7 banks providing cheapest car loans in India; know their EMIs
Union Bank of India, Canara Bank and Bank of Maharashtra offer car loans at a starting interest rate range of 8.70 per cent.
7 banks with cheapest car loans and EMIs: Everyone with a good job, a source of income, and some financial stability wants to purchase a car. The car gives both comfort and is a symbol of status. People depend on car loans to buy a car. Many leading banks, including SBI, PNB, HDFC Bank, Canara Bank, and ICICI Bank offer car loans.
Here's a list of the banks with the cheapest car loan interest rates and how much equated monthly installments (EMIs) one needs to pay on a Rs 5 lakh, 5-year loan. (data source: Paisabazaar.com as on April 17, 2024). The list doesn't including the loan processing fee.
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Uco Bank
Uco Bank
It is offering the cheapest car loan in the range of 8.45% to 10.55%. The EMI for a Rs 5 lakh car loan for five years comes in the range of Rs 10,246–Rs 10,759.
Union Bank of India
Union Bank of India
The bank's car loan comes in a range of 8.70%–10.45%. The EMIs for the loan can be Rs 10,307–Rs 10,735.
Canara Bank
Canara Bank
The PSU bank also offers car loans in the range of 8.70% and 12.70%. The EMI for the loan is between Rs 10,307 and Rs 11,300.
Bank of Maharashtra
Bank of Maharashtra
Its car loan range is 8.70% to 13.00%. The loan EMIs range from Rs 10,307 to Rs 11,377. The bank also offers a 0.25% interest rate concession for existing housing loan borrowers and corporate salary account holders.
State Bank of India
State Bank of India
The largest PSU bank offers car loans in the range of 8.75%–9.80%. The EMIs for the loan are between Rs 10,319 and Rs 10,554.
Punjab National Bank
Punjab National Bank
Interest rates for PNB car loans are 8.75% to 10.60%. The EMIs for its loans are between Rs 10,319 and Rs 10,772.
South Indian Bank
South Indian Bank
The bank offers car loans starting at 8.75%. The EMI for the loan starts at Rs 10,319.