Buying a car is a dream as well as a necessity for a large population in India. A majority of Indians buy car through loans. They take deposit some down payment and make equated monthly instalments (EMIs) for rest of the amount. Here, we take you through the interest rates that banks such as State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank and Canara Bank are offering and what will be your EMI on a 5-year, Rs 5 lakh loan (Source: Paisabazaar.com).
1/5
SBI car loan
State Bank of India is offering the car in the interest rate range of 8.75%-9.80%. The EMI for the loan will be Rs 10,319-Rs 10,554. The processing fee is up to Rs 1,500.
2/5
PNB Car Loan
Punjab National Bank is offering the car loan in the interest rate range of 8.75%-10.60%. The EMI for the loan will be Rs 10,319-Rs 10,772. The processing fee is up to 0.25% (Rs. 1,000 - Rs. 1,500).
3/5
ICICI Bank car loan
ICICI Bank is offering the car loan from 9.10% onwards. The EMI for the loan will be from Rs 10,403 onwards. The processing fee is Rs 999-Rs 8,500.
4/5
HDFC Bank car loan
HDFC Bank is offering the interest rate of 9.20% onwards. The EMI for the loan is Rs 10,428 onwards. The processing fee is 0.50% (Rs 3,500 - Rs 8,000).
5/5
Canara Bank car loan
Canara Bank is offering the car loan in the interest rate range of 8.70%-12.70%. The EMI for the loan will be Rs 10,307-Rs 11,300. The processing fee is up to 0.25% (Rs. 1,000 - Rs. 5,000).
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