Mumbai: The festival season is around the corner, and Diwali is one of the biggest celebrations in India. During this time, many people buy new cars. If you are also planning to buy a car this Diwali through a car loan, it is important to first compare the interest rates offered by different private banks. Choosing the bank with the lowest rate will save you money in the long run.
Here are the car loan interest rates of some major private banks in India:
HDFC Bank Car Loan Interest Rate
HDFC Bank, one of India’s largest private banks, offers car loans starting at 9.40 percent per annum.
ICICI Bank Car Loan Interest Rate
ICICI Bank, another leading private bank, provides car loans starting at 9.15 percent per annum.
Axis Bank Car Loan Interest Rate
Axis Bank, a major private sector lender, offers car loans at a starting rate of 8.90 percent per annum.
IDBI Bank Car Loan Interest Rate
IDBI Bank offers one of the cheapest car loans, starting at 8.30 percent per annum. This makes it a very attractive option for buyers.
IDFC First Bank Car Loan Interest Rate
IDFC First Bank offers car loans starting at 9.99 percent per annum, which is on the higher side compared to other private banks.
So, before finalising your car loan, make sure you compare these rates carefully. Banks like IDBI and Axis may prove to be more cost-friendly options compared to others with higher starting interest rates.
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