Buying a car? Here are best loan rates offered by various companies

Instalments you pay on a loan will vary significantly depending on the interest rate

If you plan on buying a new car, one task for that is to decide loan options offered by various banks. Understanding the interest rates, processing fees, and other charges associated with these loans is essential for making an informed decision.

To assist in this process, we have compiled a comprehensive list of new car loan rates and charges by 18 leading banks.

New car loan rates and charges

UCO Bank is offering an interest rate of 8.45 per cent to 10.55 per cent, translating to EMIs between Rs 10,246 to Rs 10,759 for a loan amount of Rs 5 lakh over a tenure of 5 years.

 

Union Bank of India is offering an interest rate 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 5 years.

Canara Bank is offering an interest rate of 8.7 per cent to 12.7 per cent, resulting in EMIs between Rs 10,307 to Rs 11,300 for a loan amount of Rs 5 lakh over a tenure of 5 years.

Bank of Maharashtra is offering an interest rate of 8.7 per cent to 13 per cent, resulting in EMIs ranging from Rs 10,307 to Rs 11,377 for a loan amount of Rs 5 lakh over a tenure of 5 years.

Punjab National Bank is offering an interest rate 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 5 years.

Bank of India is offering an interest rate of 8.85 per cent to 12.1 per cent, translating to EMIs between Rs 10,343 to Rs 11,148 for a loan amount of Rs 5 lakh over a tenure of 5 years.

Bank of Baroda is offering an interest rate of 8.95 per cent to 12.7 per cent, resulting in EMIs ranging from Rs 10,367 to Rs 11,300 for a loan amount of Rs 5 lakh over a tenure of 5 years.

State Bank of India is offering an interest rate of 9.05 per cent to 10.1 per cent, resulting in EMIs ranging from Rs 10,391 to Rs 10,648 for a loan amount of Rs 5 lakh over a tenure of 5 years.

Here is a list by Paisabazaar.com on car loans offered by 18 banks with loan rates, EMIs and processing fees.