car is a dream that dominates our thought whenever we hustle around in public transport like bus, metro, and other mediums. The convenience and the style statement that emanate from a car is inexplicable, to say the least. To encash this dream, we usually apply for car loan as it allows us to ride our dream 4-wheeler with easy-to-pay installments. These installments constitute a portion of both interest and principal amount payable on a monthly basis.
As far as lenders are concerned, there are plenty in the market ranging from small to large players looking to cater your car need. Different lenders have different offers with respect to interest rate, loan amount, processing fee and others. For example- An interest rate difference of 2%-3% on a 7-year car loan of ₹ 5,00,000 can result in an EMI difference of ₹ 1,000-₹ 1,500. While the difference between the overall interest outgo could be around ₹ 60,000 or so.
I hope, you are aware of the critical role that interest rate plays in your car loan journey. Similarly, other factors are also important. So, before opting for a car loan, ensure you are clear of each and every factor associated with the same.
Summary of Car Loan Offers at Several Lenders
HDFC Bank Car Loan-
SBI Car Loan-
ICICI Bank Car Loan-
Kotak Mahindra Bank Car Loan-
So, these were the offers of top car loan financing companies in India. Keep a close eye on the car loan interest rate, processing fee and other charges to be borne before choosing a car loan offer. Now that you have the information on your hand, we hope you would make a sound decision on the car loan.