The petrol and diesel prices have definitely increased the burden on the vehicle drivers but this festive season auto loan rates are available at the lowest rates ever for new vehicle buyers.

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The cheapest auto loan is from the Bank of India, in which the bank has reduced the auto loan by half a percent and now the auto loan has been reduced to 6.85 percent.

Most of the banks have been waiving the processing fee on auto loans and most of the banks are giving loans up to 90 per cent of the on-road price of the car, while some banks have also claimed to give loans up to 100 per cent.

For the last two years, the premium of third-party motor insurance has not increased. So the burden of insurance is also less for the customers at present.

The banks are providing easy auto loans at introductory rates with better credit scores. No scheme for foreclosure and prepayment charges. The banks are providing EMI of Rs 9866 on a loan of Rs 5 lakh for 5 years.

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Auto Loan

Bank of India 6.85%

Bank of Baroda 7%

Punjab National Bank 7.15%

State Bank of India 7.25%

HDFC Bank 7.5%

ICICI Bank 7.5%