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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