5 Banks That Provide Best Car Loans


Bangalore: If you are planning to buy a car through a loan, conducting a thorough research about banks that is offering best plan plays a crucial role.

Know whether you need a loan for the entire cost of the car, or do you want to take 50 percent loan on the total cost.

Many banks provide car loans for cheaper rates but you should look for the one that is suitable for you in terms of interest rates, longevity of repayment and so on.

Here is a list of 5 banks that offers best car loan plans.

1. State Bank of India

Interest Rate: 10. 70 Percent

The car loan that SBI offers has no upper limit. The bank will sanction a maximum loan amount of 48 time of net annual income. The loan is provided to purchase a new car that can even be Multi Utility Vehicles (MUVs) and SUVs.

The best aspect of SBI car loan is that it gives the time period of 7 years to repay the loan as listed by “Business Line”.

You will have to submit your bank account statement for last 6 months, with two passport size photographs, copy of your passport /voters ID card/PAN card, photocopy of your salary certificate and address proof.

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