The festive season in India brings exciting car loan offers from banks and financial institutions, with interest rates starting as low as 7.6% per annum. This is an ideal time for buyers planning to purchase a new car, as lenders provide special schemes, flexible repayment options, and attractive financing terms.
Understanding the interest rates, processing fees, tenure options, and eligibility criteria is crucial to making an informed decision and saving on long-term costs.
Key Features of Festive Season Car Loans
Attractive Interest Rates
Some banks offer rates as low as 7.6%, significantly reducing EMI burden.
Rates vary depending on loan tenure, car type, and applicant profile.
Flexible Tenure Options
Loans can range from 12 months to 84 months, allowing borrowers to choose convenient EMIs.
Processing Fee & Documentation
Minimal processing fees and simplified documentation during the festive period.
Online application facilities reduce paperwork and approval time.
Special Offers
Zero or discounted processing fees.
Cashback and insurance benefits.
Pre-approved loans for existing customers.
Benefits of Availing a Car Loan During Festive Season
Lower EMIs due to reduced interest rates.
Faster Approval with minimal documentation.
Budget-Friendly: Aligns with end-of-year income and bonus cycles.
Opportunity to Buy Dream Car: Enables purchasing higher-end cars with affordable financing.
FAQs
1. What is the minimum interest rate on festive season car loans?
Rates start from 7.6% per annum, depending on the lender and borrower profile.
2. Can I get a loan for both new and used cars?
Yes, most banks and NBFCs provide festive offers for both new and pre-owned cars.
3. How much loan can I get?
Loan amounts usually range from 50% to 90% of the car’s on-road price, based on your income and credit score.
4. Is pre-approval available during festive offers?
Yes, some lenders provide pre-approved loans for existing customers, speeding up the buying process.
5. Are there hidden charges?
Festive offers often include minimal processing fees, but it’s essential to check for insurance, foreclosure, and late payment charges.
Published on : 13th September
Published by : SMITA
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