The Indian auto market has been on a dramatic growth spree ever since the introduction of the legendary Maruti 800. The growth spree was further galvanized by the advent of auto finance companies in India who started providing affordable auto financing solutions thanks to which India is now one of the fastest growing automobile markets in the world.
The growth has further motivated multiple industrial houses to start their own commercial vehicle finance companies. The major classification is into Banking and non-banking financial companies.
All the organizations fight for a piece of the pie which has ultimately benefited the Indian car buyer by making car loan eligibility norms easier and processing time quicker. This list focuses on the leading private car finance companies in India.
Top Ten Best Auto Finance Companies in India
HDFC – Auto Financing Solutions
HDFC is among the leading auto finance companies in India. India is also one of fastest growing automobile markets in the world and HDFC has been on the forefront of this market expansion. It along with other 4 banks gross 70% of the online loans market.
They offer multiple auto financing solutions to the prospective car buyer.
HDFC goes the extra mile of providing you reviews of cars from multiple sources, insurance assistance and several other auto financing solutions offered by HDFC includes:
- New – Car Loans
- Pre-Owned/Second-Hand Cars
- Loan against car
- Two Wheeler Finance
Get More Info. Here:- http://www.hdfcbank.com/personal/products/loans/car-loans
ICICI – Leader in the Auto Finance Segments in India
ICICI was replaced from the top spot in 2008 and that has done a world of good for the vehicle finance industry in India.
They have improved their focus on auto financing options and also improved their service process to benefit the prospective car buyer.
ICICI might not be the no. 1 player but that doesn’t take away the fact that they are definitely one of the top auto finance companies in India.
Auto finance solutions offered by ICICI include:
- New Car Loans – The car loan interest rates vary from 10.75% to 12.75%
- Used Car Loans – The car loan interest rate is: 15.50%
- Two Wheeler Loans – The two wheeler loan interest rate is: 12.50%
Check out there website :- https://www.icicibank.com/Personal-Banking/loans/car-loan/index.page
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Kotak Mahindra – Market Leader in Auto Financing in India
Kotak Mahindra has made quite a name for itself among the Leading Auto Finance Companies in India.
Its reputation is built on hassle free and quick processing of documentation and loan approval reducing the prospective car buyer’s headache.
Auto finance solutions offered by Kotak Mahindra include:
- New Car Loans – The car loan interest rate is 8%
- Used Car Loans – The car loan interest rates vary from 8.90% to 9.65%
- Two Wheeler Loans – The two wheeler loan interest rate is: 12.90%
Get more Info. here :- http://www.kotak.com/personal-banking/loans/car-loan.html
State Bank of India – Vehicle Finance Company in India
State Bank of India has an extensive network of branches across the country.
The fact that it is a nationalized bank gives it a stability which most private banks don’t have.
State Bank offers extensive repayment periods of up to 7 years which is one of the longest in the Indian auto finance market.
SBI also claims to have the lowest interest rate among the leading auto finance companies in India. Auto Finance Solutions offered by SBI include:
- New Car Loans – The car loan interest rates vary from 9.25% for men to 9.20% for women.
- Used Car Loans – The car loan interest rates vary from 10.45% for men to 10.40% for women.
- Two Wheeler Loans – The two wheeler loan interest rate is: 17.25% p.a.
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Axis Bank – Top Auto Finance Companies in India
Axis Bank has more than 2000 branches spread across India. They provide loans up to 95% of the ex-showroom price.
Axis Bank is among the few leading auto finance companies that charge zero processing fees and have no waiting period for prepayment or foreclosure.
Auto finance solutions offered to car buyers include:
- New Car Loans – The car loan interest rate is: 9.15%
- Used Car Loans – The car loan interest rates vary from 50% to 16.25%
- Loan against Car
- Two Wheeler Loan – The two wheeler loan interest is: 17% (Monthly reductions apply)
Check out there website :- https://www.axisbank.com/retail/loans/car-loan
Magma Finance – Leading Auto Finance Companies in India
Magma is a non-banking entity they are focused on financial services and general insurance.
Their meteoric rise is partly because of their vision which is “Investing in the smallest dream”.
Magma is a private car finance company which offers a very flexible approach to documentation and loan eligibility requirements. Their auto finance solutions include:
- New Car Loans – The car loan interest rates vary from 12% to 16%
- Used Car Loans (also applies for small commercial vehicles. Agri equipment etc.) – The car loan interest rates vary from 16% to 20%.
Official Website : – https://magma.co.in/loans/car-loans/
Reliance Commercial Finance – Commercial Vehicle Finance Companies in India
Reliance Commercial Finance as the name goes is one of the few leading commercial vehicle finance company in India.
They focus mostly on commercial ventures financing.
They do however provide used car finance and proudly claim to be the quickest in the vehicle finance industry in India. Their bouquet of auto finance solutions includes:
- Used Car Loans – The car loan interest rate is: 16%
Get more info. here : – https://www.reliancecommercialfinance.com/used-car-loans-fees-charges
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Mahindra Finance – private car finance company
Mahindra Finance goes by the tagline of “empowering potential, transforming lives”; this is evident in their plethora of services as an automotive financial services company.
They cover car Loan, commercial vehicle loans, agricultural equipment loans, two wheeler loans etc.
Mahindra Finance believes in using its finance business as an opportunity to empower the local community and make their dreams come true which is a unique strategy of win – win when compared to other leading auto finance companies.
The below mentioned are their auto finance solutions:
- New Car Loans – The car loan interest rates will vary based on your budget (the EMI Calculator is worth the effort)
- Two Wheeler Loans – The two wheeler loan interest rates vary from 10% to 14%.
Check out their website : – http://www.mahindrafinance.com/car-loans.aspx
Tata Capital – vehicle finance company in India
Tata Capital is a non-banking financial company which goes by the tagline: “We only do what’s right for you”.
It is a highly diversified capital services company which is into multiple credit based services.
Tata as a group is known to be customer centric those values can be seen in their leading auto finance company. The auto finance solutions provided are:
- New Car Loans – The car loan interest rates vary from 12.5% to 12.75%
- Used Car Loans
Get more Info. here :- https://www.tatacapital.com/car-loans.htm
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Sundaram Finance – Leading Auto Finance Companies in India
Sundaram finance identifies its core ideals as dedicated customer service, fair business practices, efficient, safe and trusted financial policies.
Sundaram finance is promoted by TVS group.
Sundaram finance is a banking company which offers a multitude of services like Commercial vehicle loans, farm equipment loans, construction equipment finance etc.
Sundaram finance is perhaps your best partner for enterprise building among the leading financial services companies in India. Their array of auto finance solutions include:
- New Car Loans – The car loan interest rates vary from 9.5% to 11%.
- Used Car Loans
Official website :- http://www.sundaramfinance.in/products/carfinance/carfinance.aspx