8.7% Interest, 100% on-road price: Top car loan offers this festive season

100 per cent of the on-road price, flexible EMIs, no guarantor requirement and quick processing are some of the offers lenders have unveiled this Diwali to attract new car owners

Are you considering buying a new car this festive season? Banks are offering car loans at rates as low as 8.70 per cent.

Flexible EMIs, no guarantor requirement and quick processing are just some of the offers lenders have unveiled this Diwali to attract new car owners. 

Before we get into offers, here is an overview of the interest rates and processing fees charged by various banks for their car loans, spanning both public and private sectors, as compiled by Paisabazaar.

 

Here are some of the Diwali deals from leading lenders:

HDFC Bank: HDFC Bank Xpress Car Loan Diwali Offer:

1. Interest rate starts at 8.80 per cent p.a. and above.
2. Special Diwali offer with zero foreclosure charges and quick disbursal.
3. Option to explore pre-owned Car Loans with rates starting from 11.25 per cent p.a.
4. Loans feature affordable EMIs and flexible tenures.

State Bank of India: SBI Festive Dhamaka Car Loan Offer:

1. Zero processing fees until January 31, 2024.
2. Lowest interest rates and EMI.
3. Longest repayment tenure of 7 years.
4. Financing based on the 'On-Road price,' inclusive of Registration and insurance.
5. Interest is calculated on the Daily Reducing Balance.
6. No prepayment charges after 1 year.
7. Finance up to 90 per cent of the 'On-road Price.'
8. No Advance EMI.
9. Optional SBI Life Insurance cover is available.

ICICI Bank: ICICI Bank's festive offer on car loans includes:

1. Funding up to 100 per cent of the on-road price.
2. Flexible tenure of up to 8 years for selected models.
3. Instant sanction letter for pre-approved customers.
4. Existing auto loan customers can get Insta Money in 3 seconds on the iMobile app.
5. Insta refinance on your existing loan for a car, free of charge.
6. The max refinance option allows you to avail of a loan of up to 140 per cent of your vehicle valuation.
7. Waiver on pre-payment (foreclosure) charges after 12 months.

Federal Bank:  Federal Bank Car Loan Offer:

1. Funding up to 100 per cent of the ex-showroom price.
2. Repayment period of up to 84 months.
3. Free Personal accident insurance up to Rs. 10.00 lakhs for individuals.
4. Nil Pre-closure charges for individuals.
5. Reimbursement within 1 month of the car purchase date.
6. No-income document scheme.