By FMTeam Right here in India, not everybody out there can pay the full amount when buying a vehicle of their choice. Like, if you want to buy a car, it’ll certainly cross your mind to explore some vehicle finance option because that’s what most people do and there is nothing wrong with that. Well, if you are still considering doing that, and are looking forward to going with a good and best vehicle finance company in India, then you shouldn’t be missing out on this post. Why? Well, that’s mainly because here we will be going to take a good look at what are the top 10 leading and renowned vehicle finance companies in India. So, here we go now.
1. State Bank of India (SBI)
First of all, the State Bank of India, also known as the largest public bank in India, is also a considerable player in the vehicle finance market. However, it could be that you haven’t seen this bank as a vehicle finance company yet, correct? Well, the fact that SBI offers the most competitive interest rates, which start as low as 8.65% per annum, and that its fee structure is a straightforward one, is the main reason behind the popularity of SBI as a lender to customers who buy cars, whether new or used. All in all, not only is it important that the SBI vehicle loan is affordable but also, its large branch network and the services of internet banking make sure that customers all over the country can easily reach its services.
2. HDFC Bank
2nd on the list, there is another bank, and this time it is the HDFC Bank, which is known for its speed, flexibility, and customer-friendly vehicle finance programs, and is the primary player that is visible in the vehicle financing sector, that we can say for sure. HDFC Bank appeals to a plethora of borrowers from different vehicle category points of view and thus puts the purchase intention signal among first-time buyers as well as among those who are looking for luxury cars, you know?
3. ICICI Bank
Next on the list, here we have another bank, and just so you know, ICICI is another significant private sector supplier of vehicle financing and it has multiple products that fit different customers’ needs. Like, the user-friendly online systems of ICICI in the area of digital technology and the low-cost loans that are offered by this bank could be marked as the union that brought the automobile sector and the financial one together in the country. All in all, ICICI’s interest rates which begin from 8.70% per annum are just a nice thing for the new vehicle buyers.
4. Bajaj Auto Finance Limited
You see if you’re opting for a two-wheeler loan, Bajaj Auto Finance Limited is one name you can’t just skip past, and why do we say that? Well, this is a Bajaj Group subsidiary, so for sure, it is the go-to institution for two-wheeler financing with the highest accessibility rate via over 6,000 dealerships right here in the country. All in all, one of this vehicle company’s perks is its inclusion of personal accident insurance in certain loans, which makes it a secure option for borrowers.
5. Kotak Mahindra Prime Limited
Next on the list, good at auto financing, Kotak Mahindra Prime Limited is all about providing a quick and easy loan process. Like, known for its super simple documentation and fast disbursal of loans, KMPL is a favorite among customers who are looking for a simple solution. Refreshingly with a presence in good creditworthiness, KMPL’s main slogan is: “Making vehicle financing a click away” which magnetizes clients who want a reliable lender they can trust, you know?
6. Sundaram Finance
Then, years of experience made Sundaram Finance a Money Lender with an enviable reputation in the financial services industry for both personal and commercial vehicles. Sundaram has created an extensive service network that enables borrowers to get its services easily all over India, and that’s the best bit about it all. If you are one of those customers who are looking for an established company offering mixed terms of loan support, Sundaram Finance is a stable and highly cooperative player.
7. Bank of Baroda (BoB)
And did you know that the Bank of Baroda is widely thought of as the most reliable institution with regard to lending money for the purchase of a vehicle, which is routinely done both by the affluent and the poor via the availability of urban finance and rural finance? Like, BoB, being a provider of innovative, low-cost credit solutions to personal and corporate clients, is a pioneer in the field of vehicle financing, that we can say for sure.
8. Punjab National Bank (PNB)
Then, Punjab National Bank is one of the oldest and most trusted public sector banks in India, and it provides a full range of vehicle financing solutions tailored to the needs of both individuals and businesses, are you aware of that? You know, PNB’s flexibility in loan tenure and cost-effectiveness make it a great tool for the entire business community, not only for those buying their first vehicles.
9. Shriram Finance
Next on the list, Shriram Finance, a leader in the non-banking financial companies (NBFC) sector, specializes in financing commercial vehicles with a major focus on the used vehicle market. As some of you may know, Shriram Finance, a commercial financing company specializing in customized offers, has become the business partner of choice for many smaller-sized businesses in the expansion or improvement of their fleet.
10. Tata Capital
No one can argue that Tata Capital is a trusted provider of vehicle finance products because it is a part of the well-respected Tata Group, you know? You see, Tata Capital, like the Tata group, draws customers from all backgrounds because of its great flexible terms and its wide range of products ranging from scooters to heavy trucks, you know? Moreover, Tata Capital’s acquisition of the vehicle finance unit of Tata Motors has greatly expanded the capability of the lender, that’s for sure.
Conclusion
There you have it. These are by far the best options you have in the Indian market when it comes to financing your new vehicle in India. So, if you are skipping over these names, you should definitely rethink your decision, that’s what we say.