Car Loans: If you have deposited your money in the bank, then you may have noticed one thing, that the interest rate on bank deposits has come down considerably. Loan borrowers have also got one advantage of this. At present, the interest rate of car loans has come down to the lowest level of 6.65 per cent.
According to the information received from Paisabazaar.com, at present, Punjab National Bank is offering car loans at the cheapest interest rate. The interest rate in PNB starts from 6.65 per cent. The highest interest rate of this bank’s car loan is 8.75 per cent.
What is the advantage of a cheap car loan?
Corona cases are increasing once again in many countries including India. The Omicron variant of the coronavirus is causing havoc. In such a situation, keeping in mind the social distancing, most people want to travel somewhere by own car. In such a situation, the interest of people regarding cars has increased. If money is not available to make your car dreams come true, then many banks finance 100% of the cost of the car. Incidentally, at this time, the interest rate on car loans has reached the lowest level.
Where to get the cheapest Car loan
According to the information received from Paisabazaar.com, at present, Punjab National Bank is giving car loans at the cheapest interest rate. The car loan interest rate of Punjab national bank is starting from 6.65 per cent. And, the highest interest rate of this bank’s car loan is 8.75 per cent. This is the most competitive rate in the car loan market at the moment. Other banks, whether government or private, all have higher interest rates on car loans.
7% loan in SBI
The country’s largest bank State Bank of India (SBI), is also not lagging in providing affordable car loans. If you take a car loan for an electric vehicle from this bank, then you can also get a loan at 7 per cent per annum interest. This is because this bank gives a discount of 0.20 per cent on green car loans. The interest rates for other cars is from 7.20 to 7.95 per cent.
Union Bank is also Providing cheap loans
Public sector Union Bank of India is also not lagging in offering car loans at the lowest interest rates. The rate of interest on a car loan in this bank ranges from 7.15 per cent to 7.50 per cent. The public sector’s UCO Bank is providing loans at 7.5 per cent. The interest rate of car loans in the private sector HDFC Bank is 7.5 per cent.
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What is the rate in ICICI Bank?
In the private sector, ICICI Bank, the interest rate on car loans ranges from 7.50 to 9.50 per cent. The interest rate on a car loan in IDBI Bank is 9.20 to 9.90 per cent. In the private sector Federal Bank itself, car loan is available at 8.50 per cent. The interest rate on tax loan in RBL Bank is 12 to 14 per cent, while in City Union Bank, car loan is available at 12.25 to 12.75 per cent.
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