Top car loans: Compare interest rates, EMIs and processing fees

Banks offer car loans at a low-interest rate, starting at 8.70 per cent. Lenders have also rolled out schemes offering discounts on processing fees and flexible EMIs to make it more attractive for prospective car owners.

If you are planning to buy a car, you can check out the latest interest rates and processing fees across various banks, both public and private sectors, compiled by Paisabazaar.com.

 

Here are some of the offers and discounts you should know: 
 
Bank of Maharashtra offers a 0.25 per cent interest rate concession for existing housing loan borrowers and corporate salary account holders.

Indian Overseas Bank offers a 0.50 per cent interest rate concession to borrowers with credit scores of 750 and above. There is a 0.20 per cent interest rate concession to borrowers financing Electric 4 Wheelers and another 0.20 per cent concession to existing Housing Loan Borrowers.

Punjab and Sind Bank provide a concession of up to 50 per cent on the processing fee for PSB Apna Vahan Sugam. The financing scheme is designed for the purchase of both two-wheelers and four-wheelers, targeting permanent employees of Central/State Governments, Public Sector Undertakings (PSUs), and those from reputable approved educational institutes.

Eligible applicants must fall within the age range of 18 to 60 years for employees without a pension and up to 70 years for those with a pension or NPS. 

State Bank of India (SBI), under its Festive Dhamaka Car Loan Offer, offers zero processing fees until January 31, 2024. This special offer includes the lowest interest rates and EMI options, coupled with the longest repayment tenure of 7 years. SBI's financing is based on the 'On-Road price,' encompassing registration and insurance costs.