If you want to buy a car by taking a loan, then read here how much interest rate and EMI will have to pay, understand the cost of finance

New Delhi. The popularity of the car market in India is increasing. The need for private vehicles was felt more particularly after the Coronavirus Pandemic. Many people preferred private vehicles rather than public transportation to avoid health risks. This is the reason why now sales of cars and other passenger vehicles are seen wildly across the country. On the other hand, these days, car maker companies are launching more than one electric car in the market, as well as offering great offers on them. In such a situation, if you are thinking of buying a car on loan, then you have to take care of many things.

Before taking a car loan, keep these things in mind:

Please tell that car loans are usually three to five years old, but some banks also get loans for up to seven years. Among these, it is most important to keep in mind things like loan eligibility, processing fees, interest rates, EMI. This will help you take the right decision. Long-term loans can mean small equated monthly installments (EMIs), which make the car more affordable, but overall you pay more in the form of interest.

Also read- Railtel IPO allotment: How to check your allotment status? This is the easiest wayIt should not be forgotten that a car is an asset whose value falls over time. So taking a big loan can be a wrong decision. But if you take a car loan for a short period, the EMI will be higher and non-payment will mean a stain on your credit report. Conditions also apply to the loan amount. For example, some lenders offer loans for the full-showroom price of the car, while others may offer loans up to 80%.

Also read- Good news: Now there will be no problem in digital payment! Banks took this big decision together

Let’s know about the latest interest rates of banks on car loans, processing fees and other charges: –

Central Bank of India: Rate of interest- 6.85 to 7.80%, EMI- 1,973–2,018, Processing fees Up to Rs 500 per proposal

Punjab and Sind Bank: Rate of interest- 1.10 to 7.90%, EMI- RS. 1,985–2,023, Processing fees Complete rebate

Bank of Baroda: Rate of interest-7.10 to 10.10% – EMI- RS. 1,987-2004- Processing fees 0.50% on loan amount

Union Bank of India: Rate of interest-7.15 to 7.50% – EMI- RS 1,987-2,004- Processing fees RS 1,000+ GST

Punjab National Bank: Interest Rate –7.30 to 7.80% – EMI- RS. 1,994-2,018- Processing fees Complete rebate till 31 March 21

Bank of Maharashtra: Interest Rate-7.30 to 8.80% – EMI- RS. 1,994-2,066- Processing fees Complete rebate till 28 February 21

Canara Bank: Rate of interest-7.30 to 9.90% – EMI- RS. 1,994-2,066- Processing fees 0.25% on loan amount

Nainital Bank: Rate of interest-7.40 to 9.50% –EMI- RS. 1,999-21,00- Processing fees concession

UCO Bank: Rate of interest- 7.45 to 7.70% – EMI- RS. 2,001-2013- Processing fees 1% on loan amount

Bank of India Rate of interest-7.45 to 8.65% – EMI- RS. 2,001-2,059- Processing fees Up to 0.25%

IDBI Bank: Rate of interest-7.50 to 8.10% – EMI- RS. 2,004-2,032- Rs 1500 minimum and maximum RS. 3500

Indian Overseas Bank: Rate of interest-7.55% – EMI- RS. 2,006 – up to 0.60%

Indian Bank: Rate of interest-7.65 to 8.15% – EMI- RS. 2,011-2,035 – Up to 0.50% on the loan amount

State Bank of India: Rate of interest- 7.70 to 11,20% – EMI- RS. 2,013-2,184- up to 0.20-0.50%