The festive season is the ideal time to purchase a car in India, with top banks offering competitive car loan interest rates. Many banks provide benefits like zero prepayment charges, cashback offers, and lower documentation fees during this period. Comparing interest rates and offers from these top 18 banks can help you find the best deal for your car financing.
Whether you’re a first-time buyer or upgrading your vehicle, it’s important to compare the various car loan rates offered by top banks to make the most of these festive season deals. Here’s a detailed look at the car loan interest rates offered by the top 18 banks in India this festive season.
1. SBI car loan interest rate
State Bank of India (SBI) is one of the largest lenders in the country, and they offer car loans with interest rates starting from 8.85% per annum. During the festive season, SBI often provides additional benefits such as reduced processing fees or a waiver, making it an attractive option for prospective car buyers. SBI also offers the flexibility of longer repayment tenures and prepayment options without any penalties.
2. HDFC Bank car loan interest rate
HDFC Bank offers car loans at interest rates starting from 8.65% per annum. The bank has a strong presence in the retail lending market and provides flexible EMI options tailored to your repayment ability. During the festive season, HDFC Bank is known to offer zero or minimal processing fees, along with attractive discounts on documentation fees, making it easier for borrowers to afford a new vehicle.
3. ICICI Bank car loan interest rate
ICICI Bank, another leading private sector lender, provides car loans at interest rates beginning from 8.75% per annum. They are known for quick disbursal of loans, often approving and releasing funds within hours. ICICI Bank also offers flexible repayment terms and is known for festive season offers like reduced processing fees or cashback deals for new customers.
4. Axis Bank car loan interest rate
Axis Bank provides car loans starting at 8.70% per annum, and they regularly introduce special festive offers. This season, Axis Bank is offering zero processing fees and quick loan approval, making it a convenient choice for those looking to buy a car. Their loan process is customer-friendly, with prepayment options and the flexibility to choose your repayment tenure.
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5. Punjab National Bank (PNB) car loan interest rate
Punjab National Bank offers car loans at an interest rate starting from 8.90% per annum. PNB’s car loan scheme comes with flexible repayment options of up to 7 years and zero prepayment charges, allowing borrowers to repay their loan early without additional fees. During the festive season, PNB often rolls out special offers on processing fees, making car loans more affordable.
6. Bank of Baroda car loan interest rate
Bank of Baroda offers competitive car loan interest rates starting from 8.95% per annum. They provide flexible repayment terms of up to 7 years, making car ownership more accessible. During the festive season, Bank of Baroda is known to offer special deals, including reduced processing fees and flexible EMI options.
7. IDFC First Bank car loan interest rate
IDFC First Bank offers car loans with interest rates starting from 8.75% per annum. Known for quick loan disbursals and simple documentation processes, IDFC First Bank also offers customized EMI plans and prepayment options. During the festive season, the bank often provides discounts on processing fees or additional cashback offers.
8. Kotak Mahindra Bank car loan interest rate
Kotak Mahindra Bank offers car loans starting at 9.00% per annum. Known for their customer-centric loan offerings, Kotak provides flexible EMI options, faster approvals, and attractive festive season offers. During this period, customers may benefit from reduced processing fees and additional discounts on car loans.
9. Yes Bank car loan interest rate
Yes Bank offers car loans starting at 9.10% per annum. Known for their fast processing and approval, Yes Bank’s festive season offers often include reduced fees and cashback deals.
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10. Union Bank of India car loan interest rate
Union Bank of India provides car loans starting at 8.80% per annum, with special festive season offers such as reduced processing fees and flexible EMI options.
11. Canara Bank car loan interest rate
Canara Bank offers car loans starting at 8.95% per annum. They provide festive season benefits such as lower processing fees and easy repayment options.
12. Indian Bank car loan interest rate
Indian Bank’s car loan interest rates begin at 8.85% per annum. They offer competitive festive season deals, including discounted processing fees and favourable repayment terms.
13. Bank of India car loan interest rate
Bank of India offers car loans starting from 8.95% per annum. During the festive season, they provide special deals, including lower processing fees and faster approval times.
14. Federal Bank car loan interest rate
Federal Bank offers car loans starting at 8.75% per annum. Known for their customer service, they offer festive discounts on processing fees and flexible EMI plans.
15. IndusInd Bank car loan interest rate
IndusInd Bank provides car loans with rates beginning at 9.15% per annum. They frequently offer festive deals such as cashback, minimal documentation, and reduced processing fees.
16. RBL Bank car loan interest rate
RBL Bank offers car loans starting at 9.25% per annum. With quick disbursements and festive season offers, including reduced processing fees, RBL is an excellent option for car buyers.
17. UCO Bank car loan interest rate
UCO Bank provides car loans starting from 8.90% per annum. During the festive season, UCO Bank often offers reduced interest rates and minimal documentation requirements.
18. IDBI Bank car loan interest rate
IDBI Bank’s car loans start at 8.85% per annum. Their festive season offers include lower processing fees and flexible repayment terms, making car financing more affordable.
The festive season is the best time to purchase a car, as banks across India offer reduced interest rates, lower processing fees, and flexible EMI options to attract buyers. Be sure to review all terms and conditions, including processing fees, repayment terms, and any special festive season discounts, before finalizing your loan.
