Cheapest Car Loan Interest Rate in India: The festive season has begun across the country. If you too want to buy a new car this season and need a loan for it, then this news will be useful for you. In this news, you can know the information about car loans of some banks. Based on these and according to your own convenience, you can make an informed decision about buying a car.
Way to pay less EMI
Most car loans are available for a tenure of 3 to 5 years. Some banks give loan for 7 years. As the tenure of such loan is longer, its installment (EMI) is reduced. If you borrow for a longer period, you will have to pay more interest. The older the car, the lower the price. Therefore, it is not wise to borrow for a long period of time.
Up to 80 percent loan can be availed
Be aware that if you borrow for a shorter period, you may have to pay a higher EMI. Car loans have various terms and conditions. Some banks offer loans equal to the ex-showroom price of the car, some banks offer loans up to 80 percent. While getting a car loan, there are other fees to consider along with the interest rate and processing fee.
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How much will be the installment in one lakh?
Banks like SBI, Bank of Maharashtra and Bank of India waive the processing fee for car loans. Considering the festive season, Canara Bank is offering this discount till 31st December.
Many banks charge half a percent to 1 percent of the loan amount as a processing fee. Currently, Central Bank of India offers low rate car loans. Here you can find information about interest rate, EMI and interest rate of some banks for Rs 1 lakh and 5 years tenure.
– Central Bank of India: Interest Rate (%): 7.40-8.55, Interest (Rs): 1999-2054, Processing Fee: Nil.
– State Bank of India: Interest Rate (%): 7.85-8.65, Interest (Rs): 2020-2059, Processing Fee: Nil.
– Bank of Baroda: Interest Rate (%): 7.95-11.20, Interest (Rs): 2025-2184, Processing Fee: Rs. 1500 + GST.
– HDFC Bank: Interest Rate (%): 8.35, Interest (Rs): 2044, Processing Fee: 0.5% of loan amount.
– ICICI Bank: Interest Rate (%): 8.1-8.8, Interest (Rs.): 2032-2066, Processing Fee: Rs.5500-8500.
– Punjab National Bank: Interest Rate (%): 8.15-9.15, Interest (Rs): 2035-2083, Processing Fee: Nil.
– Bank of Maharashtra: Interest Rate (%): 8.2-11.70, Interest (Rs): 2037-2209, Processing Fee: Nil.
– Axis Bank: Interest Rate (%): 8.20-11.40, Interest (Rs.): 2037-2194, Processing Fee: Rs. 3500-5500.
– Indian Bank: Interest Rate (%): 8.25-11.40, Interest (Rs): 2040-2122, Processing Fee: 0.5% of loan amount.
– Canara Bank: Interest Rate (%): 8.30-11, Interest (Rs): 2042-2174, Processing Fee: Nil.
– Bank of India: Interest Rate (%): 8.25-9.95, Interest (Rs): 2040-2122, Processing Fee: Nil.
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