Are you considering buying a new car and thinking about getting a loan from a bank? Opting for a low-interest rate loan can decrease the interest burden.
What would be the monthly EMI if you borrow Rs. 5 lakh for a car? Also, which banks offer low interest rates? This is a list of banks with low interest rates.
Many people now consider owning a car a necessity, and many of them are financing their car purchases. Having a good car can provide safety and might even save lives in accidents.
Currently, banks are offering car loans at low interest rates, making it easier to buy a car. It’s important to know the interest rates offered by different banks.
To apply for a car loan, you must be an Indian citizen and at least 18 years old. Banks provide easy loans to employees, self-employed individuals, and business owners who earn a minimum of Rs. 25,000 per month.
The loan process can be completed through Aadhaar OTP KYC or Video KYC. You may be eligible for a low-interest loan if you have a good credit score.
The EMI amount depends on the interest rates. It’s advisable to compare different banks to find the lowest interest rates. A lower interest rate decreases the monthly EMI burden.
Curious about the EMI for a loan of Rs.5 lakh? Here’s a handy list of banks to help you compare.
- Interest rates in the Union Bank of India range from 8.70 percent to 10.45 percent. If you take a loan of Rs.5 lakh and choose a tenure of 5 years, the monthly EMI will be from Rs.10,307 to Rs.10,735.
- Punjab National Bank’s interest rates range from 8.75 percent to 10.60 percent. An EMI per month of Rs.10,319 to Rs. 10,772 will take up to.
- The Bank of Baroda’s interest rates range from 8.90 percent to 12.70 percent. An EMI per month of Rs.10,355 to Rs. 11,300 will be taken.
- Canara Bank’s interest rates range from 8.70 percent to 12.70 percent, and the EMI is Rs.10,307 to Rs.11,300.
- While the Bank of India’s interest rates range from 8.85 percent to 10.85 percent, the monthly EMI will be Rs.10,343 to Rs.10,834.
- The lowest percentage is 8.45 percent to 10.55 percent at UCO Bank. The EMI is Rs 10,759 from Rs 10,246.
- The State Bank of India’s interest rates range from 8.95 percent to 10 percent. The EMI per month is Rs. 10,367 to Rs. 10,624.
- ICICI Bank’s interest rate is 9.10 percent, while the monthly EMI is Rs.10,403.
- In HDFC Bank, the interest rate starts at 9.20 percent, and the monthly EMI is Rs.10,428.
Bank of Maharashtra offers loans at 8.70 to 13.00 percent interest. It charges a processing fee of Rs.1000 to Rs.15,000. The monthly EMI is Rs. 10,307 to Rs. 11,377.