Are you planning to buy a car? Here are the best loan rates from different companies
If you are planning to buy a new car, one task is to determine the loan options offered by different banks. Understanding the interest rates, processing fees, and other costs associated with these loans is essential to making an informed decision.
Rates and fees for new car loans
UCO Bank offers an interest rate of 8.45 percent to 10.55 percent, which translates to EMIs between Rs 10,246 and Rs 10,759 for a loan amount of Rs 5 lakh over a tenure of 5 years.
Union Bank of India offers an interest rate of 8.70 percent to 10.45 percent, resulting in EMIs ranging from Rs 10,307 to Rs 10,735 for a loan amount of Rs 5 lakh over a five-year tenure.
Canara Bank offers an interest rate of 8.70 percent to 12.70 percent, resulting in EMIs between Rs 10,307 and Rs 11,300 for a loan amount of Rs 5 lakh over a tenure of 5 years.
Punjab National Bank offers an interest rate of 8.75 percent to 10.60 percent, which translates to EMIs between Rs 10,319 and Rs 10,772 for a loan amount of Rs 5 lakh over a five-year tenure.
State Bank of India offers an interest rate of 8.75 percent to 9.80 percent, resulting in EMIs ranging from Rs 10,319 to Rs 10,554 for a loan amount of Rs 5 lakh over a five-year tenure.
Bank of Baroda offers an interest rate of 8.85 percent to 12.70 percent, leading to EMIs ranging from Rs 10,343 to Rs 11,300 for a loan amount of Rs 5 lakh over a five-year tenure.
Bank of India offers an interest rate of 8.85 percent to 10.85 percent, leading to EMIs ranging from Rs 10,343 to Rs 10,834 for a loan amount of Rs 5 lakh over a five-year tenure.
Here is a list from Paisabazaar.com of car loans offered by 18 banks with loan rates, EMIs and processing fees.
The sales value of cars decreases over time, making it less sensible to opt for a substantial loan. Although shorter loan terms result in higher monthly payments, failing to meet them can harm your credit score.
First print: May 07, 2024 | 3:49 PM IST