Best Car Under 5 Lakhs in India - 2024
Thinking of buying a four wheeler under 5 Lakh? There are a lot of options for cars in that price range. Read ahead to choose the one that fits your needs.
List of Four Wheeler Under 5 Lakh in India [Updated]
If you have a small family, getting a small car is a great idea. That way you can save money while purchasing it and also on maintenance and repairs.
Here is a list of the top seven cars under 5 Lakhs -
|
Sl. No. |
Model |
Approx. Price |
| 1 | Maruti Alto K10 | Rs.3,99,000 |
| 2 | Maruti Alto 800 | Rs.3,54,000 |
| 3 | Renault KWID | Rs.4,69,500 onwards |
| 4 | Bajaj Qute (RE60) | Rs.3,61,000 |
| 5 | Strom Motors R3 | Rs.4,50,000 |
| 6 | PMV EaS E | Rs.4,79,000 |
| 7 | Maruti S-Presso Std | Rs. 4,27,000 |
Cars Between Rs 3 Lakh to Rs 5 Lakh in India
You have a wide range of cars, including some electric cars, to choose from in this price range. Please note that the prices are mentioned according to showroom prices in New Delhi, and might slightly vary in your city.
Let us look at each of these cars under 5 Lakhs and their specifications -
1. Maruti Alto K10
This is one of the cars under 5 lakhs in India which is a 5 seater. It will be a perfect companion for a small or medium family. It's a petrol-run vehicle and has a decent tank capacity of 27l, ideal for your family's long drives.
Some other major specifications of the Maruti Alto K10 are -
- Price: Rs.3,99,000
- Mileage: 24.39 kmpl
- Engine capacity: 998 cc
- Engine Type: K10C
- Gears: 5 speeds
2. Maruti Alto 800
From the price point, the Maruti Alto 800 is the best car under 5 Lakhs in India. It is a 5-seater and has a bigger fuel tank capacity of 35l. If you like taking trips with your friends and family in your car, this would be a good choice for you.
The most important specifications of this model are listed below -
- Price: Rs.3,54,000
- Mileage: 22.05 kmpl
- Engine capacity: 796 cc
- Engine Type: F8D Petrol Engine
- Gears: 5 speeds
3. Renault KWID
The Renault KWID is one of the higher-range cars in this budget, but it can still be considered if you are looking for a four wheeler under 5 Lakh. Its specifications are very similar to the Maruti Alto K10.
It’s a 5-seater vehicle with a fuel tank capacity of 28l making it a good choice for intercity road trips. Other major specifications of this car are -
- Price: Starting from Rs.4,69,500
- Mileage: 21.46 kmpl
- Engine capacity: 990 cc
- Engine Type: 0.8 SCe
- Gears: 5 speeds
4. Bajaj Qute (RE60)
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The Bajaj Qute (RE60) is a compact 4-seater vehicle perfect for daily commuting. It runs on petrol and has a small fuel tank capacity of just 8l. So, if you need a car for intracity travels, this is a small car in India under 5 Lakhs that has good mileage.
Here are the other important facts about the Bajaj Qute (RE60) -
- Price: Rs.3,61,000
- Mileage: 21.7 kmpl
- Engine Capacity: 216 cc
- Engine Type: DTSi engine
- Gears: 5 speeds
5. Strom Motors R3
This is an electric vehicle which can be your new car under 5 Lakh. It will be perfect if you want to buy it for your personal use within the city, as it is just a 2 seater. This might also be the perfect choice if you like taking solo trips in your four wheeler.
Out of the two electric vehicles on this list, this is the better option from the price point.
Let’s take a look at the specifications of this electric car -
- Price: Rs.4,50,000
- Maximum Power: 20.11bhp
- Charging Time: 3 hrs
6. PMV EaS-E
The PMV EaS-E is the only other electric vehicle if you want a four wheeler under 5 Lakh. It is also a 2 seater vehicle perfect for your daily intracity commutes. But if you have a big family, this might not be the perfect choice.
Some major characteristics of this vehicle are -
- Price: Rs.4,79,000
- Maximum Power: 13.41bhp
- Charging Time: 4 hrs
7. Maruti S-Presso Std
The Maruti S-Presso Std is the third vehicle from Maruti Suzuki if you want a new car under 5 Lakhs in India. It is a 5 seater vehicle which is a perfect choice for you in case you have a medium-sized family.
The fuel tank capacity is 27l making it great for short road trips with your family and friends. Other specifications of this vehicle are -
- Price: Rs. 4,27,000
- Mileage: 24.4 kmpl
- Engine Capacity: 998 cc
- Engine Type: K10C
- Gears: 5 speeds
Eligibility Criteria and Documents Required
The eligibility criteria for a moneyview personal loan are very inclusive.
- Your age must be between 21 and 57
- If you are salaried, your minimum in-hand income must be Rs.13,500
- If you are self-employed, your minimum in-hand income must be Rs.15,000
- You should have a minimum CIBIL or Experian score of 650
You just need three documents to apply for a loan from moneyview -
- Identity Proof
- Address Proof
- Income Proof
Most new car loans are secured loans as the vehicle acts as collateral, which will make it easier for you to procure a vehicle loan. Here is a list of the major banks and the interest rate and processing fees for new car loans -
|
Bank Name |
Loan Purpose |
Interest Rate |
Processing Fee |
| State Bank of India | New Car Loan | 8.80% - 9.70% | 0.25% of Loan Amount + GST |
| Indian Overseas Bank | Four Wheeler Loan | 10.05% | As applicable |
| Bank of Baroda | Digital Car Loan | 8.70% to 9.55% | 0.50% of Loan Amount |
| HDFC Bank | Xpress Car Loan | 8.30% - 11.01% | 0.5% (Rs.3,500 - Rs.8,000) |
| ICICI Bank | New Car Loan | 8.85% Onwards | Rs.999 - Rs.8,500 + applicable GST |
If getting an auto loan from a bank is getting difficult for you, you can opt for an instant personal loan from moneyview. Since there is no restriction on how you use the funds from a personal loan, you can easily use it to buy a vehicle.
Here is why a moneyview instant personal loan is your best choice for getting funds -
Quick Eligibility Check
You can check your eligibility in just 2 minutes on the moneyview website.
Collateral Free Loans
You don’t need to pledge any collateral to get a personal loan from moneyview as they are unsecured loans.
Affordable Interest Rates
The interest rates at moneyview start from just 1.33% per month.
Completely Paperless
The whole process, from application to disbursal happens online and is 100% paperless.
Flexible Loan Amount
You can get loans from Rs.5,000 to Rs.10 Lakh depending on your eligibility and requirement.
Loans on Low Credit Scores
At moneyview, you can get loans with a CIBIL or Experian score of just 650.
24-hour Disbursal
Once your loan has been approved and you have submitted the loan agreement, the fund gets deposited in your bank account within 24 hours in most cases.
Flexible Repayment Terms
You can repay your moneyview personal loan within 3 months to 5 years, as per your ease.
How to Apply for An Instant Personal Loan For Car Purchase?
Check Eligibility
Provide a few basic details to check your eligibility in just 2 mins!
Select Loan Tenure
Choose your loan amount & repayment tenure
Upload Documents
Complete your KYC and Verify income
Amount Disbursed
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Conclusion
There are many cars to choose from if you are looking for a four wheeler under 5 Lakh in India. Two of these are electric vehicles which are environment friendly and good for regular commutes inside the city.
Others are all 4 or 5 seater petrol run cars which are a great choice for small and medium-sized families. You can go through the specifications and opt for test drives before you choose your four-wheeled road companion.
Getting a loan for a new car under 5 Lakh is easy from any bank, as most banks have vehicle loans. But if you are hesitant about taking a vehicle loan or cannot get a loan from a bank, you can opt for an instant personal loan from moneyview to buy a car.
To know more, you can visit our website or download the moneyview app.
Cars Below 5 Lakhs - Related FAQs
Right now, the Bajaj Qute is the cheapest model of car in India at just Rs.3,61,000.
Secondhand cars will obviously be more affordable than new cars. It is, however, easier to get a loan for a new vehicle. Depending on your budget and requirements, you can choose if you should buy a secondhand or a new car, as both are viable options.
The end of the year, from October to December, is a good time to purchase a new car. Most of the car showrooms have good offers around this time as they want to clear the old stocks.
Cars are cheaper in cities that have lower road taxes. Thus, cities in Himachal Pradesh, Punjab, and Gujarat have the lowest prices of cars.
You can easily buy a car on EMI if you have a 30K salary. All cars under Rs.5 Lakh would be good options for you.
