Planning to buy a new car soon? Here are the best loan rates available

As 2024 ends, many people are planning to buy a car for the New Year. Understanding the car loan market could help you make a smarter financial 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 interest rates of 8.45 per cent to 10.55 per cent, translating to EMIs between Rs 10,246 to Rs 10,759 for a loan of Rs 5 lakh over a tenure of five years.

 

Union Bank of India is offering rates of 8.70 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 five years.

 

 

Punjab National Bank is offering rates of 8.75 per cent to 10.60 per cent, translating to EMIs between Rs 10,319 and Rs 10,772 for a loan amount of Rs 5 lakh over five years.

 

South Indian Bank is offering an interest rate of 8.75 per cent onwards, translating to EMIs of Rs 10,319 onwards 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 12.10 per cent, translating to EMIs between Rs 10,343 to Rs 11,148 for a loan amount of Rs 5 lakh over five years.

 

Indian Overseas Bank is offering an interest rate of 8.85 per cent to 12.00 per cent, translating to EMIs between Rs 10,343 to Rs 11,122 for a loan amount of Rs 5 lakh over five years.

 

Punjab and Sind Bank is offering an interest rate of 8.85 per cent to 10.25 per cent, translating to EMIs between Rs 10,343 to Rs 10,685 for a loan amount of Rs 5 lakh over five years.

 

Bank of Baroda is offering an interest rate of 8.95 per cent to 12.70 per cent, translating to EMIs between Rs 10,367 to Rs 11,300 for a loan amount of Rs 5 lakh over five years.

 

State Bank of India is offering an interest rate of 9.05 per cent to 10.10 per cent, translating to EMIs between 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.