Cheapest Car Loan: Everyone dreams of having their own car, but due to a lack of budget, people miss out on buying a car. Let us tell you that now your dream is going to come true. In fact, some main banks are offering car loans at low interest rates, and you can fulfill your dream with this offer from the bank. This will also reduce the burden on the pocket. Before taking a car loan, it is most important to know the interest rate and loan terms. Keeping both of these in mind, we are talking about some special banks that are currently offering loans at the lowest interest rate.
State Bank of India (SBI)
SBI is the most trusted bank in the country. Car loans are being provided cheaply through SBI. Some extra discounts are also available on interest rates for women. The process is also very fast when applying online. Loans are being provided at the rate of 8.65 percent through SBI. The tenure of this loan is 7 years, and the processing fee is Rs 5000. The loan amount is less than 0.5 percent.
Read Here: PM Kisan Yojana: When Will the 21st Installment of Farmers Come, Check The Status Like This
HDFC Bank
HDFC Bank is also offering car loans at very cheap rates. Minimum documentation is required in this bank. If you are a customer of the bank, then you can also get a pre-approved loan. The interest rate of this bank starts from 8.75 percent. At the same time, the loan tenure is 1 to 7 years. Talking about the processing fee, it is Rs 4999, which is 1 percent of the amount.
Punjab National Bank (PNB)
PNB is one of the second-largest banks in the country. This government bank is also giving car loans to people at a low price. Approval is received very fast in this bank. This bank provides many facilities, especially for rural and semi-urban people. The interest rate of this bank starts from 8.70 percent, while the tenure of 7 years has been fixed. Talking about the processing fee, it has been fixed at Rs 1000, which is 1% of the principal amount.
Bank of Baroda
BOB, i.e., Bank of Baroda, provides special facilities to salaried and self-employed people. Along with this, it provides both new and old car loans. Bank of Baroda’s floating car loan interest rates now start from 8.15% p.a. (earlier 8.40% p.a.). Talking about the processing fee, it has been fixed at Rs 1500.
Read Here: Post Office: You will get benefit of up to Rs 40 lakh from post office
ICICI Bank
ICICI Bank gives people the facility of a digital application and approves the loan quickly. If you are a bank customer at this time, then customized offers will be received. Talking about its interest rate, it starts from 8.90 percent. Talking about the loan tenure, it has been fixed from 1 year to 7 years. Talking about the processing fee, it has been fixed at Rs 3500.