These banks offer lowest interest rate on car loans; check interest rate, loan policy and more details here

After two straight festive seasons disrupted by COVID-19, all eyes are on the forthcoming festive season, which begins with Navratri on September 26. Among other industries, the banking, automotive, and retail sectors anticipate record-breaking sales over the next two months.

Many banks continue to provide auto loans with interest rates under 8 percent even though consumer inflation in August (7 percent) was slightly higher than the RBI's tolerance band (2–6 percent), which could lead to another rate hike. Once the holiday season approaches, it's probable that shoppers will see more alluring offers. The following ten banks have the lowest interest rates for new car loans.

This public sector bank has the lowest interest rate at 7.65 percent for a new car loan of Rs 10 lakh with a seven-year repayment period. For these loans, the EMI will be Rs 15,412.

On a car loan for Rs 10 lakh with a seven-year term, the largest bank in the nation levies an interest rate of 7.9 percent. In this instance, the EMI will equal Rs 15,536.

HDFC Bank offers an interest rate of 7.95 percent. The EMI works out to Rs 15, 561 in this case.

Public lender Bank of Baroda offers an interest rate of 7.95 percent on car loans.

Karur Vysya Bank is the second-cheapest lender for a Rs 10 lakh car loan with a seven-year payback period, offering an interest rate of 8 percent. In this instance, the EMI will equal Rs 15,586.

The auto loan from ICICI Bank, which has an interest rate of 8%, is one of the ten most affordable options.

Punjab National Bank follows as the institution with the next-lowest rate for auto loans, at 8.15 percent. Borrowers will be required to make an EMI payment of Rs 15,661 on a Rs 10 lakh car loan with a seven-year repayment period.

Car loans for Rs 10 lakh with a seven-year term are charged an interest rate of 8.2 percent by the Bank of Maharashtra. The required monthly loan payment will be Rs 15,686.

The private lender offers an interest rate of 8.2 percent on car loans.

Car loans from the Bank of India, a public sector lender, have an 8.25 percent interest rate. The EMI comes to Rs 15,711 in total.