car loan emi
If you too are compromising with your dream of driving your own car due to lack of money, then wait. This news is for you only. Yes, if you are planning to take a loan up to Rs 10 lakh for a car, then we are going to tell you about some such banks. Where loans up to Rs 10 lakh are available at the cheapest rates for a period of 5 years. That means it is available at lower interest and you will have to pay less EMI of the loan. Let us see the list of those banks.
If you are looking for the cheapest car loan to buy a new car, then Punjab National Bank (PNB) is offering the lowest interest rates right now. The interest rate on car loan in PNB starts from 7.85% per annum, at which the monthly EMI for a 5-year loan of Rs 10 lakh comes to only Rs 20,205.
- Union Bank- After this comes Union Bank of India, where the starting rate is 7.90% and EMI on the same loan amount and tenure comes to Rs 20,229.
- IDBI Bank- IDBI Bank is in third place, whose starting rate is 7.95% and EMI is Rs 20,252 monthly.
- Bank of Baroda- Bank of Baroda is at fourth position with EMI of Rs 20,348 for 5 years at 8.15% interest rate.
- Canara and SBI Bank- Whereas, Canara Bank charges 20,372 monthly installments at 8.20% rate. The car loan rate in the country’s largest bank, State Bank of India (SBI), is 8.75%, on which the EMI comes to Rs 20,638.
private bank rates
If we look at private sector banks, Axis Bank has an EMI of Rs 20,661 at 8.80% rate. HDFC Bank’s rate is 9.40%, due to which EMI comes to Rs 20,953. The most expensive car loan in this list is from IDFC First Bank, where the interest rate goes up to 9.99% and the monthly EMI for a 5-year loan of Rs 10 lakh is Rs 21,242.