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If you are planning to buy a new car, it is important to know about the loan options offered by various banks. Understanding interest rates, processing fees, and other charges associated with these loans is essential for making an informed decision.
Here is a comprehensive list of new car loan rates and charges from 18 leading banks to help you in this process.
New car loan rates and charges
Federal Bank offers an interest rate of 8.85 per cent onwards, translating to EMIs of Rs 10,343 onwards for a loan amount of Rs 5 lakh over a tenure of 5 years.
Punjab and Sind Bank’s interest rate varies between 8.85 per cent and 10.25 per cent, translating to EMIs between Rs 10,343 to Rs 10,685 for a loan amount of Rs 5 lakh over a tenure of 5 years.
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IDBI Bank offers an interest rate of 8.90 per cent to 9.70 per cent, translating to EMIs between Rs 10,355 and Rs 10,550 for a loan amount of Rs 5 lakh over 5 years.
Bank of Baroda’s interest rate ranges from 9.00 per cent to 12.70 per cent, which translates to EMIs between Rs 10,379 and Rs 11,300 for a loan amount of Rs 5 lakh over 5 years.
State Bank of India is offering an interest rate of 9.10 per cent to 10.15 per cent, translating to EMIs between Rs 10,403 and Rs 10,660 for a loan amount of Rs 5 lakh over 5 years.
ICICI Bank offers an interest rate of 9.10 per cent onwards, translating to EMIs of Rs 10,403 onwards for a loan amount of Rs 5 lakh over 5 years.
Karnataka Bank’s interest rate is between 9.13 per cent and 11.61 per cent, which translates to EMIs between Rs 10,411 and Rs 11,024 for a loan amount of Rs 5 lakh over 5 years.
HDFC Bank offers an interest rate of 9.20 per cent onwards, translating to EMIs of Rs 10,428 onwards for a loan amount of Rs 5 lakh over 5 years.
Below is the list by Paisabazaar.com of car loans offered by 18 banks with loan rates, EMIs and processing fees.
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