A car loan is provided by the bank to an individual to help them buy a car when they do not sufficient funds to buy the same in one shot. It is easy on the pocket of the individual as they can repay the loan in Equated Monthly Instalments (EMIs) and can use the remaining money for other financial obligations every month. The interest rates depend on one’s credit profile, relationship with the bank, loan amount and other factors.

There are a few banks that offer attractive interest rates and other additional features on a car loan. They are:

1 ICICI Bank

Up to 100% of the car’s on road value is funded by the bank

Interest rates begin at just 9.30%

Tenures range from 1 year to 7 years

There is easy and minimal documentation needed

2 HDFC Bank

Up to 100% of the car’s value is funded by the bank

Interest rates start at just 8.40%

Tenures range from 1 year to 7 years

Existing HDFC Bank customers can avail the loan in 10 seconds with minimal documentation

Loan amount of up to 3 crores is offered

3 IndusInd Bank

Up to 85% of the exclusive showroom price of the vehicle is funded by the bank

Interest rates start at just 10.65%

Tenures range from 1 year to 4 years and can be extended based on the customers relationship with the bank

Speedy disbursal of the loan is possible

Easy and minimal documentation

4 RBL Bank

Loan amounts from 50,000 to 1 crore is given

Interest rates start at 12%

Tenures range from 12 to 60 months

Up to 90% of the new car’s value is given. This is inclusive of ex-showroom price, applicable taxes and insurance

To apply for a car loan, click here.