New Delhi: Festivals in India are considered auspicious for buying anything new, including cars and houses. The common belief among people is that festival time is the best opportunity to purchase new items. As a result, companies offer various benefits to customers, such as discounts or lower loan rates. As the festive season approaches, several banks in India are providing attractive deals on car loans. These deals include flexible repayment terms, affordable equated monthly installments (EMIs), and even 100 per cent financing on vehicles. If you are planning to buy a car during this festive season, you can easily find the best bank loan offers available.
If you are one of them planning to buy a car, this article may come in handy. Here we have curated the list of banks and their interest rates on car loans.
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Latest Car Loans In India
For those interested in a car loan of Rs 5 lakh with a tenure of five years, here are some details on interest rates from different lenders.
Latest Union Bank Car Loan Rates
Union Bank of India offers an interest rate between 8.70 per cent and 10.45 per cent, with EMIs ranging from Rs 10,307 to Rs 10,735 and no processing fee.
SBI Car Loan Rates
The State Bank of India offers rates between 9.05 per cent and 10.10 per cent, with EMIs ranging from Rs 10,391 to Rs 10,648, without any processing fee.
PNB Latest Car Loan Rates
Punjab National Bank’s interest rates range from 8.75 per cent to 10.60 per cent, with EMIs from Rs 10,319 to Rs 10,772 and a processing fee of 0.25 per cent, which amounts to Rs 1,000 to Rs 1,500.
BoB And Canara Bank’s Latest Car Loan Rates
Other banks like Bank of Baroda and Canara Bank have interest rates between 8.95 per cent to 12.70 per cent and 8.70 per cent to 12.70 per cent, respectively.
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Special Promotions On Car Loan
Many banks are providing special promotions such as lower interest rates, waived processing fees, and exclusive discounts to celebrate Dussehra and Diwali.
How Car Loan Rates Decided?
Auto loan interest rates, also known as annual percentage rates (APRs), depend on several factors, including your income, existing debt, credit score, the value of the car, loan amount, loan duration, and the RBI’s repo rate.
