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10/20/21

Festival offer: Many banks including SBI and Bank of India are offering cheap car loans, also offering discounts on processing fees.





This may be the right time for you if you are thinking of getting a car during the festive season. Many banks, including State Bank of India (SBI), Bank of India and HDFC, have come up with special offers on car loans. Bank of India is offering car loans at 6.85% interest under the Festival offer. We are telling you about the offers of banks.

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Bank of India

Bank of India has also reduced interest rates on vehicle loans by 0.50%. Since then, the bank has reduced the interest rate on vehicle loans from 7.35 to 6.85%. According to the bank, the special rate will be applicable from October 18, 2021 to December 31, 2021. The bank has decided not to charge processing fees in the meantime.


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Bank of Baroda

Bank of Baroda's Cara loan interest rates are starting at 7%. You can borrow up to 90% of the car's on-road price.


Punjab National Bank

Punjab National Bank (PNB) car loan interest rates are starting from 7.15%. The bank has waived processing fees on car loans.


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State Bank of India

SBI is offering car loans at an initial interest rate of 7.25%. You can borrow up to 90% of the car's on-road price. In addition, the bank has decided not to charge processing fees.


HDFC Bank

The interest rate on its car loan under the festival offer is starting from 7.50%. Take advantage of offers on car loans until November 30, 2021.


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Interest rate (%)                                Installment (EMI)                                            Total interest

6.85                                                        9,865                                                            Rs. 91,915

7.00                                                        9,901                                                                   94,036

7.15                                                        9,936.                                                                  96,161.

7.25                                                        9,960.                                                                   97,581

7.50                                                       10,019                                                            Rs. 1,01,138

Note: This calculation is approximate. The bank's interest rate depends on other factors, including your CIBIL score and source of income.

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