1. State Bank of India (SBI)

SBI is one of the most trusted banks in India, offering affordable car loan options to its customers. With interest rates starting as low as 8.5% per annum and loan tenure of up to 7 years, SBI is a popular choice for car buyers. The bank provides up to 90% financing of the on-road price of the car, making it an excellent option for those seeking higher loan amounts. SBI also offers special schemes for women and government employees.

2. HDFC Bank

HDFC Bank is another leading player in the car loan segment, known for its quick loan approval process and attractive interest rates starting from 8.75% per annum. The bank offers car loans with a tenure of up to 7 years and up to 100% financing on the ex-showroom price of the vehicle. With minimal documentation and a seamless online application process, HDFC Bank is a preferred choice for many customers.

3. ICICI Bank

ICICI Bank is known for its flexible car loan options, competitive interest rates, and quick disbursement. The bank provides up to 100% funding of the ex-showroom price and offers repayment tenures ranging from 1 to 7 years. ICICI Bank’s pre-approved car loan offers for existing customers and its robust customer support make it a strong contender in the car loan market.

4. Axis Bank

Axis Bank is a reliable choice for car loans, offering interest rates starting at 8.75% per annum and loan tenures of up to 7 years. The bank provides up to 95% financing on the on-road price of the vehicle. Axis Bank is known for its fast loan processing and flexible repayment options, making it an attractive option for first-time car buyers.

5. Punjab National Bank (PNB)

PNB offers affordable car loans with competitive interest rates starting at 8.6% per annum. The bank provides up to 85% financing of the on-road price of the car, with loan tenures of up to 7 years. PNB’s transparent loan terms, minimal processing fees, and excellent customer service make it a reliable choice for car buyers across India.

Conclusion

Choosing the right car loan company is crucial for a hassle-free car buying experience. The top 5 car loan providers in India—SBI, HDFC Bank, ICICI Bank, Axis Bank, and PNB—stand out for their competitive rates, flexible repayment options, and excellent customer support. Before selecting a car loan, compare their terms and conditions to find the one that best fits your financial needs.