Car loan interest rates: SBI vs PNB vs HDFC Bank vs ICICI Bank

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Planning to buy your dream car? This might be the best season to fulfill your wish. During this festive season private as well as public banks are giving special offers to attract potential customers. Auto loans are available at the lowest rates ever for new vehicle buyers. At the same time, several banks are also withdrawing processing fees. A few banks are also giving loans up to 90% of the on-road price of the vehicle.

Lowest car loan rates

At present Bank of India, one of the major public sector banks is offering the cheapest auto loan. Very recently they have reduced new car loan interest by 0.50%. After the revision, the interest rates start from 6.85%.

Other banks

Let’s take a look at other major banks such as SBI, HDFC Bank, ICICI Bank and PNB.

SBI

State Bank of India (SBI), the country’s largest lender, is currently offering car loans at an interest rate of 7.25%. There is also no processing fee. Not only that, you could have a loan up to 90% of the car’s on-road price. If any customer takes a car loan of Rs 5 lakh for the tenure of five years then he or she has to pay an EMI of Rs 9,960 every month.

PNB

As a part of festive season offers, Punjab National Bank (PNB), the country’s second-largest public lender, very recently slashed the car loan interest rates that now start from 7.15%. In addition, customers need not pay any processing fee. If any customer takes a car loan of Rs 5 lakh for the tenure of five years, he or she has to pay an EMI of Rs 9,936 every month.

HDFC Bank

The country’s largest private sector lender, HDFC Bank, also launched a special festive offer. Now you can get a car loan with interest rates at 7.50% onwards and zero foreclosure charges. You can even get up to 100% funding on the car. This discount is applicable till November 30, 2021.

ICICI Bank

The ICICI Bank is also offering car loans with interest rates of 7.90%. Customers can also avail of loans for tenure up to eight years.