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Today, car manufacturers, banks and financial companies offer auto loans for individuals and companies, aspiring or planning to own a car. No longer are cars just a status symbol for the Indian families, it has become a household necessity. Car makers also find a market in two-wheeler users who are known to make the switch on account of medical complications that arise from riding their vehicles, among other things. Apart from first time car-buyers, there are also those who opt for a second or third car for their family. They are typically upwardly mobile users who graduate from utility vehicle to a luxury vehicle.
Lenders across the country offer finance depending on the car model and length of repayment period for new and used cars. These days the clients' negotiating skills goes a long way to define the final deal that is struck.
Many also offer refinance for an existing car loan, if there is a fall in the interest rate.
Following are the leading banks and financial institutions that offer car loan.
Kotak Mahindra
ICICI Bank
HDFC Bank
IDBI Bank
Standard Chartered Grindlays
Citibank
The Hong Kong and Shanghai Banking Corporation (HSBC)
UTI Bank
State Bank Of India
Centurion Bank
Global Trust Bank
Indusind Bank
And other
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