If you are planning to buy a car then we have brought a great car for you. This comparison will be between the 3 largest banks of the country. Which includes SBI, PNB and BOB. This will make it easier for you to get a cheap loan. As you know that every bank is ready to give car loan, but the interest rates of all banks are different. Some places do not charge a processing fee, while other places charge a flat fee.
First of all, let’s talk about the country’s largest bank, State Bank of India. SBI has kept the car loan rate for its customers from 8.65 percent to 9.70 percent. Suppose if you take a loan of Rs 5 lakh, then the monthly installment for 5 years will be Rs 10,294 to Rs 10,550. The biggest thing is that the bank is not taking any charge in the process of this loan.
After SBI comes PNB. PNB charges 8.75 percent to 9.60 percent interest on car loan. If you withdraw money from PNB. If the loan is Rs 5 lakh then you will have to repay Rs 5 lakh Rs 10,319 to Rs 10,319. You may have to pay EMI up to Rs 10,525. Like SBI, there is no processing fee in PNB also.
BOB, the country’s third largest bank, charges interest rates ranging from 8.70 percent to 12.10 percent on car loans. If you take a loan up to Rs 5 lakh from Bank of Baroda, you will have to pay Rs 10,307 to Rs 11,148 per month for 5 years. The processing fee from the bank is zero.
