INCOME TAX19 Sept 2026
Car loan rates start at 7.35% in September 2026: Check SBI, BoB, Bank of India, and other PSU bank offers | Mint
Car loan rates at public sector banks now start at 7.35% in September 2026. If you are buying a car this festive season with a loan, compare the real rate offered to you, not just the headline figure. For a ₹5 lakh loan over five years, Equated Monthly Instalments (EMIs) run from ₹9,983 to ₹11,647. Check processing fees and prepayment terms before you sign.
Key Statutory Highlights
- Car loan interest rates at PSU banks start at 7.35% in September 2026, though the actual rate depends on your credit profile and income history.
- For a ₹5 lakh car loan over a five-year tenure, EMIs range from ₹9,983 to ₹11,647 across lenders, as per Paisabazaar data.
- Canara Bank offers a 50% processing-fee waiver till 30 September 2026, and Punjab & Sind Bank gives up to 50% processing-fee concession under PSB Apna Vahan Sugam.
Actionable Advice for Taxpayers / Founders:Compare the total repayment cost and processing fees across lenders, not just the EMI, and check the prepayment charges before signing. Please confirm the actual rate your bank offers for your profile, as the headline rate may not apply to you.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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