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Cheapest Car Loans: If you are planning to buy a new car for your family, then you will need to take a car loan. Today, many government and private banks in the country offer car loans. Like other loans, the interest on car loans also depends on your credit score. If your credit score or CIBIL score is good, then the bank can give you a loan at a comparatively lower interest rate. Apart from this, many banks keep coming up with various offers for car loans from time to time.
Here we will tell you about those 6 banks that are offering a car loan of Rs 5 lakh at the lowest interest rates for 5 years. Along with this, we will also know how much EMI you will have to pay every month on taking a car loan from these banks and how much money these banks are charging as processing fees for car loans.
Punjab National Bank
Punjab National Bank is offering car loans at interest rates ranging from 8.75 to 10.60 percent. PNB is charging Rs 1000 to Rs 15,000 as processing fee for car loans. On taking a car loan from PNB, you will have to pay an EMI of Rs 10,319 to Rs 10,772 every month.
Bank Of Maharashtra
Bank of Maharashtra is offering car loans at interest rates ranging from 8.70 to 13.00 percent. This bank is also charging Rs 1000 to Rs 15,000 as processing fees for car loans. If you take a car loan from the Bank of Maharashtra, you will have to pay an EMI of Rs 10,307 to Rs 11,377 every month.
Canara Bank
Canara Bank is offering car loans at interest rates ranging from 8.70 to 12.70 percent. This bank is charging a maximum of Rs 2500 as a processing fee for car loans. If you take a car loan from Canara Bank, you will have to pay an EMI of Rs 10,307 to Rs 11,300 every month.
Union Bank Of India
Union Bank of India is offering car loans at interest rates ranging from 8.70 to 10.45 percent. This bank charges only Rs 1000 as a processing fee for car loans. If you take a car loan from Union Bank of India, you will have to pay an EMI of Rs 10,307 to Rs 10,735 every month.
UCO Bank
UCO Bank is offering car loans at interest rates ranging from 8.45 to 10.55 percent. This bank does not charge any money as a processing fee for car loans. If you take a car loan from UCO Bank, you will have to pay an EMI of Rs 10,246 to Rs 10,759 every month.
