If you’re planning to buy a car this festive season, there’s good news. Many public and private sector banks are offering car loans at attractive interest rates.
Car companies and banks often roll out new offers during festivals, and this year is no different.
According to data from BankBazaar.com, car loan interest rates currently range between 7.80% and 9.99% for a ₹10 lakh loan over 5 years.
However, the actual rate you get depends on your credit score, income, loan amount, and other personal factors.
Car Loan Rates – Public Sector Banks
Among public sector banks, Punjab National Bank (PNB) is offering the lowest car loan interest rate right now.
Here’s a look at the top government banks and their offers:
Punjab National Bank (PNB):
Interest Rate: 7.80%
EMI (₹10 lakh, 5 years): ₹20,181
Union Bank of India:
Interest Rate: 7.90%
EMI: ₹20,229
Canara Bank:
Interest Rate: 8.25%
EMI: ₹20,396
Bank of Baroda:
Interest Rate: 8.40%
EMI: ₹20,468
State Bank of India (SBI):
Interest Rate: 9.00%
EMI: ₹20,758
Car Loan Rates – Private Sector Banks
Private banks are also offering competitive car loan rates. Here are some key options:
IDBI Bank:
Interest Rate: 8.30%
EMI: ₹20,420
Axis Bank:
Interest Rate: 8.90%
EMI: ₹20,710
ICICI Bank:
Interest Rate: 9.15%
EMI: ₹20,831
HDFC Bank:
Interest Rate: 9.40%
EMI: ₹20,953
IDFC First Bank:
Interest Rate: 9.99%
EMI: ₹21,242
Please note: These are standard rates and may change based on your credit profile and loan terms.
Expert Advice for Buyers
If you’re thinking about buying a car this festive season, this might be a good time to go for it.
However, experts suggest you look beyond just the interest rate. Consider other important factors like:
Processing fees
Prepayment or foreclosure charges
Your credit score
Loan tenure
Your ability to pay monthly EMIs
Make sure to compare offers and choose the loan that fits your financial situation the best.
