Car Loan: On special festive occasions like Diwali, many people want to buy a new car. Especially, after GST reforms and huge discounts being given by car companies. But, for this it is important to choose the right car loan. Know which banks are offering the cheapest car loans on the occasion of Diwali.
The interest rate of Union Bank of India ranges from 7.80% to 9.70%. EMI for a loan of Rs 5 lakh for a tenure of 5 years will be Rs 10,090 to Rs 10,550. Processing fee is free in the festive offer.
The interest rate of Punjab National Bank ranges from 7.85% to 9.70%. EMI on loan of Rs 5 lakh will be between Rs 10,102 to Rs 10,550. Processing fee can be 0.25% i.e. Rs 1,000 to Rs 1,500.
The interest rate in Bank of Baroda is 8.15% to 11.60%. EMI on this loan will range from Rs 10,174 to Rs 11,021. The processing fee is maximum Rs 2,000.
Canara Bank is offering interest rates ranging from 7.70% to 11.70%. EMI will be between Rs 10,067 to Rs 11,047. Processing fee can range from 0.25% i.e. Rs 1,000 to Rs 5,000.
The interest rate of Bank of India ranges from 7.85% to 12.15%. EMI will be Rs 10,102 to 11,160. Processing fee is 0.25% i.e. Rs 2,500 to Rs 10,000.
The interest rate in UCO Bank is 7.60% to 10.25%. EMI on 5 year loan will be Rs 10,043 to Rs 10,685. The processing fee is fixed at 0.50% i.e. Rs 5,000.
The interest rate of State Bank of India is 8.80% to 9.90%. EMI will be Rs 10,331 to Rs 10,599. There is no processing fee in SBI.
The interest rate in IDBI Bank is 8.30% to 9.15%. EMI will be between Rs 10,210 to Rs 10,416. The processing fee is maximum Rs 2,500.
The interest rates in Bank of Maharashtra range from 7.70% to 12.00%. EMI will range from Rs 10,067 to Rs 11,122. Processing fee can be up to 0.25% i.e. Rs 15,000, the fee is free in festive offers.