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Top 5 Banks to Go for Car Loan

When it comes to car loan, it would not be wrong to say that you need to take each and every step very carefully. Especially, if you are a first time car buyer, you need to keep your eyes open so as to crack a good car loan deal. However, once you start searching for a good car loan online, not only one, but there are plenty of banks available that are ready to offer you lucrative deals. But, with information available in bulk creates more confusion in the mind of the first time buyer. Yes, usually people get confused regarding what things to look out before considering a car loan. In order to do this task, you need to have spare time and open various bank’s sites to compare and check the deals offered by different banks.

In order to get a car loan, there is not only one, but many important factors that you should consider in different banks. More to the point, it is not only a time taking process, but till the time you gather all the information you lose your interest also. Thus, it is absolutely not easy to search for the car loan information offered by many banks online. In fact, in many cases, people are not aware with the fact that what are the important factors they should consider while going for a car loan.

So, read this article below to get all the relevant information about car loans offered by top 5 banks.

Age should be between 21 to 65 for all banks.

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Bank NameIncomeROITenureProcessing FeeMin-Max Loan AmountPer Lac EMI (for 5 years)  
HDFCRs.180000 (annual)10.00% – 12.50%up to 7 yearsRs. 3220/-Rs.5870minimum loan amount of Rs.100,000Rs. 2,125 – Rs. 2,250
SBIRs. 3,00,000-Rs. 4,00,000 (per annum)9.80% – 9.85%7 yearsNil till 31.12.2015minimum loan amount of Rs.100,000Rs. 2,115 – Rs. 2,117
ICICI2.50 lakh (per annual)10.75% – 12.75%up to 23 months-84 monthsRs.2,500-Rs.5000minimum loan amount of Rs.100,000Rs. 2,162 – Rs. 2,263
Axis2.4 lak (per annum)11.00% – 12.00%1-7 yearsRs. 3500 to Rs. 5500minimum loan amount of Rs.100,000Rs. 2,174 – Rs. 2,224
Kotak MahindraRs.15000 per month11.50% – 13.50%12 to 60 monthsRs.3300/- to Rs.4750/-minimum amount of Rs. 75,000Rs.1,739-Rs.1,846
(Updated on:14 November,2016)

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