In Hindu religion, the day of Akshaya Tritiya is considered very auspicious. On this day, a large number of people buy gold as well as other valuables like cars etc. In such a situation, if you are also planning to buy a car on Akshaya Tritiya, then you should be aware of the car loan interest rates offered by the bank, so that you can take the right decision.
Interest on car loan in banks
Union Bank of India: The interest rate on car loan in this government bank starts from 8.70 percent. If you take a car loan of Rs 10 lakh for four years, then the EMI on it will be around Rs 24,500.
SB I: The initial interest rate on car loan in the country’s largest bank, State Bank of India, is 8.75 percent. Apart from SBI, Canara Bank, PNB, Indian Bank are also offering car loans at an initial rate of 8.75 percent. If you take a car loan of Rs 10 lakh for four years, then the EMI on it will be around Rs 24,600.
Bank of India: Car loan is being given by this public sector bank at an initial interest rate of 8.85 percent. If you take a car loan of Rs 10 lakh for four years, then the EMI on it will be around Rs 24,650.
Bank of Baroda: The interest rate on car loan in this government bank starts from 8.90 percent. If you take a car loan of Rs 10 lakh for four years, then the EMI on it will be around Rs 24,700.
HDFC bank: Car loan is being given by private sector banks at an initial interest rate of 9.40 percent. If you take a car loan of Rs 10 lakh for 4 years, the EMI will be Rs 24,900 per month.
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