Cheapest Car Loan From Bank :After buying a house, most people dream of buying a car. People who have no shortage of money do not have to think much about it, but most people in India plan in advance to buy a car. Many people borrow money to fulfill their dream of buying a car. Many people buy a car with the help of a loan from a bank or financial institution.
Many banks and financial institutions help buyers in fulfilling their car needs. Many banks also offer loans for buying a car. If your credit score is good and you are able to fulfill the necessary conditions of a car loan, then you can take a loan from the bank. If you are looking for a cheap loan to buy a new car, then details of some banks have been given for your convenience.
| NEW CAR LOAN-RATES AND CHARGES | |||
| Name of Lender | Interest rate (%) | EMI (Rs.) Loan amount- 5 lakh Tenure- 5 years | processing fee (% of loan amount) |
| Union Bank Of India | 8.70 – 10.45 | 10,307 – 10,735 | ₹ 1,000 |
| Punjab National Bank | 8.75 – 10.60 | 10,319 – 10,772 | 0.25% (Rs. 1,000 – Rs. 1,500) |
| Bank Of Baroda | 8.90 – 12.70 | 10,355 – 11,300 | Upto Rs 2,000 |
| Canara Bank | 8.70 – 12.70 | 10,307 – 11,300 | 0.25% (Maximum Rs 2,500) |
| Bank of India | 8.85 – 10.85 | 10,343 – 10,834 | 0.25% (Rs. 1,000 – Rs. 5,000) |
| UCO Bank | 8.45 – 10.55 | 10,246 – 10,759 | Nil |
| State Bank Of India | 8.95 – 10.00 | 10,367-10,624 | Upto Rs 1,500 |
| IDBI Bank | 8.80 – 9.65 | 10,331 – 10,294 | ₹ 2,500 |
| Maharashtra Bank* | 8.70 – 13.00 | 10,307 – 11,377 | 0.25% (Rs. 1,000 – Rs. 15,000) |
| Indian Overseas Bank** | 8.85 – 12.00 | 10,343 – 11,122 | 0.50% (Rs 500 – Rs 5,000) |
| ICICI Bank | 9.10 onwards | 10,403 onwards | Up to 2% |
| HDFC Bank | 9.20 onwards | 10,428 onwards | 0.50% (Rs 3,500 – Rs 8,000) |
| Karnataka Bank | 8.88 – 11.37 | 10,350 – 10,964 | 0.60% (Rs 3,000 – Rs 11,000) |
| Federal Bank | 8.85 onwards | 10,343 onwards | ₹2,000 – ₹4,500 |
| Punjab and Sind Bank*** | 8.85 – 10.25 | 10,343 – 10,685 | 0.25% (Rs. 1,000 – Rs. 15,000) |
| South Indian Bank | 8.75 onwards | 10,319 onwards | 0.75% (Max: Rs. 10,000) |
| IDFC First Bank | 9.00 onwards | 10,379 onwards | Upto Rs 10,000 |
| City Union Bank | 14.45 – 14.95 | 11,751 – 11,882 | 1.25% (Min: Rs 1,000) |
| *0.25% interest rate concession for existing housing loan borrowers and corporate salary account holders. | |||
| **0.50% interest rate concession to borrowers with credit scores of 800 and above. Interest rate concession of 0.25% to borrowers having credit scores of 750-799. | |||
| ***Concession of up to 50% on fee processing for PSB Apna Vahan Sugam. | |||
| Rates and charges as of 31st July 2024 | |||
| Source: Paisabazaar.com | |||
