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Car Loan for Government Employees, Interest Rates and EMI Calculator February 2019

(Updated On 06.02.2019) Car Loan for Government Employees EMI Calculator February 2019

The Implementation of new pay scales recommended by the 7th Pay Commission will impact the remuneration of nearly 50 lakhs central government employees and 58 lakhs pensioners. There will be a 23.55% increase in salaries, allowances, and pension of central government employees and pensioners, which will boost up people’s living standards and lifestyles.

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Keeping in mind Pay Commission’s salary hike, country’s most of the leading banks has rolled out thrilling car financing schemes for government employees and pensioners to help them go on a long drive with their beloved ones or with their near and dear ones. Banks are offering car loans at alluring lower interest rates, less or nil processing fees and also 100 per cent finance for car loan borrowers.

What Banks have for You??

The country’s biggest and immensely popular bank, State Bank of India, is offering 100 per cent financing on the ‘on-road price of cars’ for government employees in comparison to the earlier 90 per cent finance on cars. The bank also lowered rates of interest for male government employees to 9.7 per cent and for female employees to 9.65 per cent. These are lower than the earlier uniform rate of 9.75 per cent. The foreclosure charge has also been waived off.

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Another leading bank, HDFC Bank, is offering 90 percent funding on the ‘on-road price of cars’ for government employees. HDFC Bank is offering a flat fee of Rs 599 on processing charges, against the earlier processing fees ranging from Rs 2,885 to Rs 5,150. The interest rate on HDFC Bank car loans is 9.65 per cent and the bank is also offering credit shield and insurance funding options for car loan borrowers.

Axis Bank is also on the row, the bank is funding the entire on-road cost of cars for government employees. Loan tenures have been increased to eight years, the interest rate is lowered to 9.97 per cent from 9.99-10.25 per cent and foreclosure charges have also been lessened.

Car Makers Also Care For You!

Car makers also have a bunch of offers & freebies to woo the government employees in the recent months.
Hyundai is offering benefits of Rs 7,000 on the Grand i10 and Xcent and Rs 5,000 each on the i10 and the Eon. Tata Motors offers central and state government employees additional cash discounts or the option to buy extended warranty, annual maintenance packages as well as accessories.

Leading two-wheeler companies, Hero MotoCorp and Honda, also offer exclusive discounts and offers to government employees and pensioners.

Make your festive mood bigger and larger with a car at your doorstep or a trip to your ever longing sea beach with a live extravaganza.

ALL THE BEST!!