Banks Car Loan Offers: As the festive season begins with Ganesh Chaturthi and goes on to Navratri, Dussehra, and Diwali and more, many banks and finance companies are giving out attractive car loan deals to bring in more buyers. People who want to buy a car during this time can expect to get offers like waived processing fees, extra freebies, or good discounts. Before taking a car loan, it’s really important to check all the details, like interest rates and repayment rules.
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When someone wants a car loan, they should not just go with what a dealership says. There are other better options too. People should check offers from different banks, websites, and online lenders to compare and find what works best for them. Some websites even help you compare all car loan options in one place, making it easier to decide.
Banks Car Loan Offers
the interest rates for a car loan of ₹10 lakh for five years are between 7.90% and 9.99%, depending on the bank and your credit score. These numbers were taken from bank websites as of August 1 and may change based on your income and credit history.
Union Bank of India
Union Bank of India is offering one of the lowest interest rates at 7.90%. If you take a ₹10 lakh loan for five years from them, your EMI will be around ₹20,229. Canara Bank is charging 8.25% and the EMI will be ₹20,396.
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Punjab National Bank
Punjab National Bank, or PNB, is slightly higher at 8.35%, and that brings the EMI to ₹20,444. Bank of Baroda charges 8.40%, and the EMI will be ₹20,468 for the same loan.
State Bank of India
The State Bank of India, which is India’s biggest bank, is offering a rate of 9.00% for a new car loan. So if you borrow ₹10 lakh for five years, you will pay ₹20,758 every month. IDBI Bank is giving loans at 8.30% interest, which means the EMI will be ₹20,420.
Axis Bank
Among private banks, Axis Bank is offering a car loan at 8.90% interest with an EMI of ₹20,710. ICICI Bank has a rate of 9.15%, where the EMI comes to ₹20,831.
HDFC Bank
HDFC Bank is charging 9.40%, and the EMI will be ₹20,953. IDFC First Bank is at the top end, charging 9.99% interest, with the monthly EMI reaching ₹21,242.
