SBI vs PNB: Most people dream of buying their own car but lakhs of rupees are needed to buy a car. In such a situation, it is very difficult for common people to buy their own car. Many people take a car loan from the bank to buy a car and pay the price of their car every month through EMI. If you are also planning to buy a car by taking a car loan from a bank, then you should take a car loan from a bank which has low interest rates.
Today we are going to tell you about car loans of the country’s two largest government banks, SBI and PNB . We will tell you how much you will have to pay as EMI every month if you take a car loan of Rs 5 lakh from SBI and PNB. Let’s know.
Monthly EMI on car loan of Rs 5 lakh from PNB
If you are taking a car loan of Rs 5 lakh from PNB and your CIBIL score is good, then you can get this loan at an interest rate of 8.50 percent. PNB offers car loans to its customers at an initial interest rate of 8.50 percent. In such a situation, if you take a car loan of Rs 5 lakh for a period of 3 years, you will have to pay Rs 15,784 every month as EMI. In this way, you will pay Rs 68,216 only as interest on a car loan of Rs 5 lakh.
Monthly EMI on car loan of Rs 5 lakh from SBI
If you are taking a car loan of Rs 5 lakh from SBI and your CIBIL score is good, then you can get this loan at an interest rate of 9.10 percent. SBI offers car loans to its customers at an initial interest rate of 9.10 percent. In such a situation, if you take a car loan of Rs 5 lakh for a period of 3 years, you will have to pay Rs 15,923 every month as EMI. In this way, you will pay Rs 73,233 only as interest on a car loan of Rs 5 lakh.