A car loan is also called an auto loan because it is a loan for an auto vehicle or a car. It can be a secured loan or an unsecured loan, and an applicant can take either according to his requirement.
Most of the banks and the money lenders offer festive offers on car loans for the customers in order to sell off their loans. It is also beneficial for self-employed individuals. The Bank of Baroda has also offered several festive offers for car loan borrowers and home loan borrowers. The interest rates are the lowest during these times, and therefore, the amount of EMIs that a borrower will have to pay also gets lower. The amount of the EMIs can be calculated with the help of a Car loan emi calculator.
Different money lenders and banks offer different types of offers on the loans according to one's needs and requirements. Mainly during the Diwali season, a lot of banks and money lenders offer different offers on the loans sanctioned by them. This is because these loans have the lowest interest rates possible, and many borrowers also wait for this time or this season to get the car loan at the lowest interest rate possible.
For instance, the offers by the Bank of Baroda are also prevailing in the market. The moneylender or the bank is offering a waiver of around 0.25% in the existing interest rates, which are applicable. The Bank Of baroda car loan comes with exciting offers during the festive season.
With the introduction of this kind of offer or the retail loan offers during the festive season, the money lenders and the banks intend to gift even the existing customers who are loyal while also intend to offer an attractive proposition for the new customers. This proves beneficial as the borrowers will benefit from the lower interest rates and the waiver of the processing fee on the offer.
With this kind of pricing and this kind of waiver of the processing fee, the customers get an extra incentive to even shift their existing car loans to the attractive interest rates that are released now.
WHEN DO THE OFFERS GET STARTED ON A CAR LOAN?
With the onset of the festive seasons in the country, most of the banks and money lenders have announced several attractive offers and rate cutouts for the customers to benefit the business and the retail customers. Most of the banks have also waived the processing fee for different types of loans, such as gold loans, car loans, home loans, and personal loans, to make the best of the ongoing season. As we all know, the pandemic of coronavirus has invited a lot of financial problems. A lot of leading passenger vehicle manufacturers posted a double-digit growth after the gloomy season of COVID-19 and the lockdown.
The momentum in the sales of the car can also be attributed to the increased focus on safety on the part of the customers after the pandemic of coronavirus. In addition, different banks in the country offer attractive interest rates to their customers during the festive season.
During the festive season, a lot of banks and different money lenders offer:
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Attractive interest rates to the customers, starting from 7.5% per annum.
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Fee waivers on the loans, especially car loans.
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Some of the banks, such as the State Bank of India, offer 100% finance on the models of the car.
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These offers are available all over the country, from the smaller cities or the metro cities to the towns and villages.
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There are also special discounts and extra offers for the females.
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The flexible tenure of repayment is offered to the customers ranging from one year to a maximum of seven years.
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The applicants do not even have to go to the bank as doorstep service is also available.
Many people are not in urgent need of money waiting for the festive offers to arrive so that they can get the best deals. It is also suggested to wait for the festive season to arrive because most of the banks tend to offer the lowest interest rates possible. The interest rates can be as low as 7% per annum. Also, the foreclosure charges are also removed.
