Festive Benefits In Car Loans

As the lockdown is near to its end and the businesses are starting to retrieve their operations so it is the time to jump-start the businesses as the festive season is also very much near. The onset of COVID-19 had a great impact on the automotive industry. It was estimated that there will be an impact of at least 1.5 billion per month across the industry .this is a huge loss. So to give a rise in the automotive sector and keeping in mind the festive season’s banks have announced to cut the car loan interest rate and banks and the other NBF is also providing attractive offers which are going to benefit retail and business customers several banks and NBF seas have waived off the processing fees for auto loans, home loans, and another personal loan this is done to get the best out of the festive season. The car manufacturers Also think that due to the ongoing pandemic the momentum in car sales could also be increased due to the increased focus on safety ask do travelling in public transport is not safe anymore. India's largest government bank that is the National Bank Car Loan has waived off the processing fee and it also has reduced the interest rate on car loans from 7.75%  to 7.5%. This bank is not only cutting the interest rate but is also offering 100% finance on some selected models now your eligibility. This is only possible if you are A previous customer of this bank The managing director of SBI Has stated that “with Khushi ka season, we are delighted to offer consumers several attractive offers on car and two-wheeler loan.” The bank has also announced that the customers applying for a car loan through the bank's digital platform YONO or the website will get 25 extra point concession on the interest rate.

In these 50 festive seasons, consumers are also given a choice to customize the MI according to dear comfort ability. The loan tenure has also been increased to 15 years which will also reduce the EMI burden on the customer.

The wave meant processing fee and the cut in the interest rate makes a huge difference in the final loan amount.

Some private banks are also offering 50% After processing fee off car loans and Two Wheeler loans.

Tata Motors has also tied up with some private banks to give some attractive financial benefits to its customers. these offers can be redeemed on the new BSX range of vehicles. These offers are available for a huge range of customers.

Conclusion: By the starting of these festive offers the automotive industry is expecting to see a huge boom in the sale of cars.

Also Read:- Explain Benefits and Helpful Tips for a Car Loan