According to data from Bankbazar.com, interest rates on a car loan of Rs 10 lakh (duration of 5 years) are going from 7.80 percent to 9.99 percent. However, these rates depend on the customer's income and credit score.
Punjab National Bank (PNB) – 7.80 percent interest, EMI Rs 20,181
Union Bank of India – 7.90 percent interest, EMI Rs 20,229
Canara Bank – 8.25 % interest, EMI Rs 20,396
Bank of Baroda – 8.40 percent interest, EMI Rs 20,468
State Bank of India (SBI) – 9.00 percent interest, EMI Rs 20,758
Private bank interest rates and EMI
IDBI Bank – 8.30 percent interest, EMI Rs 20,420
Axis Bank – 8.90 percent interest, EMI Rs 20,710
ICICI Bank – 9.15 % interest, EMI Rs 20,831
HDFC Bank – 9.40 % interest, EMI Rs 20,953
IDFC First Bank – 9.99 percent interest, EMI Rs 21,242
Where will you get benefit?
Public sector banks like Punjab National Bank and Union Bank can prove to be more economical for customers who want a loan on low EMI. At the same time, the interest rate in private banks is slightly higher. Therefore, it will be beneficial to compare on bank websites and loan aggregator platforms before taking a loan.
