New Delhi: The sporadic rise in prices of Petrol and diesel have increased the burden on automobile owners but the burden is also somehow offset by cheaper loans this festive season. Auto loans are available at the lowest rates ever for new vehicle buyers.
Most of the banks have waived the processing fee on auto loans while several others are giving loans up to 90 percent of the on road price of the car. Some banks even claim to give loans up to 100 percent. For the last two years, the premium of third party motor insurance has not increased, thus benefitting the prospective buyers. (Also read --How to reduce your home loan interest rate: Check out these 5 tips)
Various banks are giving a stiff competition to each other in the auto loans segment this festive season. The auto loan segment is dominated by banks that give lucrative offers with the rate of interest being the key element for buyers to choose a particular bank's automobile loan. The cheapest auto loan is from Bank of India, in which the bank has reduced by half percent and now the auto loan has been reduced to 6.85 percent. (Also read--Zee Exclusive: 5 reasons why you should opt for a 'Digital Loan')
Check latest offerings from SBI, HDFC, ICICI, Bank of India, PNB, Bank of Baroda on auto loan
Bank of India: 6.85 percent rate of interest
Bank of Baroda: 7 percent rate of interest
Punjab National Bank: 7.15 percent rate of interest
State Bank Of India: 7.25 percent rate of interest
HDFC Bank: 7.5 percent rate of interest
ICICI Bank: 7.5 percent rate of interest
Easy auto loan are available introductory rates for buyers with better credit score and scheme of no charges on foreclosure and prepayment are also some lucrative features that the banks are offering to auto buyers.
Considering the lowest rates of interest for auto loans, a car loan worth Rs 5 lakh with a 5-year tenor, makes your monthly EMI as low as Rs 9,866.
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Lowest ever auto loan rates –Latest offerings from SBI, HDFC, ICICI and more
