If you’re considering purchasing a new car before Diwali, securing a low-interest car loan is crucial.
To help you make an informed decision, we’ve compiled information on the car loan offers from major banks, including interest rates and monthly EMIs for a ₹10 lakh loan.
This guide will assist you in choosing the right loan based on your budget and requirements.
Car Loan Offers from Major Banks
1. Union Bank of India
Union Bank of India offers a competitive interest rate of 8.70% on a car loan of ₹10 lakh. This means your monthly EMI will be ₹24,565.
2. State Bank of India (SBI)
SBI provides car loans at an interest rate of 8.75%, resulting in a monthly EMI of ₹24,587.
Other banks, including Punjab National Bank, Canara Bank, and Indian Bank, are also offering loans at this same rate.
3. Bank of India
The Bank of India has an interest rate of 8.85% on car loans, with a monthly EMI of ₹24,632.
4. Bank of Baroda
Bank of Baroda is offering an interest rate of 8.90% for a four-year term, leading to a monthly EMI of ₹24,655.
5. ICICI Bank
ICICI Bank provides a car loan at an interest rate of 9.10%, resulting in a monthly EMI of ₹24,745.
6. Axis Bank
With an interest rate of 9.30%, Axis Bank’s EMI for a car loan will be ₹24,835.
7. HDFC Bank
HDFC Bank offers a car loan at an interest rate of 9.40%, requiring a monthly EMI of ₹24,881.
