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

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  • 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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