Top Auto Finance Companies in India 2019

The Automobile market of India is one of the fastest growing markets all over the world, without a doubt. There are more than 35 financers – offering auto financing solutions to buyers who are interested in buying cars. As it’s the fastest growing market, many new auto finance companies have entered the field to make use of the booming market.

The production of cars is more likely to be increased further by the year 2020-2021. So, not only new companies are entering the auto finance sector – but already existing companies have realized the importance of auto finance and have started to focus on auto financing. Here is a list of Top 10 Finance Companies in India 2019. All these are major Vehicle Finance, Car Loan and Auto Loan offering companies. They assure attractive interest rates and benefits as well. Let’s keep going and check out the details of best auto finance companies in India below.

State Bank of India

SBI (State Bank of India) is one of the well-famous vehicle loan providers all over India. SBI is offering loans with an economical rate of interest for the brand new cars. SBI (State Bank of India) is an Indian multinational, public sector banking as well as financial services company. Their headquarters located in Mumbai, Maharashtra and it’s a government-owned corporation. SBI is offering a variety of long repayment options and one can visit anyone among their 12,150 branches. Interestingly, SBI has a connection with General Motors for car finance.


Our list cannot be completed without ICICI Group as it’s one among the top-10 auto finance companies in India. The Industrial Credit and Investment Corporation of India (ICICI) is a major banking and financial services organization providing their services for years in India. It’s a well-famous Indian multinational and financial institution with their headquartered in Mumbai, Maharashtra. The ICICI Group was founded back in 1994 at Vodafone but it was formed in 1955 as an initiative of a World Bank.

Bajaj Auto Finance Limited (BAFL)

Bajaj Auto Finance Limited is one of the best Private Finance Companies in India – assuring diverse array of financial products. Bajaj is offering loans for two wheelers, four wheelers, business loans as well as consumer durable loans. Bajaj Auto Finance Limited also assures free personal accident insurance too. Bajaj is working with a help of their network of more than 6000 customers durable dealerships.


HFDC Bank is said to be another leader in the auto finance segment in India. HFDC is offering the lowest rate of interest for its car loan. HFDC is an abbreviation of Housing Development Finance Corporation Limited which is an Indian banking and financial services company. Very much like ICICI Group, it’s headquartered in Mumbai, Maharashtra. HFDC was founded back in August 1994 and it’s the first bank to get a principle approval from RSI (Reverse Bank in India). HFDC has more than 4,715 bank branches across India with 12,260 ATMs.


Citibank was established back in 1812. It’s an India’s Private Car Finance Company or bank headquartered in Mumbai, Maharashtra. The Citibank doesn’t need any definition as it’s already a popular and well-known subsidiary of Citigroup which is located in New York City, United States. The Citibank is said to be a customer division of Citigroup – having more than 15 million people, using its online services. Citibank provides both debut and credit cards.

Punjab National Bank

Punjab National Bank is also one of the best in a field of auto finance market in India. Punjab National bank offers auto loans for both new as well as an old vehicle (not older than 3 years). Punjab National bank was founded back in 1895 at Lahore by Late Lala Lajpat Rai. This bank is consists of several banks i.e. Bharat Bank (1951), Bhagwan Das Bank LTD (1940), Universal Bank LTD (the 1960s) and Indo Commercial Bank LTD. Punjab National bank is currently offering housing loans, car finance, customer finance, personal and quite a few other types of educational loans.

Bank of Baroda

Maharaja Sayajirao Gaekwad III of Baroda State founded Bank of Baroda back in 1908 on July 20th. This bank is offering different types of financial services to four-wheelers and two-wheelers as loans. Not only is this but Bank of Baroda offering multi-city cheques at centers such as local cheques. With more than 2732 branches all over India, Bank of Baroda offers Premium Account, Baroda Salary advantage account, Baroda Super Sixer, Baroda Tax Saving Term Deposit and Baroda Square Drive Account. Bank of Baroda is giving loans for both used and new cars. Furthermore, they are offering a unique and impressive facility for installation of CNG/LPG Gas-kit.

Kotak Mahindra Prime Limited

When it comes to highly popular vehicle finance providers in India, Kotak Mahindra Prime Limited comes to mind first. Kotak Mahindra assures flexible schemes and offers hassle-free documentation. Their most appealing feature is their super-fast processing. Kotak Mahindra is offering finances for used cars and it’s considered as an Indian private sector bank. Founded back in 1985 by Uday Kotak and headquarter is located in Mumbai, Maharashtra.

United Bank of India

United Bank of India is offering loans no matter if you are looking to a used or new car. It is the famous Indian government-owned financial services company with headquarter in Kolkata, India. With three-tier organizational setup, United Bank of India is working through 2054 branches spread across India.

Canara Bank

Last but absolutely not the least, Canara Bank also offers loans for cars all over India. It was founded back in 1906 on July 1st in Mangalore by Late A Subba Rao Pai. It’s very popular and nationalized in 1969. Currently working through more than 800 branches all over India and interestingly, it’s best to offer numerous kinds of auto finance options. Other services are also being offered such as Fixed, Savings and current account deposits.

Which One is the Best Finance Company in India?

Listed above 10 finance companies are the best finance companies in India 2019 offering car loans for both new and used without breaking your banks. Not only car loans but other services as well.

Which Bank is best for Car Loan?

Axis Bank

  • Interest Rates: 8.50%-11.25%
  • EMI per RS 1 Lakh for 7 Years: RS 1,584-1,725

Bank of Baroda

  • Interest Rates: 8.80%-10.55%
  • EMI per RS 1 Lakh for 7 Years: RS 1,599-1,689

Bank of Maharashtra

  • Interest Rates:  8.90%
  • EMI per RS 1 Lakh for 7 Years: RS 1,604

Canara Bank

  • Interest Rates: 8.70%-9.35%
  • EMI per RS 1 Lakh for 7 Years: RS 1,594-1,627

Central Bank of India

  • Interest Rates: 8.85%-9.85%
  • EMI per RS 1 Lakh for 7 Years: RS 1,601-1,658

Which are the NBFC in India? Well, there are quite a few NBFCs currently offering loans in India more than 95% of a gold loan business is managed by three Kerala based companies named Manapuram Finance, Muthoot Fincorp and Muthoot Finance.

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