With the top banking companies providing car loans in India, there are many features which are unique among them. If you are searching for a car loan, then this article is going to be very helpful. In this article, we are going to clear basics about some of the best companies providing car loans in India. Keep on reading the article to know their unique features and benefits you can avail.
STATE BANK OF INDIA CAR LOAN
State Bank provides the lowest interest rate in the market which are calculated on reducing balance. It provides car loans based on four categories namely SBI new car loan scheme, SBI lottery car loan scheme, SBI assured car loan scheme and SBI car loan lite scheme.
One can avail 90% financing of the car on road price which will include cost of accessories, registration and extended warranty and annual maintenance contract.
BANK OF BARODA CAR LOAN
You can avail quite many features with Bank of Baroda as it provides loans for passenger cars, SUV’s and MUV’s for private use. It provides the lowest interest rates for individuals that have a high credit score. The interest rates are computed on daily reducing balance on bank of Baroda car loan.
The minimum credit score must be 725 which is eligibility for age group 21 to 70 years. A loan amount of maximum 1 crore can be availed from Bank of Baroda. The bank does not charge any penalty on foreclosure of car loans.
UNION BANK OF INDIA CAR LOAN
You can apply for new or old cars with this car loan scheme, the old car should be up to 3 years. The companies can also apply for this loan for the use by their employees. Union Bank of India car loan borrower’s should meet the margin requirement of 15% of vehicles on road price and that is a compulsory rule.
No prepayment penalties on closing loan early with own funds. The eligibility for the vehicle loan is for the resident Indian and non-resident Indians with age up to 18 to 70 years. A maximum loan amount of 1.25 crore can be availed.
FEDERAL BANK CAR LOAN
Federal Bank car loan features no penalty charge for foreclosure of the car loan along with the personal accident insurance that is offered free of cost with the federal Bank car loan upto rupees 10 lakh. With the loans from federal Bank, one can avail a 100% of the vehicles ex showroom price.
Borrowers also get reimbursement within one month from the date that the vehicle was purchased. The minimum take home criteria applicable is placed on the employment type of customers.
AXIS BANK CAR LOAN
Axis Bank provides special benefits for priority banking, privee banking and wealth banking customers of Axis Bank. Individuals and non individuals can all apply for car loans.
The best thing about the car loans from Axis Bank is that one can also get an Axis eDGE rewards points on availing the car loan. Income documents and bank statement waiver for pre-approved customers and salary account customers of the bank.
