Planning to take auto loan? At 8.45%, SBI offers the lowest rate

However, check with manufacturers' captive lenders for offers during the festive season

In an attempt to enthuse potential car buyers and lift the sagging fortunes of the automobile sector, State Bank of India (SBI) has reduced the auto loan rate to 8.45 per cent - the lowest since 2006. From September, the country's largest bank is offering auto loans at 8.7 per cent. But if the borrower applies on the bank's digital platform such as YONO, another 25-basis point discount is being offered.
 
The rate on the digital platform is lower by 55 basis points, compared to the earlier rate. The bank said the loan would be a fixed-rate loan, which