To take the advantage of festival time, banks have come out with lucrative Festival car loan offers to attract the car buyers. Banks expects car sales to grow significantly this Diwali due to the positive effect of falling inflation and interest rate which have made cars more affordable for the consumers. Adding to this, consumers have been showered with a Diwali festival car loan offers by banks which comprises of number of season discounts to choose from.
Popular festival car loan offers by Banks this Diwali
State Bank of India:
Under Festival car loan offers, The loan processing fee has been waived off by SBI for loans under the SBI Car Loan Scheme, NRI Car Loan Scheme, Nano Youth Car Loan Scheme, SBI Loyalty Car Loan Scheme, and SBI Combo Loan Scheme. The waiver on processing fee is applicable until December 31, 2015. SBI offers its car loan schemes at an interest rate of 0.50% above its base rate, i.e., 9.80% p.a. for women borrowers, and at 0.55% above base rate, i.e., 9.85% p.a. for everyone else.
Under Festival car loan offers, Vijaya Bank is offering full waiver of processing fees and inspection charges for both new and used car loans. They currently offer a maximum repayment tenure of 84 months at a floating interest rate of 10.05% p.a., 0.4% above their base rate
This festival IDBI Bank has tied up with dealers and manufacturers of vehicles to provide special dealer car loans and has waived off loan processing fee completely. IDBI car loans come at an interest rate starting from 10.10%, 0.35% above their base rate. However, bank is offering a concession of further 0.25% on auto loans for their existing home loan borrowers
Under Festival car loan offers, Axis Bank currently offers car loans of up to 85% of the on-road price of the vehicle for a tenure of up to 7 years. The bank has collaborated with select car manufacturers for instant car loan approvals. Under the festival scheme, Axis Bank offers ‘same day car loan disbursals’, easing the process of car purchase. Axis Bank car loans for new cars are available at interest rates between 11.50-12.50%, with a loan-processing fee between Rs. 3500-5500
Under Festival car loan offers, Dena Bank has a special scheme for salary account holders, who need to pay only 10% of the on-road price for new cars as margin money. Dena Bank offers car loans for up to 5 years at a floating rate of 10.20% for general borrowers and 10.10% for women borrowers. The bank charges interest on a daily reducing basis. As per the festival scheme, Dena Bank charges no prepayment penalty for its car loans.
Punjab National Bank:
Under Festival car loan offers, PNB has waived off the processing fee on its car loans until December 31st. Currently, the bank also provides car loans at 9.85% (BR + 0.25%) and at base rate (9.6%) for women borrowers having housing loan in the bank during the festive season.
In addition, banks like HDFC Bank and ICICI have announced 100% funding against the ex-showroom price of cars. While others banks like IndusInd bank and Bank of Baroda have waived off the processing fee and are offering fast processing.
Festival car loan offers by banks clubbed with lower interest rates is making easy for consumers to go ahead with there long pending car purchase.
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