New Delhi, Sept. 19 -- Are you an aspiring car buyer in this festive season? Are you planning to finance your purchase? If that is the case, you should be clear that the applicable interest rate on your car loan can make all the difference and ultimately determine your overall borrowing cost.

This calls for a proper understanding of the applicable rates, terms and conditions. Currently, PSU banks are offering car loans to individuals at starting rates of less than 8%, although the actual rate may vary based on the borrower's profile, credit score, repayment history and the lender's eligibility criteria.

Furthermore, for a Rs.5 lakh car loan with a 5-year tenure, the EMIs across these lending institutions range from Rs.9,983 to Rs.11,647...