Festival season sees a surge in car purchases, but not everyone has the cash upfront. This leads many to consider car loans.
If you’re thinking about getting a car loan, it’s crucial to understand the details, including the loan amount, required documents, and loan tenure.
Banks extend car loans to both the self-employed and salaried individuals, with varying interest rates. Let’s find out who’s offering the best deal.
State Bank of India: Interest rates range from 8.65% to 9.75% on car loans, and there’s no processing fee.
ICICI Bank: Charges 8.95% or more in interest, with processing fees ranging from Rs 999 to Rs 8,500.
HDFC Bank: Offers a car loan at 8.75% interest, with processing fees between Rs 3,500 to Rs 8,000 or 0.50% of the total loan amount.
Punjab National Bank: Interest rates range from 8.75% to 9.60%, and they charge a processing fee of 0.25% or between Rs 1,000 and Rs 1,500.
Canara Bank: Interest rates fluctuate from 8.80% to 11.95% on car loans, and they’re waiving processing fees until December 31st.”
