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Car Loan Rates This Diwali: Check Interest Rates Offered By PNB, SBI, HDFC
Sentiment: NeutralMedium Priority
What Happened?
As Diwali approaches, banks are offering competitive car loan rates. Punjab National Bank and Bank of Baroda start at 7.60%, while HDFC Bank begins at 8.15%. Processing fees vary by bank.
Key points
- PNB and Bank of Baroda offer car loans starting at 7.60%.
- HDFC Bank's rates start at 8.15%, while ICICI Bank starts at 8.40%.
- SBI's starting rate is around 8.80%, and Axis Bank's starts at 8.95%.
- Processing fees for PNB are 0.25% of the loan amount, with a minimum of Rs 1,000.
- SBI charges processing fees ranging from Rs 500 to Rs 2,000.
- For a Rs 5 lakh loan at 7.60%, the monthly EMI is approximately Rs 10,043.
Key insights
- The competitive interest rates may encourage more consumers to purchase vehicles this Diwali.
- Higher processing fees at some banks could affect the overall cost of loans for borrowers.
- Understanding different rates and fees can lead to better financial planning for consumers.
Why it matters
Understanding car loan rates can help consumers make informed financing decisions during the festive season.
Entities
Punjab National Bank· OrganizationBank of Baroda· OrganizationHDFC Bank· OrganizationICICI Bank· OrganizationState Bank of India· OrganizationAxis Bank· Organization
Source
Times Now
