Loan Interest Rates in August 2024: These 8 Banks Have Revised Loan Interest Rates in August
Who can get a car loan in India?
- An Indian resident
- Over 18 years old
- A salaried professional, self-employed person or business owner earning at least Rs 25,000 per month (may vary by bank).
- Available for eKYC/Video KYC based on Aadhar OTP
- In India, during the loan application process and video KYC
- Solvent person with a good credit score.
In addition to meeting the eligibility requirements and submitting the necessary paperwork for a car loan, you must also pay a down payment on the vehicle, up to a predetermined percentage based on your eligibility for the loan. If you do not meet the bank’s qualification requirements, you may also be required to provide information about your collateral.
Car loan interest rate offered by banks
The monthly payments you pay on the loan will vary significantly depending on the interest rate. You may be able to get a better deal and get a cheaper interest rate if you have a good credit history. Before choosing a bank to apply for the loan, compare the interest rates offered by different banks. Keep in mind that a reduced interest rate lowers your monthly expense due to the lower monthly payment.
Here are the interest rates for a car loan with an EMI (Rs) of Rs 5 lakh and a tenure of 5 years.
NEW CAR LOANS: RATES AND FEES | |||
Name of lender | Interest rate (%) | EMI (Rupees) Loan Amount: 5 lakh Term of office: 5 years |
Processing fee (% of loan amount) |
Union Bank of India | 8.70 – 10.45 | 10,307 – 10,735 | 1,000 rupees |
National Bank of Punjab | 8.75 – 10.60 | 10,319 – 10,772 | 0.25% (Rs. 1,000-1,500) |
Bank of Baroda | 8.90 – 12.70 | 10,355 – 11,300 | Up to Rs 2,000 |
Canara Bank | 8.70 – 12.70 | 10,307 – 11,300 | 0.25% (maximum Rs. 2500) |
Bank of India | 8.85 – 10.85 | 10,343 – 10,834 | 0.25% (Rs. 1,000-5,000) |
UCO Bank | 8.45 – 10.55 | 10,246 – 10,759 | Null |
State Bank of India | 8.95 – 10.00 | 10.367-10.624 | Up to Rs 1,500 |
IDBI Bank | 8.80 – 9.65 | 10,331 – 10,294 | 2,500 rupees |
Bank of Maharashtra* | 8,70 – 13,00 | 10,307 – 11,377 | 0.25% (Rs. 1,000 – 15,000) |
Indian Overseas Bank** | 8.85 – 12.00 | 10,343 – 11,122 | 0.50% (Rs. 500-5000) |
ICICI Bank | 9.10 onwards | 10,403 onwards | Up to 2% |
HDFC Bank | 9.20 onwards | 10,428 onwards | 0.50% (Rs. 3500-8000) |
Bank of Karnataka | 8.88 – 11.37 | 10,350 – 10,964 | 0.60% (Rs. 3,000 – 11,000) |
Federal Bank | 8.85 and up | 10,343 onwards | Rs 2,000 – Rs 4,500 |
Punjab and Sind Bank*** | 8.85 – 10.25 | 10,343 – 10,685 | 0.25% (Rs. 1,000 – 15,000) |
Bank of South India | 8.75 and up | 10,319 onwards | 0.75% (maximum: Rs 10,000) |
First IDFC Bank | 9.00 onwards | 10,379 and above | Up to Rs 10,000 |
Union City Bank | 14.45 – 14.95 | 11,751 – 11,882 | 1.25% (minimum: Rs 1000) |
Things to keep in mind
*0.25% interest rate concession for existing home loan borrowers and corporate salary account holders.
**0.50% interest rate concession for borrowers with a credit score of 800 or higher. 0.25% interest rate concession for borrowers with a credit score of 750 to 799.
***Up to 50% Concession on Processing Fee for PSB Apna Vahan Sugam.
Rates and fees effective August 14, 2024
Source: Paisabazaar.com
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