Know about the GST rates, processing fees and EMI charged by various banks on Car Loans

The new year is coming. On this occasion, you’ll be getting to buy tons for yourself, your family, and your home. On the occasion of the latest Year, everyone wants that something special will come to his house, which can make the entire family happy and it also can be a car. Many of you’ll be getting to buy a car in the New Year. Whether you’re buying your first car or want to shop for another new car, an automobile loan makes your shopping easy.

Car loans are usually for 3 to 5 years, but some lenders also offer car loans for up to seven years. The customer shouldn’t forget that a car is an asset that depreciates over time. Therefore, it’s not considered better to require a long-term loan. But if you’re taking an automobile loan for a brief period, the EMI is going to be high and default payment of EMI can spoil your credit report.

Let us know what the main banks are charging the rate of interest on automobile loans and their processing fees. Here the loan amount for EMI is taken into account to be one lakh rupees and therefore the duration is five years.

Bank of Baroda (BOB) is offering a rate of interest on automobile loans from 7.10 to 10.10 percent. EMI here is going to be Rs 1,985 to Rs 2,130. The processing fee here is 0.50 percent of the loan amount (minimum Rs 2,500 and maximum Rs 10,000) + GST.

Punjab commercial bank (PNB) is offering interest rates on car loans from 7.30 to 7.80 percent. The EMI here is going to be Rs 1,994 to Rs 2,018. There’s a complete exemption in processing fees till 31 December 2020.

The country’s largest bank, depository financial institution of India (SBI) is charging interest rates on car loans from 7.70 to 11.20 percent. Here EMI is going to be Rs 2,184 from 2013. The processing fee here is 0.20 to 0.50 percent (maximum Rs 5,000) + GST of the loan amount.

ICICI Bank is charging interest rates on car loans from 7.90 to 9.85 percent. EMI here is going to be Rs 2,117 to Rs 2,023. The processing fee here ranges from 3,500 to 8,500 rupees, which is predicated on the loan amount.

Nainital Bank is offering interest rates on car loans from 7.40 to 9.50 percent. EMI here is going to be Rs 1,999 to Rs 2,100. there’s a complete exemption in processing fees.

Indian Overseas Bank is offering a 7.55% rate of interest on the automobile loan. EMI here is going to be Rs 2,006. The processing fee here is 0.50 percent (minimum Rs 500) on loans up to 5 lakhs and 0.60 percent (maximum Rs 10,000) on loans above this amount.

Central Bank of India (CBI) is offering interest rates on car loans from 6.85 to 7.80 percent. The EMI here is going to be Rs 1,973 to Rs 2,018. The processing fee here is up to Rs 500 per application.

Union Bank of India (UBI) is offering interest rates on car loans from 7.15 to 7.50 percent. EMI here is going to be Rs 1,987 to Rs 2,004. The processing fee here is Rs 1,000 + GST.

Punjab and Sindh Bank (PSB) is offering interest rates on car loans from 7.10 to 7.90 percent. EMI here is going to be Rs 1,985 to Rs 2,023. There’s an entire exemption in processing fees during the festive season.