The Auto market in India has more than 35 financers that offer auto financing solutions to the buyers who are intending to purchase cars. Since the Indian automobile market is one of the fastest growing automobile market in the world, many new auto finance companies has entered the field to make use of the booming market.

Further, the production of passenger vehicles is expected to increase further by the year 2012-13. Therefore, not only new companies are entering auto finance sector, already existing finance companies has also realized the important of auto finance and has started to focus on auto financing. During 2000s, the auto finance sector was dominated by private banks with Citibank as the leader of the sector. However, many public sector banks have also made their mark in the auto finance sector and the names of top companies in the auto finance sector in India are given below:

• State Bank of India

• ICICI Bank

• HDFC Bank

• Bajaj Auto Finance Limited

• Citibank

• Bank of Baroda

• Punjab National Bank

• Kotak Mahindra Prime Limited

Are you interested to know more about the role played in these companies in the auto finance sector? Read on the content given below:

State Bank of India:

State Bank of India is one of the popular banks in India and they are leader in the auto finance sector in India. Recently, their auto finance trick has attracted a large of customers and this was done by the bank by reducing the interest for new cars. Their reputation and long repayment option offered by them has enabled them to reach this height in the auto finance sector in India.

ICICI Bank:

ICICI Bank dominated the auto finance sector in India before 2008, eventhough the bank has lost its first position in the auto finance sector, it is still one among the top auto finance companies in India and they are making every effort to regain their first position in the auto finance sector. For this purpose, they have put their car loans on fast track and they have also doubled their auto loan disbursement amount to nearly 1500 crore.

HDFC Bank:

HDFC is a popular bank among Indians and they have gained one among the top 10 positions in the Auto finance sector in India by following several business ideas. One such idea that worked for them is the reduction of interest on car loans offered by them.

Bajaj Auto Finance Limited:

Bajaj Auto Finance Limited offers a wide range of financial products to their customers ranging from loans for two-wheelers to consumer durable goods. They are also offering free accident insurance to their clients in the auto finance sector.

Citibank:

Citibank is offering auto finance through the extensive dealership of companies located in different parts of India. They offer a wide range of financial services in the auto finance sector and this has attracted a large number of customers to them.

Bank of Baroda:

Bank of Baroda offers specially-designed car loans to their customers belonging to different financial backgrounds. They offer auto loans both for new cars and used cars and they also offer unique facility for installation of Gas-kit, LPG/CNG in the cars.

Punjab National Bank:

Punjab National Bank is a renowned leader in the auto finance sector, they offer loans for both new cars, and used cars with a condition that used cars must not be more than 3 years old. They offer loans for purchase of vehicles that are indigenous/foreign makes.

Kotak Mahindra Prime Limited:

Some of the special features of auto finance offered by Kotak Mahindra are quick processing, hassle-free documentation and flexible schemes. They also offer loans for both new and used cars.

These companies enable people to take home their dream car without much financial stress thereby improving the standard of living of the people.