• Source:JND
Add as a preferred

Cheap car Loan:  Nowadays, everyone aspires to own a car. Earlier, it was way difficult to buy one, if you didn't have much savings but now with the help of easily available car loans, fulfilling this ambition is not a big deal. Almost every bank and nonbanking financial institution (NBFC) in the country offers car loans.

If you are also contemplating taking out a loan for a new vehicle, then you should check the interest rate and terms and conditions that are being provided by all sorts of banks. This will help you choose a cheap and convenient car loan.

UCO Bank

The Uco bank offers an 8.70% per year interest rate on a loan to purchase a new petrol or diesel automobile. The interest rate for buying an electric vehicle starts at 8.60 percent per year.

Also Read: Small Saving Schemes: Rules For PPF, Sukanya Samriddhi Account To Be Changed From October 1; Know New Guidelines

Canara Bank,  Union Bank of India, and Bank of Maharashtra

Union Bank of India- The interest rate on a loan to buy a new petrol or diesel automobile begins at 8.80 percent per year. For the electric car, the loan rate is 8.70 percent.  

Canara Bank: The interest rate in Canara Bank begins at 8.75 percent per year, while the interest rate on a loan to buy an electric automobile begins at 8.70 percent per year. 

Bank of Maharashtra- The car loan at the bank begins at 8.70 percent per year.

Punjab National Bank and South Indian Bank

Punjab National Bank: The interest rate on a loan to buy a new petrol or diesel automobile begins at 8.80 percent per year, while the interest rate for buying an electric vehicle begins at 8.75 percent per year.

South Indian Bank: The interest rate on a loan begins at 8.75 percent per year.

IDBI Bank- The interest rate on a loan to purchase a new car is between 8.80 and 9.40 percent per year.

Bank of India, Indian Overseas Bank, and Federal Bank

If the customers take a car loan from the above banks, they can avail it the loan at an interest rate ranging from 8.85 percent to 9.40 percent.

Bank of Baroda - The interest rate on a car loan to buy a new car begins at 9 percent per year and goes up to 12.65 percent per year.

State Bank of India

The interest rate on a loan to purchase a new petrol or diesel automobile begins at 9.15 percent per year. The interest rate on an electric automobile, on the other hand, begins at 9.05 percent per year.

Also read: Sebi Issues Show-Cause Notice To Paytm Over ESOPs Granted To Vijay Shekhar Sharma; Stock Tumbles 4%