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Latest festive season car loan interest rates of various banks: See full list

Oct 10, 2024 04:59 PM IST

Many banks are offering flexible payback terms, affordable EMI, and 100% financing for car loans, especially with upcoming festivals like Dussehra and Diwali

Many banks are offering flexible payback terms, affordable EMIs, and 100% financing for car loans, especially with the upcoming festivals like Dussehra and Diwali, according to an Economic Times report which added that exclusive freebies and discounts are also offered in some cases.

The interest rate on auto loans, known as annual percentage rates, or APRs, depend on a number of factors including the borrower's income, debt, credit score, car value, loan amount, the loan length, as well as the RBI's prevailing repo rate(Bajaj Finance)
The interest rate on auto loans, known as annual percentage rates, or APRs, depend on a number of factors including the borrower's income, debt, credit score, car value, loan amount, the loan length, as well as the RBI's prevailing repo rate(Bajaj Finance)

The interest rate on auto loans, known as annual percentage rates, or APRs, depend on a number of factors including the borrower's income, debt, credit score, car value, loan amount, the loan length, as well as the RBI's prevailing repo rate.

Also Read: India may soon manufacture all the mobile phones it needs instead of importing: Report

What is the minimum credit score needed to get a car loan?

The HDFC Bank website says “there’s no specified minimum credit score for getting a car loan from HDFC Bank. But a lower credit score can reduce the loan amount you can get. A credit score above 750 is considered excellent for loans. This will allow you to get a higher loan amount at the most affordable car loan rates.”

The interest rates for a 5 lakh car loan with a 5-year tenure is as follows:

Name of the LenderInterest rate (%)EMI (Rs) Processing Fee (% of loan amount)
Union Bank of India8.70 - 10.4510,307 - 10,735NIL
Punjab National Bank8.75 - 10.6010,319 - 10,7720.25% (Rs. 1,000 - Rs. 1,500)
Bank of Baroda8.95 - 12.7010,367 - 11,300Up to 750
Canara Bank8.70 - 12.7010,307 - 11,300NIL
Bank of India8.85 - 12.1010,343 - 11,1480.25% (Rs. 1,000 - Rs. 5,000)
UCO Bank8.45 - 10.5510,246 - 10,759Nil
State Bank of India9.05-10.1010,391-10,648NIL
IDBI Bank8.80 - 9.6510,331 - 10,294 2,500
Bank of Maharashtra*8.70 - 13.0010,307 - 11,377NIL
Indian Overseas Bank**8.85 - 12.0010,343 - 11,1220.50% ( 500 - 5,000)
ICICI Bank9.10 onwards10,403 onwardsUp to 2%
HDFC Bank9.20 onwards10,428 onwardsUp to 1% ( 3,500 - 9,000)
Karnataka Bank8.88 - 11.3710,350 - 10,9640.60% ( 3,000 - 11,000)
Federal Bank8.85 onwards10,343 onwards 2,000 - 4,500
Punjab and Sind Bank8.85 - 10.2510,343 - 10,6850.25% (Rs. 1,000 - Rs. 15,000)
South Indian Bank8.75 onwards10,319 onwards0.75% (Max: 10,000)
IDFC First Bank9.60 onwards10,525 onwardsUp to 10,000
City Union Bank9.90-11.5010,599-10,9961.25% (Min: 1,000)

Also Read: How Ratan Tata contributed to India's startup ecosystem: ‘Once Mr. Tata came, everyone started taking us seriously’

Extra points to note

  • Bank of Maharashtra gives a 0.25% interest rate concession for those who are current home loan borrowers and corporate salary account holders.
  • Indian Overseas Bank (IOB) gives a 0.50% interest rate concession for borrowers with credit scores of 800 and above. Borrowers with credit scores of 750-799 get a 0.25% interest rate concession.
  • Punjab and Sind Bank gives a concession of up to 50% on processing fee for PSB Apna Vahan Sugam.

Also Read: From the Indica to the Nano: How Ratan Tata transformed the Indian automotive landscape

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