Diwali is considered an auspicious time for major purchases like cars and houses. During this festive season, banks offer special deals, making it easier for buyers to finance their dream car with low-interest rates, zero processing fees, and cashback offers. If you’ve been waiting for the right moment, now is the time! Here are the best car loan offers from top 7 banks in India that you should consider.
Top 7 Banks with the Best Car Loan Offers This Festive Season
- State Bank of India (SBI)
- Interest Rate: 8.85% p.a.
- Special Festive Offer: SBI offers zero processing fees and no penalties on prepayments. Long-term loan repayment options make it convenient for customers.
- HDFC Bank
- Interest Rate: 8.65% p.a.
- Special Festive Offer: With minimal or no processing and documentation fees during Diwali, HDFC makes the loan process smooth for buyers.
- ICICI Bank
- Interest Rate: 8.75% p.a.
- Special Festive Offer: ICICI provides quick loan approvals and processing fee waivers along with cashback offers during the festive season.
- Axis Bank
- Interest Rate: 8.70% p.a.
- Special Festive Offer: Axis Bank offers instant loan disbursement and zero processing fees, making it one of the easiest options for buyers.
- Punjab National Bank (PNB)
- Interest Rate: 8.90% p.a.
- Special Festive Offer: PNB provides up to 7 years of repayment flexibility with no prepayment penalties, giving borrowers peace of mind.
- Bank of Baroda (BoB)
- Interest Rate: 8.95% p.a.
- Special Festive Offer: BoB offers EMI flexibility along with processing fee waivers, making car purchases more affordable.
- IDFC First Bank
- Interest Rate: 8.75% p.a.
- Special Festive Offer: Known for quick loan approvals and easy documentation, IDFC First makes it simple for buyers to secure financing.
Other Banks Offering Competitive Car Loan Rates
- Kotak Mahindra Bank: 9.00% p.a.
- Yes Bank: 9.10% p.a.
- Union Bank of India: 8.80% p.a.
- Canara Bank: 8.95% p.a.
- Indian Bank: 8.85% p.a.
- Bank of India: 8.95% p.a.
- Federal Bank: 8.75% p.a.
- IndusInd Bank: 9.15% p.a.
- RBL Bank: 9.25% p.a.
- UCO Bank: 8.90% p.a.
- IDBI Bank: 8.85% p.a.
Why Festive Season Car Loans are a Smart Choice
During Diwali, banks compete to offer the best deals to attract customers. From lower interest rates to zero documentation charges, buyers can save big on their car purchases. Many banks also provide cashback offers and easy EMIs, making the festive season the ideal time to buy a car.
If you’re planning to buy a new vehicle, take advantage of these festive offers to reduce costs and make the loan process hassle-free.
