New Delhi: The festive season is about to begin in India. This time, there can be a boom in shopping during the festive season, the reason for which is believed to be the reduction in GST rates. GST rates will be reduced from 22 September. If you are thinking of buying a car, then this is a great opportunity. A loan is being given by the bank for the car.
Meaning you can take advantage by taking a loan at a low interest rate. You just have to know where you can get a cheap loan. You can become the owner of a car by paying low EMI. Actually, the central government has decided to reduce the GST rates from 28 per cent to 18 per cent on vehicles up to 4 meters. Know which bank is giving a cheap loan.
Know where you can get a cheap loan?
Most people go to banks to take a loan to buy a car. Where the interest rate is low, the EMI will be low. Talking about the current offers, UCO Bank is currently offering a car loan at the lowest interest rate of 7.60 per cent. Bank of Maharashtra is providing a car loan at a 7.70 per cent interest rate.
Indian Bank is providing loans to customers at a 7.75 per cent interest rate. Both Union Bank of India and Indian Overseas Bank are providing car loans at a 7.80 per cent interest rate. All these types of loans are provided for a maximum period of 7 years.
How will EMI be reduced?
Do you know that not only the interest rate but also the EMI of the loan can be reduced by taking some necessary steps? Like a home loan, a car loan can also be taken at either a fixed or a floating rate. If the customer chooses a floating rate, then whenever the RBI reduces the repo rate, it means your EMI will be reduced directly.
At the same time, a credit score plays a very important role. Interest is included in giving you a loan at a low interest rate. You can also check your credit score before buying a car. Along with this, increasing the down payment can also be a good way. The more down payment you make, the less the loan will be. Meaning, the EMI will be less accordingly.