Car Loan Interest Rates: Everyone dreams of having their own car, but it becomes very difficult to realize this dream. Now you have a special opportunity to buy a car. Buying a car during the festive season is considered right. On this occasion, public sector and private banks are offering great loans to attract customers. These offers include zero processing fees, easy repayment options, and discounted interest for those with a good credit score. If you are thinking of buying a new car, then through this article, know which bank is offering the lowest-priced car loan.
According to Bankbazaar.com, currently, the interest rate on a car loan of Rs 10 lakh starts at 7.80 percent and goes up to 9.99 percent. However, these rates depend on the customer’s income and credit score.
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Interest rates of public sector banks
For information, let us tell you that interest is being given at the rate of 7.80 percent through PNB, in which the EMI is Rs 20,181. Along with this, 7.90 percent interest is being charged in Union Bank of India, with its EMI being Rs 20,229. 8.25 percent interest is being charged in Canara Bank, and the EMI is Rs 20,396. Bank of Baroda has an 8.40 percent interest, and the EMI is Rs 20,468. State Bank of India (SBI) – 9.00 percent interest, and the EMI is Rs 20,758.
Interest rates and EMI of private banks
Talking about the interest rates and EMI of the private sector, 8.30 percent interest is being charged in IDBI Bank, in which the EMI is Rs 20,420. 8.90 percent interest is being charged in Axis Bank, in which the EMI is Rs 20,710. ICICI Bank is charging 9.15% interest, which comes to an EMI of Rs 20,831. HDFC Bank is charging 9.40% interest, which comes to an EMI of Rs 20,953. IDFC First Bank is charging 9.99% interest, which comes to an EMI of Rs 21,242.
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Which bank will give you more benefits?
If you want to get a loan on a low EMI, then public sector banks like PNB and Union Bank can prove to be more economical. On the other hand, the interest rate in private sector banks is quite high. In such a situation, comparing on bank websites and loan aggregator platforms before taking a loan will prove to be very beneficial.