Car Loan Calculator: How much EMI will have to be paid if you take a car loan of ₹ 10 lakh for 5 years? see the complete math

Car Loan Calculator: How much EMI will have to be paid if you take a car loan of ₹ 10 lakh for 5 years? see the complete math

by with No Comment Car Review

Car Loan Calculator: If you are thinking of buying a new car and want to take a loan, do not depend only on the dealership's offer. You can get a better deal by comparing rates across banks, loan aggregator websites and online portals. Let us know which bank is offering the cheapest loan of Rs 10 lakh for 5 years and how much will be the EMI.

According to the latest data from BankBazaar, the interest rates on new car loan of Rs 10 lakh (tenure of 5 years) in public and private banks range from 7.85% to 9.99%. However, the actual interest rate depends on the customer's credit profile, income and repayment history.

Interest rates and EMI of government banks
Punjab National Bank (PNB) – 7.85 percent interest, EMI Rs 20,205
Union Bank of India – 7.90 percent interest, EMI Rs 20,229
Bank of Baroda – 8.15 percent interest, EMI Rs 20,348
Canara Bank – 8.20 percent interest, EMI Rs 20,372

Interest rates and EMI of private banks
IDBI Bank – 7.95 percent interest, EMI Rs 20,252
ICICI Bank – 8.5 percent interest, EMI Rs 20,517
Axis Bank – 8.8 percent interest, EMI Rs 20,661
HDFC Bank – 9.40 percent interest, EMI Rs 20,953
IDFC First Bank – 9.99 percent interest, EMI Rs 21,242

Punjab National Bank is the cheapest option
If you want to take a car loan at low EMI, then government banks like Punjab National Bank (PNB) can prove to be a better option for you. In comparison to these, the interest rates in private banks are slightly higher. Punjab National Bank is the cheapest option, where new car loan interest rates start from 7.85%. The EMI for a car loan of Rs 10 lakh for 5 years is Rs 20,205.

Keep these things in mind

  • If you have a good credit score, you can get a lower interest rate.
  • It would be better to compare different banks instead of the car dealer's finance scheme.
  • Before deciding EMI, keep your monthly budget and fixed expenses in mind.
  • Don't depend on just one bank before taking a loan for a new car. There is a difference of up to 2 percent in interest rates, which can make a difference in your EMI for years.

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Car Loan: From PNB to HDFC Bank, where is the cheapest car loan? See the full list of banks

Car Loan: From PNB to HDFC Bank, where is the cheapest car loan? See the full list of banks

by with No Comment Car Review

Car Loan Interest Rates: It is always considered better to buy a car in the festive season. On this occasion, public sector and private banks are offering special offers on car loans to woo customers. These offers include zero processing fees, easy repayment options and discounted interest rates to those with better credit scores. If you are also thinking of buying a new car, then let us know which bank is getting the cheapest car loan?

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.

Public sector bank's interest rates and EMI

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.

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