Cheapest Car Loans: Banks Offering Best Deals This Festive Season

The festive season is to start soon, which means various companies will offer great deals on their products and services. Well, if you are planning to buy a car this Ganesh Chaturthi, Dussehra or Diwali and looking for the best bank loan offers, no need to worry anymore. We have curated a list of the best bank deals offering the cheapest interest rates on car loans.

According to paisabazaar.com, interest rates for new car loans of Rs 5 lakh with a five-year repayment period range from 8.45 percent to 9 percent for the top 15 banks.

UCO Bank

United Commercial Bank (UCO Bank) charges an interest of 8.45 percent onwards on a new car loan of Rs 5 lakh with a five-year tenure. The approximate monthly EMI will be Rs 10,246.

Union Bank of India, Canara Bank and Bank of Maharashtra

The interest rate for these banks is nearly the same i.e. 8.7 percent onwards on a new car loan of Rs 5 Lakh for a five-year term plan. As per the calculation, the approximate monthly EMI would be Rs 10,307, slightly higher than that of UCO Bank.

Punjab National Bank and South Indian Bank

On a new car loan of Rs 5 lakh, the Punjab National Bank and South Indian Bank charge interest around 8.75 percent onwards for a five-year term plan. Your EMI amount will be Rs 10,319, which is again slightly higher than the above-mentioned banks.

IDBI Bank

IDBI Bank offers a new car loan of Rs 5 lakh with an interest rate of 8.8 percent onwards for a five-year term plan. In this case, the monthly EMI for the customers would be Rs 10, 331.

Bank of India, Indian Overseas Bank and Federal Bank

Adding to the list, next are the Bank of India, Indian Overseas Bank and Federal Bank which charge an interest of 8.85 percent onwards on a new car loan of Rs 5 lakh with a five-year plan, with the EMI amounting to be Rs 10,343.

Bank of Baroda

Bank of Baroda, the third largest public sector bank in India, charges an 8.90 percent onwards interest rate on a new car loan of Rs 5 lakh with a five-year plan, resulting in a monthly EMI of Rs 10,343.

State Bank of India

An interest rate of 8.95 percent onwards is applied on a new car loan of Rs 5 lakh with a five-year term by the State Bank of India. In this instance, the EMI will be Rs 10,367.

IDFC First Bank

Next on the list is the private sector bank, the IDFC First Bank which charges a 9 percent onwards interest rate on a car loan of Rs 5 lakh. The EMI amount would be 10, 379.

ICICI Bank

For a new car loan of Rs 5 lakh with a five-year term, private sector bank ICICI Bank charges 9.10 percent onwards interest rate. The total cost of the EMI is Rs 10,403.

HDFC Bank

Last comes the HDFC Bank, which is India’s largest bank by market capitalisation. For a new car loan of Rs 5 lakh with a five-year plan, it will charge you a 9.20 percent interest rate. According to this, the monthly EMI would be Rs 10,428, the highest among all.

It is to be noted that the interest rates mentioned above are an estimate and the actual figures may differ based on the terms and conditions of the banks.