Car Loan Interest Rate: Check SBI vs HDFC vs ICICI vs PNB EMI calculator, comparison, processing fee, other details
Car Loan Interest Rate, EMI Calculator: In modern days, owning a four-wheeler has become a necessity. One feels the need for a vehicle, especially at a time of crisis like a medical emergency. Also, buying a car often remains on the checklist of many people. So, if you are planning to buy a car or want to upgrade to another car or want one more for your family, a car loan comes in handy as you are saved from shelling out too much money at once and get a reasonable period to pay back the loan. A car loan is generally available for a tenure of three to five years but some banks do provide it for up to seven years.
Car Loan Interest Rate EMI Calculator SBI
So, if you are planning to buy a vehicle, you must compare the car loan interest rate offered by different banks including SBI and HDFC. The State Bank of India, SBI, offers a car loan at an interest of 8.2% to 9.2%. This translates into an EMI of Rs 2,037 to Rs 2,086 per lakh. The bank does not charge any processing fee for the loan. The loan tenure is five years. (Pixabay image)
Car Loan Interest Rate EMI Calculator Central Bank
Central Bank of India provides car loans at the rate of 7.85% to 8.55% and the EMI costs Rs 2,022 to Rs 2,054 per lakh for a loan tenure of five years. The bank has waived processing fees up to 31st December 2022 under the Welcome Monsoon Retail Campaign.
Car Loan Interest Rate EMI Calculator PNB
The Punjab National Bank or PNB offers a car loan at the rate of 8.15 to 9.15% and the EMIs per lakh cost between Rs 2,035 and Rs 2,083 for a tenure of five years. The bank has waived the processing fee under PNB Festival Bonanza Offer 2022.
Car Loan Interest Rate EMI Calculator ICICI Bank
ICICI Bank provides car loans at the interest rate of 8.3% to 9.1% depending on the tenure of the loan. This translates into an EMI of Rs 2,042 to Rs 2,081 per lakh. The bank charges a processing fee of Rs 999 to Rs 9000 depending upon the model of the car and the loan amount. The loan tenure is five years.
Car Loan Interest Rate EMI Calculator HDFC Bank
HDFC Bank offers a car loan at an 8.5% interest rate and the EMI costs around Rs 2,052 per lakh. The Bank charges 0.5% of the loan amount, a minimum of Rs 3,500 and a maximum of Rs 8,000 as the processing fee of the car loan. The loan tenure is five years.
Car Loan Interest Rate 2022 Comparison, EMI Calculator
Many people prefer to take a loan for buying cars. Be it public sector lender or private sector banks, all offer car loan. The car loan interest rates by different banks ranges between 6.5% (Kotak Mahindra) and goes up to 18%. The EMIs per lakh for a tenure of five years ranges between Rs 1,957 and Rs 2,539.