Cheapest Car Loan Interest Rate In India: The festive season has started across the country. If you also want to buy a new car in this season and need a loan for it, then this news will prove to be useful for you. We are going to give you information about car loans of some banks in this news.
EMI will have to be paid like this
Most car loans are available for a tenure of 3 to 5 years. Some banks are giving loans for 7 years. As the tenure of such loan is longer, its installment (EMI) gets reduced. If you take a loan for a longer tenure, you have to pay more interest. The older the car, the less it will cost. So it is not wise to take a loan for a long term.
Loan can be taken up to 80 percent
Be aware that if you take a loan for a shorter tenure, you will have to pay a higher EMI. There are also various terms and conditions on a car loan. Some banks offer loans equal to the ex-showroom price of the car, while some banks offer loans up to 80 per cent. While taking a car loan, other charges have to be considered along with the interest rate and processing fee.
how much will be the installment on one lakh
SBI, Bank of Maharashtra and Bank of India are waiving processing fees on car loans. In view of the festive season, Canara Bank is giving this discount till 31st December. Many banks charge half a percent to 1 percent of the loan amount as processing fee. At present, the cheapest car loan is being given in the Central Bank of India. In this, we are giving you information about the interest rate, EMI and interest rate of some banks on the tenure of Rs 1 lakh and 5 years.
Bank Interest Rate (in %) Installment (Rs) Processing Fee
Central Bank of India 7.40-8.55 1999-2054 Nil
State Bank Of India 7.85-8.65 2020-2059 None
Bank of Baroda 7.95-11.20 2025-2184 Rs 1500 + GST
HDFC Bank 8.35 2044 0.5% of the loan amount
ICICI Bank 8.1-8.8 2032-2066 Rs 5500 to 8500
Punjab National Bank 8.15-9.15 2035-2083 Nil
Bank of Maharashtra 8.20-11.70 2037-2209 Nil
Axis Bank 8.20-11.40 2037-2194 Rs 3500 to 5500
Bank of India 8.25-9.95 2040-2122 Nil
Indian Bank 8.25-11.40 2040-2122 0.5% of the loan amount
Canara Bank 8.30-11 2042-2174 None
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