Car Loan Festive Offer: SBI, PNB, HDFC & Other Banks Offering Cheap Car Loans — Check Out EMI Estimates

Several government and private banks including SBI, Bank of India, Bank of Baroda, PNB, and HDFC are offering car loans at lower rates. Let's tell you which bank is giving loans at what rate.

Representative Image

New Delhi: If you are planning to buy a new vehicle during the festive season this news may interest you. At the moment many government and private banks are offering special offers to their customers' cheap car loans. At the same time, many banks are also exempting processing fees.

Several government and private banks including SBI, Bank of India, Bank of Baroda, Punjab National Bank, and HDFC are offering car loans at lower rates. Let's tell you which bank is giving loans at what rate. 

At What Rate Is SBI Giving Loans?

SBI, the country's largest state-owned bank, is currently offering car loans to its customers at the rate of 7.25 percent. You can take a car loan of up to 90 percent of the vehicle's on-road price. You will also not have to pay the processing fee i.e. your fee will be nil. 

Bank of India

Bank of India is offering loans to its customers at the rate of 6.85 percent. The bank has recently cut car loan rates. The bank has cut the interest rate on vehicle loans by 50 basis points during the festive season. Customers can take loans at this rate by December 31. Along with this, the Bank of India is also not charging processing fees from customers. 

Bank of Baroda

If talking about the Bank of Baroda, customers here are getting the benefit of loans at the rate of 7 percent. The bank has told customers that they will easily get loans up to 90 percent of the road price. 

Interest Rate Of PNB

Moreover, coming to the interest rate of the Punjab National Bank is 7.15 percent. In addition, processing fees have also been kept nil by this bank. 

HDFC Bank

Under the festival offer, the interest rate of its car loan starts at 7.50 percent. The bank is offering customers the benefit of car loan discounts till November 30. 

ICICI Bank

ICICI Bank in the private sector is offering loans to customers at the rate of 7.5 percent. 

EMI Estimation

If a customer starts an auto loan of Rs 5 lakh for 5 years from the Bank of India at an interest rate of 6.85 percent, your EMI will be Rs 9,865.

On the other hand, if you take a loan from the Bank of Baroda at 7 percent, the EMI will be Rs 9,901. On the other hand, the EMI of the loan will be Rs 9,936 at 7.15 percent from PNB and Rs 9,960 at 7.25 percent from SBI.