The car loan offer also consists of discounts and fee waiver by the banks. HDFC has stretched the loan tenure to seven years for more time ease to its customers. ICICI is offering a reduction up to .75% depending on the term of loan. The interest rate charged by SBI and PNB seems to be most aggressive at 10.5% Pa. The festive offer would be available until 30th Nov or 31st Dec 2012(it may vary from a bank to bank).
The festival car offer by banks is as follows:
BANKS
CAR LOAN
Festive Benefit
Additional Offer
Offer Valid Till
HDFC BANK
NA
Up to .35 %
Tenure up to 7 Years
NA
ICICI BANK
11.5 % to 17 % for various tenure
discount up to .75%
NA
31-Dec-12
SBI
10.5 % Pa
No Change
Processing Charges reduced by 50%
NA
Bank Of Baroda
Interest @ 11.25 % for 5 year and 11.75 % for more than 5 year loan
Concession in interest rate up to 175 bps on different tenures
100% waiver of unified processing charges
NA
PNB
10.5 % to 11 % Pa
No Change
waiver of processing fee
30-Nov-12
Final Words
The current offers by banks are attractive and beneficial for the customers, but one should also focus on the total cost for the full term to analyze it better. The festive offer of interest rate discount over the usual rates' matters a lot in home loans due to high corpus involvement. Car loan customer needs quick service and processing ease along with rate's discount. Customer should focus on its own requirements and ensure the exact match with the current offer before concluding on the loan decision.
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