Car Loan Interest Rate: Indians consider it auspicious to buy a car or a house during the festive season. One reason for this is that banks offer discounts on car loans and interest. This year also, 18 major banks of the country have announced attractive interest rates and extra benefits on car loans.
Car Loan Interest Rate: Indians consider it auspicious to buy a car or a house during the festive season. One reason for this is that banks offer discounts on car loans and interest. This year also, 18 major banks of the country have announced attractive interest rates and extra benefits on car loans. Car loans include facilities like zero processing fees, cashback offers and low documentation charges. Let us know which banks are offering car loans at what attractive interest rates this festive season and how you can take advantage of it.
Car Loan Interest Rates
1. State Bank of India (SBI): SBI has started the interest rate on car loans from 8.85% per annum. During the festive season, the bank is offering the option of discounting or waiving the processing fee, making it an attractive option for car buyers. Apart from this, SBI also offers the facility of long term prepayment. Also, there is no penalty on prepayment.
2. HDFC Bank: HDFC Bank is offering car loans at the rate of 8.65% per annum. The processing fee of the bank is zero or minimal and during festivals it also gives discounts on documentation fees, so that the loan takers can easily buy their new car.
3. ICICI Bank: ICICI Bank offers car loans at the rate of 8.75% per annum. The bank’s fast loan processing and special discounts like waiver of processing fees or cashback during festivals make it a prime choice.
4. Axis Bank: Axis Bank’s interest rates start from 8.70% per annum. The features of the bank are that the processing fee is zero in this season and the loan is also available immediately.
5. Punjab National Bank (PNB): PNB is offering car loans at the rate of 8.90%. The bank offers prepayment facility up to 7 years with no prepayment charges.
6. Bank of Baroda: Bank of Baroda is offering car loans at the rate of 8.95% per annum. During festivals, it is also offering special offers in which it is offering discount on processing fees and flexible EMI options.
7. IDFC First Bank: IDFC First Bank is offering car loans at the rate of 8.75% per annum. The bank is famous for quick loan disbursement and easy documentation process.
Other major banks and interest rates:
- Kotak Mahindra Bank: 9.00% per annum
- Yes Bank: 9.10% per annum
- Union Bank of India: 8.80% per annum
- Canara Bank: 8.95% per annum
- Indian Bank: 8.85% per annum
- Bank of India: 8.95% per annum
- Federal Bank: 8.75% per annum
- IndusInd Bank: 9.15% per annum
- RBL Bank: 9.25% per annum
- UCO Bank: 8.90% per annum
- IDBI Bank: 8.85% per annum
Why is it a good time to buy a car?
During the festive season, all banks come up with special offers and discounts to woo their customers. With low interest rates, discounts on processing fees and easy EMI options, this is the best time to buy a new car as banks offer many offers to customers at this time.
