Car Loan: These 5 government banks are giving cheap car loans, how much will be the EMI on loan of Rs 5 lakh?

In India, people usually take car loans up to 5 lakhs. While the rest of the down payment is done in cash from their savings. If you also want to buy a new car these days, then here we are telling you about five such government banks that have the lowest interest rates on car loans. Also here we are telling you how to calculate the EMI of a loan of Rs 5 lakh.

State Bank of India: If you take a car loan from SBI, you will have to pay 8.65 to 9.70 percent interest on it. Whereas your monthly EMI will be between Rs 10,294 to Rs 10,550. In this, you also have to pay a processing fee of 0.25 percent of the loan amount.

Bank of Baroda: On taking a car loan from this bank, you will have to pay interest at the rate of 8.70 to 12.20 percent. At the same time, your EMI every month will be Rs 10,307 to 11,173. Apart from this, the bank also charges you a processing fee of Rs 1,500 to 2,000.

Union Bank of India: Here you will have to pay an 8.75 to 10.50 percent interest rate on a car loan. Whereas the monthly EMI will be between Rs 10,319 to Rs 10,747. Apart from this, the bank charges you a processing charge of up to Rs 1,000.

Punjab National Bank: You will have to pay interest at the rate of 8.75 to 9.60 percent on car loan from PNB. Your monthly EMI can range between Rs 10,319 to Rs 10,525. The processing fee of PNB Bank can be 0.25 percent or Rs 1,000 to 1,500.

Canara Bank: On taking a car loan from this bank, you will have to pay interest between 8.80 to 11.95 percent. At the same time, your EMI every month can be between Rs 10,331 to 11,110. This bank charges you a processing fee of 0.25 percent or Rs 1,000 to Rs 5,000.
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