Vehicle finance known as auto financing or cer finance refers to financial products and services offered by financial institutions and organizations to help individuals and businesses to purchase vehicles.
In layman’s language, vehicle finance help individuals and businesses to acquire a vehicle without paying the full purchase price upfront.
The vehicles could be of various types such as cars, two wheelers, motorcycles, commercial vehicles, even the agricultural and construction equipments are included here.
Vehicle finance options vary in terms of interest rates, repayment terms, down payment requirements, and your eligibility criteria of course.
You need to compare different vehicle finance options carefully to understand total cost of borrowing before committing to a particular vehicle finance agreement.
Top 10 Vehicle Finance Companies in India –
Here’s a list of some of the prominent vehicle finance companies in India –
- HDFC Bank – HDFC Bank offers vehicle finance options that serve both individual and commercial needs. They provide loans for various types of vehicles. HDFC Bank offers loans for both new and used vehicles, with lower interest rates and flexible repayment options, specially designed to meet individual customer needs. These loans usually require documents such as identity proof, address proof, etc. Directly contact HDFC Bank or visit them to get detailed information.
- State Bank of India (SBI) – The State Bank Of India Offers vehicle finance options through it various schemes tailored according to different customer needs. SBI vehicle finance usually includes competitive interest rates, flexible repayment options, and quick processing terms. They provide vehicle loans on all types if vehicles.
- ICICI Bank – ICICI bank offers vehicle loans to help customers purchase cars , bikes and other vehicles through loans tailored to meet their needs. They provide competitive interest rates.
- Mahindra finance – Mahindra finance popularly known as Mahindra and Mahindra Financial Services Limited is an eminent player in vehicle finance in India. They specialize in providing financial solutions for a wide range of vehicles which includes, cars, bikes, utility vehicles, commercial vehicles, etc. They offer loan for both new and used vehicles at competitive interest rates with flexible repayment options and quick processing solutions.
- Tata Motor Finance Limited – Tata motor finance limited is called as the financial arm of Tata Motors, offering a variety of financial products primarily to finance Tata motor vehicles. TMFL provides finance loan on a wide range of Tata Motor vehicles, offering loans for both new and used Tata motor vehicles.
- Kotak Mahindra Prime Limited – Kotak Mahindra prime limited is s subsidiary of Kotak Mahindra Bank which specialises in providing vehicle finance solutions, primarily catering to automobile sector in India. They offer various loan products and services tailored to meet individuals and companies.
- Axis Bank – Axis Bank offers a range of vehicle financial solutions crafted to meet the needs of individuals and corporate customers in India. Their vehicle finance options offer loans for both new and old vehicles. Axis Bank provides competitive interest rates, flexible repayment options and quick processing of loan application.
- Bank Of Baroda – Bank Of Baroda offers comprehensive vehicle finance solutions aimed at both individual and corporate customers in India. Their vehicle finance solutions offers loans to a range of vehicles such as cars, bikes, commercial vehicles, agricultural equipments, etc. They also offer specialized schemes such as loans for used vehicles and loans for purchasing electric vehicles to support environment sustainability.
- Indusland Bank – Indusland Bank offers a range of vehicle finance solutions tailored to meet diverse needs of the customers in India. Their vehicle finance options cover finance options for both new and used cars, two wheelers, commercial vehicles, etc.
- Bajaj Auto finance limited (bafl) – Bajaj Auto Finance Limited is a subsidiary of Bajaj Finserv Limited and specialises in providing vehicle finance solutions primarily for two wheelers and three wheelers. They provide financing options for both new vehicles and pre-owned vehicles.
Vehicle finance solutions in India has become more feasible and accessible so that individuals and businesses could afford vehicle convenience.
