Drive Your Dream: Check the low-interest car loans from top banks here

Owning a vehicle is no longer a luxury but a necessity for many. Car loans have made it easier to purchase a vehicle, with banks offering competitive interest rates. Before choosing a bank, compare the interest rates offered by different banks.

Aishwarya Nair

First Published Aug 22, 2024, 2:31 PM IST | Last Updated Aug 22, 2024, 2:31 PM IST

Owning a vehicle has transformed from a luxury to a necessity for many. Fortunately, the process of buying a car has become more accessible thanks to car loans. With numerous banks offering competitive interest rates, selecting the right lender is crucial. To make an informed decision, it's essential to compare the interest rates offered by various banks. Here's a comparison of the interest rates charged by major public sector banks for a Rs 5 lakh loan with a 5-year tenure.

Union Bank

Public sector bank Union Bank charges interest on car loans from 8.70 percent to 10.45 percent. The monthly repayment for Rs 5 lakh is between Rs 10,307 and Rs 10,735.

Punjab National Bank

Punjab National Bank charges interest on car loans from 8.75 percent to 10.60 percent. The monthly repayment for Rs 5 lakh is between Rs 10,319 and Rs 10,772.

Bank of Baroda

If you take a car loan of Rs 5 lakh from the Bank of Baroda, you will have to repay between Rs 10,355 and Rs 11,300 per month for Rs 5 lakh. The interest rate is from 8.90 percent to 12.70 percent.

Canara Bank

Canara Bank charges interest on car loans from 8.70 percent to 12.70 percent. The monthly repayment for Rs 5 lakh is between Rs 10,307 and Rs 11,300.

Bank of India

Bank of India charges interest on car loans from 8.85 percent to 10.85 percent. The monthly repayment for Rs 5 lakh is between Rs 10,343 and Rs 10,834

SBI

If you take a car loan of Rs 5 lakh from SBI, you will have to repay between Rs 10,367 and Rs 10,624 per month for Rs 5 lakh. The interest rate is from 8.95 percent to 10 percent.

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