and 9.85% for women.
    • No guarantor required.
    • Processing fee waived off for all customer till 10th October, 2016.
    • Zero pre-closure charges.
    • Loan tenure up to 7 years.
    IndusInd Bank 10.65% to 15.50%.
    • Low processing fee of 1% charged on the entire loan amount.
    • 90% of the ex-showroom price of the car is approved.
    • Loan tenure ranges from 1 to 5 years.
    Union Bank of India 9.90% p.a.
    • The maximum loan amount sanctioned is Rs.75 lakhs.
    • 1 to 7 years repayment period.
    • No processing fee
    L&T 16% to 17%
    • Tenure ranges from 1 to 5 years.
    • Low processing fee of 2% on the loan amount.
    • There is no guarantor required.
    Andhra Bank MCLR(9.55% p.a effective 15/07/2016)+0.55% p.a.
    • Car loan up to 85% of the ex-showroom price of car is sanctioned.
    • 1-5 years repayment period available.
    TVS Credit Services 14% to 15% p.a.
    • Loan provided up to 85% of the cost of the car.
    • Minimum loan approved is Rs.20,000 and the maximum is Rs.1 lakh.
    • 1 year to 5 years loan tenure available.
    • 1% of the loan amount is charged as processing fee.
    • No guarantor required.
    IDBI Bank 9.95%
    • Loan tenure up to 7 years
    • IDBI Bank has corporate with car dealers and manufacturers to get you the best car deal.
    • Processing waived during this festive season.
    • Part payment or foreclosure is allowed after 6 months without additional charges or penalty.
    HDB Financial Services 14-22%
    • Auto loan up to 90% of the vehicle value is approved.
    • Tenor period ranges from 12 to 48 months.
    • Pre-owned car loans available.

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