Lowest Auto Loan Rates Ever – Check Out Latest Offers From SBI, HDFC, ICICI & More | Automotive News
New Delhi: The sporadic rise in gasoline and diesel prices has increased the burden on auto owners, but the burden is also somewhat offset by cheaper loans this holiday season. Auto loans are available at the lowest rates ever for new vehicle buyers.
Most banks have waived processing fees on auto loans while several others provide loans up to 90% of the cost of the car on the road. Some banks even claim to grant loans of up to 100 percent. For two years, the premium for automobile liability insurance has not increased, thus benefiting potential buyers. (Also read –How to Lower the Interest Rate on Your Home Loan: Check Out These 5 Tips)
Various banks are competing fiercely in the auto loan segment this holiday season. The auto loan segment is dominated by banks offering lucrative deals with the interest rate being the key element for buyers to choose the auto loan from a particular bank. The cheapest auto loan is from the Bank of India, in which the bank has cut it by half percent and now the auto loan has been cut to 6.85 percent. (Also read – Zee Exclusive: 5 Reasons Why You Should Go For A “Digital Loan”)
Check out the latest offers from SBI, HDFC, ICICI, Bank of India, PNB, Bank of Baroda on car loan
Bank of India: 6.85% interest rate
Bank of Baroda: interest rate of 7%
National Bank of the Punjab: interest rate of 7.15%
State Bank of India: 7.25% interest rate
HDFC Bank: 7.5% interest rate
ICICI Bank: 7.5% interest rate
Easy auto loans are introductory rates available to buyers with better credit rating and a no foreclosure and prepayment charge scheme are also lucrative features that banks offer to car buyers.
Considering the lowest interest rates for auto loans, a car loan worth Rs 5 lakh with a term of 5 years makes your monthly EMI as low as Rs 9,866.