The necessity of car ownership in India has surpassed luxury status because people enjoy both rising incomes and flexible payment options. People who want their first car or want to trade up must learn about loans and inexpensive models costing less than ₹15 lakh and practical financing approaches.
This blog provides readers with all the necessary information about loans while also offering guidance to make the buying process relaxing and stress-free. Check a finance DSA app to learn about popular loan options and the benefits you can have.
Learn about the Quality Cars Under 15 Lakh
If you have only a 15 Lakh budget, you must look for the following cars. Several Hatchbacks, SUVs, and EVs are available under the budget. Check them before choosing the right vehicle-
- Hatchback Cars
Both Hyundai i20 delivers advanced interior features and fluent engine performance, while Tata Altroz provides robust construction and attractive styling elements to consumers. The Maruti Suzuki Baleno enjoys popularity for its exceptional fuel economy combined with efficient operation, which makes it a fantastic choice, together with the other vehicles.
- Sedan Cars
People appreciate Honda City vehicles because they deliver reliable performance, plus large interior space and a gliding quality driving experience. The Hyundai Verna delivers impressive features along with its turbo engine power at an affordable price, while the Maruti Suzuki Ciaz provides both comfort and smooth driving in conjunction with cost-effectiveness.
- Look for SUVs
Tata Nexon obtains five-star safety ratings along with its powerful engine lineup. The strong appeal of Hyundai Venue stems from its versatile engine selection alongside numerous features, yet Kia Sonet brings forward a stylish exterior paired with luxurious cabin space, to be both excellent options.
- Electric Vehicles Are in Demand
Daily users will find the Tata Nexon EV most suitable because it has a high driving range alongside affordable running costs. The MG Comet EV suitably serves urban commuters who want an economical electric vehicle because of its compact measurements and urban-oriented layout.
Understand the Popular Car Loan Options in India
The car financing options from banks, together with NBFCs in India, start at an 8.50% annual interest rate. Clients can select between new car financing up to 85–90% of value or used car financing at higher interest rates with shorter durations, together with pre-approved loans that guarantee urgent approval to eligible customers.
Here are Some Key Features of Car Loans in This Country
- The maximum amount of loan for car purchase in India reaches ₹50 lakh based on your earnings and credit profile rating.
- The loan duration spans between 1 to 7 years and affects both EMI amounts and total interest expenses.
- The rates that lenders charge for loans exist either as fixed amounts or as adjustable rates. A small fee ranging from 0.5% to 2.5% based on the borrowed sum will be applied as part of the processing costs.
Top Lenders for Car Loans
State Bank of India delivers loans with low interest, together with minimal processing expenses, which attracts numerous customers. HDFC Bank distinguishes itself by processing applications fast and giving customers adaptable payment plans.
ICICI Bank offers competitive interest rates combined with online application ease, yet Tata Capital specifically caters to special loan programs for Tata car buyers for their loyal customers. Talk to a loan agent for further help.
How Can We Choose the Best Car Loans in India?
- Appropriate selection of a car loan produces substantial savings. You should begin by examining your credit score since numbers above 750 will lead to improved interest rates.
- You should utilize online resources to examine interest rates from different institutions while evaluating additional fees, along with obtaining special advantages from banks through loyal customer programs.
- Dealers may provide sole financing deals, which you can obtain by taking advantage of negotiating with them.
Some of the Benefits You Can Have
When you have chosen the right loan option for the car you want to buy, here are the benefits you will have-
- Using the best loan option, we can keep our saved money and use the loan money.
- Under Section 80EEB, you will get some tax benefits for choosing Electric vehicles.
- Getting loans and repaying properly will boost your credit history.
- Choose the tenure of your loan carefully.
We hope you will understand these factors and surely get some help in choosing the best loan option in this country to fulfill your dream of having a particular car.
