New year 2021 is about to begin. Most people move to a new beginning in the new year. This sometimes includes the purchase of new things, such as a new car. In the current COVID era, many people are giving priority to coming and going by their own vehicle keeping in mind the social distancing. For this loan help is also being taken. Every bank in the country provides car loans. In this report, we have compared the car loan rates of the three state-run banks of the country, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda. Let us know which of the three banks is offering the lowest rate of interest for a new car-
In case of fixed rate car loan for new car in State Bank of India, the maximum loan tenure is 7 years. The bank finances up to 90 percent of the on-road pricing of the car. Processing fees range from a minimum of Rs 500 + GST to Rs 3750 + GST. Fixed rate car loan is based on MCLR. If you apply for a car loan with the YONO SBI app, then the interest rate starts from 7.50% per annum. If not applied from YONO, the interest rate ranges from 7.75% to 8.45% per annum depending on the individual CIBIL score.
Bank of baroda
Bank of Baroda also finances up to 90% of the on-road pricing of the car but the maximum loan limit is Rs 1 crore. Maximum loan tenure is 7 years. The processing fee is 0.50 percent of the car loan amount, which is a maximum of Rs 10,000. In the case of car loans based on repo rate linked lending rates in Bank of Baroda, the interest rate ranges from 7.25 per cent to 10.1 per cent per annum. In the case of a car loan based on MCLR, the interest rate ranges from 7.90 percent to 9.65 percent annually.
A loan of up to 1 crore can be taken for a new car from PNB. The maximum period for repaying the loan is 7 years. Processing fees range from a minimum of Rs 1000 to a maximum of Rs 1500. In the case of car loans with repo rate based lending rates in PNB, the interest rate for buying new cars for women, PNB pride beneficiaries and corporates is 7.55 per cent per annum. For other types of customers, the rate varies from 7.55 per cent to 7.80 per cent annually depending on the different CIBIL score. At the same time, the interest rate for defense / para military people is 7.30 percent per annum. In the case of a car loan based on MCLR in the bank, the interest rate is 8.30 per cent per annum.