{"id":2934,"date":"2018-04-15T23:17:15","date_gmt":"2018-04-15T17:47:15","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=2934"},"modified":"2019-09-25T12:21:17","modified_gmt":"2019-09-25T06:51:17","slug":"car-loans","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/car-loans\/","title":{"rendered":"Car Loan"},"content":{"rendered":"<p><strong>Car loan<\/strong>\u00a0are the simple means to a glorious life milestone- owning your dream car. Almost all of us want to own that shiny set of wheels and drive it triumphantly, into the sunset. However, owning a car (vehicle in general) in India is a costly proposition, one that usually demands the impetus of a sizable financial assistance from banks\/ financial institutions that have dedicated loan products in this regard<\/p>\n<h2>Why Choose a Car Loan?<\/h2>\n<p><em>Choosing a car loan<\/em>\u00a0in India has two distinct reasons and advantages. Firstly, cars are expensive. This is a costly investment that is usually not completely affordable in the case of a typical middle class Indian. While his\/her savings may account for a sizable portion of the purchase amount of the vehicle, a significant portion of the aforementioned purchase must be covered by the amount as provided by the car loan.<\/p>\n<h2>Car Loans &#8211; Features and Benefits<\/h2>\n<p>When it comes to car loans in India, in general, the following features and benefits are freely offered. Note that, the following is a generalized look at the advantages offered by car loans in general. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.<\/p>\n<ul>\n<li>Helps you purchase a better car than the one available in your budget. While this may not be a rule, it holds true for a vast majority of car purchasers in India.<\/li>\n<li>Allows you to procure a vehicle quickly- without spending too much time arranging for the money through the time-tested concept of \u2018saving for it\u2019.<\/li>\n<li>Helps you manage the cost of purchase of the new car by spreading it across a longer duration of time. Thereby, this keeps you in control of your spending and makes the car much easier to pay for.<\/li>\n<li>Most car loan offerings in India have secured loans, meaning, the car serves as the security\/collateral for the loan. This poses a little financial risk for you- at worst, you default on the repayments and lose the car, plus your credit score is damaged to smithereens. However, you do have a measure of control over the proceedings. PS- Don\u2019t default on your car loan <a href=\"https:\/\/www.antworksmoney.com\/blog\/sbi-home-loan-emi-calculator\/\"><strong>EMIs<\/strong><\/a>.<\/li>\n<li>Procuring a car loan is usually simpler as compared to other loan products. Individuals with slightly unsavory credit scores can also hope to nail one down. However, this option differs from bank to bank.<\/li>\n<li>Car loans in India often utilize the fixed interest rate option when it comes to repayment via EMIs. This means, you are always assured of a fixed amount that needs to be repaid on a monthly basis. This takes the surprise out of the financial planning that goes into the car purchase process. Thank god for that!!<\/li>\n<li>The actual maximum loan amount depends on the vehicle to be purchased and varies from bank to bank. Mostly however, this is 100% of the vehicle\u2019s on-road price. The repayment tenure usually stretches from 5-10 years and offers different interest scales for different tenure slabs.<\/li>\n<li>Most importantly, a car loan helps you buy your dream car. Aside from being a purely transport option, the car serves as a confidence booster and your means to assert the hard-earned financial freedom.<\/li>\n<\/ul>\n<h2>Comparing Car Loans from Different Banks<\/h2>\n<div class=\"hungry-table\">\n<table class=\"table table-curved\" border=\"1\">\n<tbody>\n<tr>\n<td><strong>Bank.<\/strong><\/td>\n<td><strong>Loan Amount.<\/strong><\/td>\n<td><strong>Tenure.<\/strong><\/td>\n<td><strong>Interest Rate.<\/strong><\/td>\n<td><strong>Features.<\/strong><\/td>\n<\/tr>\n<tr>\n<td>HDFC Bank<\/td>\n<td>100% (ex-showroom price)<\/td>\n<td>Upto 7 years<\/td>\n<td>10.50%-12.50% (depending on individual factors)<\/td>\n<td>\n<ul>\n<li>Fixed interest rates.<\/li>\n<li>Loan approval in 30 minutes flat.<\/li>\n<li>Low down payment and lower EMIs.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>ICICI Bank<\/td>\n<td>100% (ex-showroom price)<\/td>\n<td>Upto 7 years<\/td>\n<td>10.75%-12.75% (depends on the loan tenure)<\/td>\n<td>\n<ul>\n<li>100% funding matching vehicle\u2019s ex-showroom price.<\/li>\n<li>Very streamlined loan application, approval and disbursement process.<\/li>\n<li>Easy online application process.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>SBI<\/td>\n<td>85% (On-road price, when net annual income is upto or above Rs.10 lakhs)<\/td>\n<td>Upto 7 years<\/td>\n<td>10.30% (may range upto 11.10% for differing conditions)<\/td>\n<td>\n<ul>\n<li>Interest calculated on daily reducing balance.<\/li>\n<li>Financing based on the vehicle\u2019s \u2018on-road\u2019 price.<\/li>\n<li>No advance EMI.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Axis Bank<\/td>\n<td>85% (ex-showroom price) 95% (on select models)<\/td>\n<td>Upto 7 years<\/td>\n<td>11.50%-12.50% (depending on individual factors)<\/td>\n<td>\n<ul>\n<li>One of the best interest rates offered in India.<\/li>\n<li>Special schemes for Axis Bank salary account holders.<\/li>\n<li>Loans offered from a minimum of Rs.1 lakh onwards.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Magma Fincorp<\/td>\n<td>100% (ex-showroom price)<\/td>\n<td>Upto 5 years<\/td>\n<td>12%-16% (depending on individual factors)<\/td>\n<td>\n<ul>\n<li>Min loan amount- 3x annual income (salaried), 6x annual income (self-employed).<\/li>\n<li>Minimal documentation.<\/li>\n<li>Easy online, offline application process.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Car loan\u00a0are the simple means to a glorious life milestone- owning your dream car. Almost all of us want to own that shiny set of wheels and drive it triumphantly, into the sunset. However, owning a car (vehicle in general) in India is a costly proposition, one that usually demands the impetus of a sizable &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/car-loans\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Car Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2934","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Car Loans - Why Choose a Car Loan? - Comparing Car Loans from Different Banks<\/title>\r\n<meta name=\"description\" content=\"Car loan is the simple means to a glorious life milestone. 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