Car prices have increased, making careful loan selection crucial for prospective buyers. To assist in this process, we have compiled a comprehensive list of new car loan rates and charges from 18 leading banks.
New car loan rates and charges
UCO Bank offers interest rates of 8.45 per cent to 10.55 per cent, translating to EMIs of between Rs 10,246 and Rs 10,759 for a loan amount of Rs 5 lakh over a tenure of 5 years. The bank does not charge a processing fee.
Union Bank of India offers interest rates of 8.7 per cent to 10.45 per cent, resulting in EMIs ranging from Rs 10,307 to Rs 10,735 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is Rs 1,000.
Canara Bank offers an interest rate of 8.7 per cent to 12.7 per cent, resulting in EMIs between Rs 10,307 and Rs 11,300 for a loan amount of Rs 5 lakh for a tenure of five years. The processing fee is 0.25 per cent of the loan amount, with a maximum of Rs 2,500.
Punjab National Bank offers interest rates of 8.75 per cent to 10.6 per cent, translating to EMIs between Rs 10,319 and Rs 10,772 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is 0.25 per cent of the loan amount and ranges from Rs 1,000 to Rs 1,500.
Bank of India offers an interest rate of 8.85 per cent to 10.85 per cent, translating to EMIs of between Rs 10,343 and Rs 10,834 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is 0.25 per cent of the loan amount, ranging from Rs 1,000 to Rs 5,000.
Indian Overseas Bank offers interest rates of 8.85 per cent to 12 per cent, translating to EMIs between Rs 10,343 and Rs 11,122 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is 0.5 per cent of the loan amount, ranging from Rs 500 to Rs 5,000.
Bank of Baroda offers an interest rate of 8.95 per cent to 12.7 per cent, resulting in EMIs between Rs 10,367 and Rs 11,300 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is up to Rs 2,000.
State Bank of India offers an interest rate of 9.05 per cent to 10.1 per cent, resulting in EMIs between Rs 10,391 and Rs 10,648 for a loan amount of Rs 5 lakh over a tenure of five years. The processing fee is up to Rs 1,500.
Here is the full list by Paisabazaar.com on car loans offered by 18 banks with loan rates, EMIs and processing fees.
First Published: Aug 22 2024 | 1:45 PM IST
