While purchasing a property looks good, considering the ongoing festive promotions all round and 15-year-low home loan rates, you must approach other loans with restraint. There is no question that personal loans can be minimized and used strictly as a final option. That being said, if you have placed your sights on your dream car, make sure that before cashing in on the bank that provides the best terms, you do a detailed analysis of interest rates. On a car loan of Rs 10 lakh with a period of seven years, Punjab & Sind Bank provides the lowest rate - 7.1 percent. With 7.25 percent, the Central Bank of India is next on the table of the cheapest car loan lenders.
Car Loan Interest Rates
|Sr No.||Banks||ROI (p.a.)|
|1||Punjab & Sind Bank||7.10%|
|2||Central Bank of India||7.25%|
|4||Punjab National Bank||7.30%|
|5||Bank of India||7.35%|
|6||Bank of Baroda||7.35%|
|8||Bank of Maharashtra||7.50%|
|9||Indian Overseas Bank||7.55%|
Banks are classified on the basis of interest rate in an ascending manner, i.e. banks giving the cheapest rate on a Rs 10 lakh car loan are kept at the top and the highest at the end. EMI is determined on the basis of the interest rate shown in the chart with a period of seven years and for a loan amount of Rs 10 lakh. Remember that processing and other charges are considered to be zero for the evaluation of EMI. The interest rate specified in the chart is predictive and can differ based on the terms and conditions of the banks.
Note: No consideration has been given to banks for which data is not accessible on their websites.