These 9 banks are offering the cheapest car loans

Auto sales are generally high during the festive season. To attract customers, this time most companies have come up with offers. Nowadays, auto loans rates are at their lowest and can be a good source of funding to buy one’s dream car. A few banks are also giving loans up to 90% of the on-road price of the vehicle.

Check out the offers listed below before taking a loan for buying your car.

1. Punjab & Sind Bank: At present the is offering the cheapest auto loan with interest rates starting from 6.80%. There is no processing fee till November 10, 2021. A five-year loan of Rs 1 lakh will entail an EMI of Rs 1,971.

2. Bank of India: This bank is currently offering car loans at an interest rate of 6.85% with zero processing fee til December 31 and EMI starts at Rs 1,973 for a Rs 1 lakh loan.

3. Indian Bank: They are offering car loans at an interest rate of 6.90% and an EMI of Rs 1,975 for a five-year loan of Rs 1 lakh.

4. Bank of Baroda:  They are offering car loans at an interest rate of 7%. If any customer takes a car loan of Rs 1 lakh for five years, the EMI would be Rs 1,980.

5. Bank of Maharashtra: This bank is offering auto loans at an interest rate of 7.05% and an EMI of Rs 1,982 per Rs 1 lakh for five years.

6, 7, 8. State Bank of India, Union Bank of India and Central Bank of India:  These three banks offer an identical interest rate of 7.25% with a monthly outgo of Rs 1,992 for every Rs 1 lakh of loan for a five-year period.

9. Punjab National Bank: This New Delhi-based bank offers interest rates of 7.30% and an EMI of Rs 1,994.