Indian automobile market is a huge market. Countless cars are sold and bought everyday in the market. Because of its immense market prospects, a range of famous car manufacturers is frequently launching new models of cars to the Indian automobile market. The vehicle manufacturers are not the only one to take advantage of the favourable vehicle market of the country. The car loan providers in India are also competing with each other to persuade the automobile buyers. Since purchasing a vehicle needs a huge amount of money, customers often resort to car loan providers in India since they assist them in different ways to own their dream cars.
You can also buy an old car with an automobile loan. The old car market is also making its mark in the automobile market of India. If you are thinking about purchasing a car with finance or loan, you should spend some time and do some research for selecting a good automobile loan provider. This is necessary since the interest rate, the loan term, and other terms and conditions might differ from one bank or financial services provider to another. With a flawless credit history and adequate documentation, you can avail upto 90% of the ex-showroom price of the vehicle as loan.
Famous car loan providers in India
There are various car loan providers in India and they can be broadly categorized into private banks, government banks, and foreign banks. For information about loans, such as the interest rate, loan term and so on, you can visit the websites of the respective banks and financial services providers, the names of which are mentioned below:
1. Government Banks
- Dena Bank
- Bank of India
- Indian Bank
- IDBI Bank
- Punjab National Bank
- Oriental Bank of Commerce
- UCO Bank
- United Bank of India
- Andhra Bank
- Allahabad Bank
- Bank of Maharashtra
- Bank of Baroda
- Central Bank of India
- Canara Bank
- Indian Overseas Bank
- Corporation Bank
- Union Bank of India
- Syndicate Bank
- Punjab & Sind Bank
- Vijaya Bank
- State Bank of India
- State Bank of Indore (merged with SBI in 2010)
- State Bank of Bikaner and Jaipur
- State Bank of Patiala
- State Bank of Travancore
- State Bank of Mysore
- State Bank of Hyderabad
- State Bank of Saurashtra (merged with SBI in 2008)
2.Private Banks
- Axis Bank
- ICICI Bank
- HDFC Bank
- Development Credit Bank
- Kotak Mahindra Bank
- Federal Bank
- Yes Bank
- South Indian Bank
3.Foreign Banks
- ABN AMRO Bank
- American Express Bank
- Bank of America
- Barclays Bank
- BNP Paribas
- Citibank
- Deutsche Bank
- HSBC (Hong Kong and Shanghai Banking Corporation)
- Standard Chartered Bank
Other than the above, there are non-banking financial companies (NBFCs) that also offer car loans in India.
For more information on car market in India, please go through the site www.headlinesindia.com.