Car Loan EMI Calculator: In today’s times, owning a car has become an absolute necessity. Whether day or night, people find traveling by car to be a highly convenient and enjoyable experience. During the scorching heat of summer, the biting cold of winter, or the rainy season, a car ensures a safe and secure journey for everyone. If you are planning to purchase a car, the month of April presents a particularly special opportunity.
-
key highlights -
Bank-Wise Interest Rates & EMIs -
Car Loans Available from SBI for Your Purchase -
Great Opportunities from HDFC and ICICI Bank as Well
This April, several banks are offering car loans, allowing you to seize a golden opportunity by purchasing a vehicle through easy EMIs. In fact, banks have recently unveiled a plethora of fantastic offers just for you. However, do not base your decision solely on low interest rates. We are here to provide you with detailed information regarding the interest rates currently being offered on car loans by major banks such as SBI, HDFC, ICICI, and PNB.
key highlights
Bank-Wise Interest Rates & EMIs
(Based on a loan of ₹5 lakh for a 5-year tenure)
| bank | Interest Rate Range | Estimated Monthly EMI | Processing Fees |
| Canara Bank | Starts at 7.45% | ~₹10,010 | Low/Variable |
| PNB / Bank of Baroda | 7.60% – 10.0%+ | ~₹10,043 | 0.25% (Max ₹2,000) |
| Federal Bank | Starts at 7.60% | ~₹10,043 | variable |
| HDFC Bank | Starts at 8.15% | ~₹10,174 | 0.5% – 2.0% |
| ICICI Bank | Starts at 8.50% | ~₹10,258 | 0.5% – 2.0% |
| SBI | 8.70% – 9.85% | ₹10,355 – ₹10,587 | ₹750 – ₹1,500 |
Car Loans Available from SBI for Your Purchase
Ranked among the country’s leading banks, SBI has set its car loan interest rates within a range of 8.70% to 9.85%. If you opt for a loan of ₹5 lakh for a tenure of 5 years, your monthly EMI will range approximately from ₹10,355 to ₹10,587. The processing fee for such loans falls between ₹750 and ₹1,500. You can certainly take advantage of this attractive offer from SBI.
Great Opportunities from HDFC and ICICI Bank as Well
The private banking sector also features several banks offering highly competitive interest rates. Did you know that car loan interest rates at HDFC start as low as 8.15%, while those at ICICI begin at 8.50%? Their monthly EMIs start at approximately ₹10,174. In these cases, the processing fee may range from 0.5% to 2% of the total loan amount.
Meanwhile, at PNB and Bank of Baroda, interest rates start at 7.60% and can go up to just over 10%. The monthly EMI works out to be around ₹10,043. Additionally, the processing charges at these banks are relatively low (0.25% of the loan amount, subject to a maximum cap of ₹2,000). Canara Bank and Federal Bank are also offering rates starting as low as 7.45%. Federal Bank’s rates begin at 7.60%.
Key Points to Consider Before Taking a Loan
It is worth noting that you should avoid opting for a long-term loan solely for the sake of securing lower EMIs. A crucial point to remember is that the longer the loan tenure, the higher the total interest you will end up paying. Furthermore, aim to make as large a down payment as possible. This will not only help you secure a better interest rate but will also reduce the long-term burden of the loan on you.
Comments are closed.