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    Car loan: Which bank is getting the cheapest car loan and how much is the processing fee, know everything here

    Shehnaz AliBy Updated:No Comments2 Mins Read
    New Delhi: Car sales are increasing rapidly after the outbreak of the Corona epidemic subsided. The condition is that auto companies have pending orders for more than seven lakh vehicles. These companies are making every effort to deliver on time. Most people take auto loans from banks to buy a car. Usually the tenure of this loan is for seven years. The longer the loan tenure, the smaller will be the installment. A car is something that depreciates with the passage of time. That is, the older the car, the lower its value. That’s why you should avoid taking a big loan.

    If you take a car loan for a shorter tenure, your installment will be higher. If you are unable to make payments on time, it will affect your credit score as well. Various conditions are also applicable on the loan amount. Some banks give full loan on ex-showroom price whereas some banks give loan up to 80% of it. Apart from the interest rate on the car loan, processing fees and other charges also have to be paid. Here we are telling you how much is the interest rate and processing fee on auto loan in various banks. This calculation is based on a loan amount of Rs 1 lakh and a tenure of five years…

    Bank Interest Rate (in %) EMI (in Rs.) processing fee
    Kotak Mahindra Bank 6.50-20.00 1957-2649 not available on website
    HDFC bank 7.20-10.00 1990-2125 0.5% of the loan amount, minimum Rs 3500, maximum Rs 8,000
    Central Bank of India 7.85-8.55 2020-2054 No fee till December 31, 2022
    indusind bank 8.00-18.00 2028-2539 3% of the loan amount
    SB I 8.10-9.10 2032-2081 nil
    PNB 8.15-9.15 2025-2083 No fees till the end of 2022
    Punjab And Sind Bank 8.20-9.30 2037-2090 0.25% of the loan amount, minimum Rs 1000, maximum Rs 15000
    bank of india 8.30-10.25 2042-2137 nil
    Union Bank of India 8.40-10.20 2047-2135 Rs.1000 (Nil for Staff)
    Axis Bank 8.45-13.05 2047-2278 Rs.3500 to Rs.5500
    Bank Of Baroda 8.45-11.70 2049-2209 nil
    Indian Bank 8.50-9.10 2052-2081 0.50% of the loan amount (maximum Rs. 10000)
    Catholic Syrian Bank 8.50-10.75 2052-2162 One percent of the loan amount
    IDFC First Bank 8.50-9.50 2052-2100 Rs 4999
    Bank Of Maharashtra 8.70-12.20 2061-2235 nil

    Source: MyMoneyMantra.com

    Source: navbharattimes.indiatimes.com

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    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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