Many banks are offering car loans at an attractive rate. The EMI burden is higher when taking a loan for a shorter period. Also, a single report has a bad effect on missing a single repair.
The EMI burden on a long-term car loan is less.
Everyone wants to buy a car for themselves. Those who have cars want to upgrade. Whether you are buying for yourself or family for the first time or are thinking of upgrading the old car itself. You definitely keep in mind the cost incurred on this. Most of the people also purchase it through a car loan. Car loans are generally taken for 3 to 5 years. Some banks also offer car loans for 7 years.
Taking a loan in the long term means that the monthly EMI will be reduced. This will reduce the burden on your pocket every month. However, on the whole, more interest has to be paid on long-term loans. In such a situation, a long-term car loan may not be the best option for you.
If you take a car loan for a short period, the EMI burden will increase. Also, if you miss its payment, then it can also be seen on the credit report. Apart from this, special attention will also have to be paid to certain conditions regarding the loan amount. Like – some lenders will give you a loan for the entire ex-showroom price of the car. However, some lenders will give only 80 per cent of the amount as loan. Apart from interest on car loan, you should also know about other charges including loan processing. We are giving you information about car loans of 15 banks and the processing fees and EMIs on them. Note that the loan amount is 1 lakh rupees and the duration is 5 years.
- Bank of Baroda is giving loans at the rate of 7 to 7.25 percent. You will have to pay 0.50 percent on the processing fee. Its minimum limit will be Rs 2,500 and the maximum limit will be Rs 10,000 and GST. As an EMI, you have to pay Rs 1,980 to 2,137.
- Punjab and Sindh Bank is getting a car loan at the rate of 7 to 7.90. On this, you will have to pay EMI of Rs 1,980 to 2,203. During the festival campaign, there will be complete exemption from processing fees.
- The Central Bank of India is offering car loans at the rate of 7.05 to 7.80 per cent. On this, you have to pay a processing fee of 500 rupees per proposal. The monthly EMI amount will be Rs 1,982 to Rs 2,018.
- Union Bank of India is giving loans at the rate of 7.15 to 7.50 per cent on a car loan for 5 years. On this, you will have to pay EMI from Rs 1,987 to Rs 2,004. Processing fees will have to be given at Rs 1,000 plus GST.
- Punjab National Bank is giving loans at a rate of 7.30 to 7.80 per cent on a car loan for 5 years. The EMI on this ranges from 1,994 to 2,018. As a processing fee, you will have to pay 0.25 percent. Its minimum amount will be Rs 1,000 and the maximum amount will be Rs 1,500.
- Bank of Maharashtra is charging interest on the car loan at the rate of 7.30 to 8.80 per cent for 5 years. On taking a car loan from this bank, you will have to pay EMI from Rs 1,994 to Rs 2,066. By 31 March 2021, it is being completely exempted from processing fees.
- Canara Bank gives you 7.30 to 9.9. Is giving a car loan for 5 years at the rate of per cent. 0.25 percent will have to be paid as processing fee. Its minimum limit is Rs 1,000 and the maximum limit is Rs 5,000.
- Nainital Bank is giving you a car loan for 5 years at a rate of 7.40 to 9.40 per cent. You will not have to pay any processing fees on a car loan in this bank. Talking about EMI, it will be Rs 1,999 to 2,100 for every month.
- Bank of India is giving loans for 5 years at a rate of 7.45% to 8.65%. 2,001 to 2,059 as EMI will have to be paid. Talking about processing fees, it is 0.25 per cent. Its minimum limit is Rs 1,000 and the maximum limit is Rs 5,000.
- IDBI Bank has 7.50 to 8.10 percent on a 5-year car loan. At least Rs 1,500 and a maximum of Rs 3,500 will have to be paid as processing fees. Along with this, tax on this will also have to be paid. Talking about EMI, it is Rs 2,004 to 2,032.
- Indian Overseas Bank is offering a car loan for 5 years at a rate of 7.55 per cent. Its EMI is Rs 2,006. The processing fee on a car loan up to Rs 5 lakh will be 0.50 percent.
- State Bank of India has 7.70 per cent to 11.20 per cent on car loans. 0.25 percent will have to be paid as processing fee. Its maximum limit is 7,500 rupees. GST will also have to be given on this. Talking about EMI, it will be Rs 2,184 from 2013.
- Car loan interest rates in ICICI Bank are 7.90 to 8.80 percent. Depending on the loan amount, processing fees will have to be paid from Rs 3,5000 to 8,500. The EMI on a car loan in this bank will be from Rs 2,023 to Rs 2,066.
- HDFC Bank is getting a car loan at the rate of 7.95 per cent to 8.30 per cent. 0.40 per cent will be charged as processing fee. Its minimum limit is Rs 3,000 and the maximum limit is Rs 10,000. Talking about EMI, it will be Rs 2,025 to Rs 2,042.
- The interest rates on car loans in Jammu and Kashmir Bank are 7.95 percent to 8.70 percent. In this bank, you will have to pay Rs 2,052 to 2,061 as EMI. Talking about processing fees, it will be 0.50 percent. Its minimum limit is 500 rupees.
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