After 2 years of covid restrictions, this year Navratri festival starts on 26th September and we can expect many offers from auto mobile companies. The RBI is likely to raise the repo rate further as the country’s retail inflation eased to 7 per cent in August and remains above the ceiling.
Despite this, many banks are willing to give loans to customers to buy cars at 8 percent interest. As the festive season approaches, car companies are likely to announce some offers to boost sales. In that regard, as of August 30, let’s look at 10 banks that offer low-interest loans for buying a new car for an amount up to Rs. 10 lakh, with a repayment period of 7 years.
1. Central Bank of India, a public sector bank, offers car loans at a minimum interest rate of 7.65 percent. A loan of up to Rs.10 lakhs is provided for a tenure of 7 years. Accordingly, the monthly EMI is Rs.15,412.
2. SBI, India’s largest public sector bank, is offering car loans to customers at an interest rate of 7.9 percent. Accordingly, the monthly EMI is Rs. 15,536 to be paid.
3. HDFC Bank, a private sector bank, offers car loans at 7.95 percent interest. According to this, the monthly installment should be Rs.15,561.
4. Bank of Baroda Bank also offers car loan at 7.95 percent interest rate.
5. Karur Vysya Bank offers car loan at 8 percent interest rate. The monthly installment amount will be Rs.15,586.
6. ICICI Bank also offers car loan at 8 percent interest rate.
7. Punjab National Bank offers car loan at an interest rate of 8.15 percent. The monthly installment amount will be Rs.15,661.
8. Bank of Maharashtra offers a car loan at an interest rate of 8.2 percent. If you get a loan of Rs.10 lakh, you have to repay the monthly installments at the rate of Rs.15,686 for 7 years.
9. Axis Bank, a private sector bank, offers a car loan at an interest rate of 8.2 percent.
10. Bank of India offers car loan at 8.25 percent interest rate. The monthly installment amount will be Rs.15,711.
(Additional Information : EMI calculation is for loan amount only. Depending on each bank, processing fee and other charges may be added)
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