In India, buying a car or a house during the festive season is considered lucky. This is also a time when banks offer discounts on car loans and interest rates.
This year, 18 major banks in the country are providing attractive interest rates and additional benefits on car loans. These benefits include zero processing fees, cashback offers,
and low documentation charges. Let’s take a look at the banks offering car loans and their interest rates this festive season.
Major Banks and Their Interest Rates
State Bank of India (SBI): SBI starts car loan interest rates at 8.85% per annum. They offer discounts on processing fees and long-term prepayment options without any penalties.
HDFC Bank: HDFC Bank provides car loans at 8.65% per annum. They have minimal or zero processing fees and discounts on documentation charges, making it easier for borrowers to purchase a car.
ICICI Bank: ICICI Bank’s car loan interest rate is 8.75% per annum. The bank has fast loan processing and offers special discounts like waived processing fees or cashback during the festive season.
Axis Bank: Axis Bank offers interest rates starting from 8.70% per annum. This season, they have zero processing fees and immediate loan disbursement.
Punjab National Bank (PNB): PNB offers car loans at 8.90% per annum, allowing prepayment up to 7 years with no charges.
Bank of Baroda: The interest rate for car loans at Bank of Baroda is 8.95% per annum. They are providing special festive offers, including waived processing fees and flexible EMI options.
IDFC First Bank: IDFC First Bank offers car loans at 8.75% per annum, known for quick loan disbursement and an easy documentation process.
Other Major Banks and Their Rates
Kotak Mahindra Bank: 9.00% p.a.
Yes Bank: 9.10% p.a.
Union Bank of India: 8.80% p.a.
Canara Bank: 8.95% p.a.
Indian Bank: 8.85% p.a.
Bank of India: 8.95% p.a.
Federal Bank: 8.75% p.a.
IndusInd Bank: 9.15% p.a.
RBL Bank: 9.25% p.a.
UCO Bank: 8.90% p.a.
IDBI Bank: 8.85% p.a.
Why Buy a Car Now?
The festive season is a great time to buy a car because banks offer special discounts and low interest rates. With reduced processing fees and easy EMI options, this is the best time for customers to take advantage of these offers.
