New Year Car Loans: Banks Offer Lowest Rates, Fee Waivers for Easier Buying

• Car loan rates have softened, with banks offering year-end deals and fee waivers, making new car purchases more affordable.
• Public sector banks like IDBI Bank (7.35%), Union Bank of India (7.40%), and Canara Bank (7.45%) offer the sharpest rates, especially for borrowers with strong credit.
• Private banks such as HDFC Bank (8.20%) and ICICI Bank (8.50%) have higher rates but provide faster loan approvals.
• Many PSU banks, including Union Bank of India and UCO Bank, are waiving processing fees, while Central Bank of India offers a full waiver until March 2026.
• Final loan pricing depends on credit score, employment, loan tenure, car type, and additional costs like insurance and prepayment conditions.

Why It Matters: New Year car loans are more accessible with lower rates and fee waivers, especially from public sector banks.