Banking: Planning to buy a car after the GST rate cut? These 18 banks are offering very affordable car loans...

The festive season in India is considered special not only for worship and celebration, but also for shopping. People consider buying a new vehicle during this time auspicious. This is why banks and car companies are flooded with offers. This year, the government has also reduced the Goods and Services Tax (GST) on small vehicles from 28% to 18%, giving customers a significant gift. Let's learn about the car loan interest rates of 18 major banks.

1- Union Bank of India

Union Bank offers car loans at interest rates ranging from 7.80% to 9.70%. The EMI for a loan of ₹5 lakh will range from ₹10,090 to ₹10,550. The processing fee is only ₹1,000, which is quite affordable.

2- Punjab National Bank (PNB)
PNB offers car loans at interest rates ranging from 7.85% to 9.70%. EMIs range from ₹10,102 to ₹10,550. The processing fee is 0.25%, or ₹1,000 to ₹1,500.

3- Bank of Baroda
Bank of Baroda charges 8.15% to 11.60% on car loans. EMIs can range from ₹10,174 to ₹11,021. The processing fee is up to ₹2,000.

4- Canara Bank
Canara Bank charges 7.70% to 11.70% on car loans. EMIs can range from ₹10,067 to ₹11,047. The processing fee is 0.25%, ranging from ₹1,000 to ₹5,000. Notably, the processing fee is completely waived under the Retail Loan Festival until September 30, 2025.

5- Bank of India
Bank of India offers car loans at interest rates ranging from 7.85% to 12.15%. EMIs range from ₹10,102 to ₹11,160. The processing fee is 0.25%, ranging from ₹2,500 to ₹10,000.

6- UCO Bank
UCO Bank's interest rates range from 7.60% to 10.25%. EMIs range from ₹10,043 to ₹10,685. The processing fee is 0.50%, or approximately ₹5,000.

7- State Bank of India (SBI)
SBI offers car loans at interest rates ranging from 8.80% to 9.90%. EMIs range from ₹10,331 to ₹10,599. The processing fee is only ₹750 to ₹1,500, which is lower than that of other banks.

8- IDBI Bank
IDBI Bank offers loans at interest rates ranging from 8.30% to 9.15%. EMIs range from ₹10,210 to ₹10,416. The processing fee is ₹2,500, but it is completely waived until September 30, 2025.

9- Bank of Maharashtra
Bank of Maharashtra offers loans at interest rates ranging from 7.70% to 12%. EMIs range from ₹10,067 to ₹11,122. The processing fee is 0.25%, but the limit is higher, up to a maximum of ₹15,000.

10- Indian Overseas Bank
IOB car loans are available at rates ranging from 7.80% to 12%. EMIs range from ₹10,090 to ₹11,122. The processing fee is 0.50%, which ranges from ₹500 to ₹5,000.

11- ICICI Bank
ICICI Bank offers loans in the private sector at 9.10%. EMIs start at ₹10,403. The processing fee is up to 2%, making it more expensive.

12- HDFC Bank
HDFC Bank's interest rates start at 9.20%. EMIs start at ₹10,428. The processing fee is 1%, which ranges from ₹3,500 to ₹9,000.

13- Karnataka Bank
Karnataka Bank offers loans at an interest rate of 8.95% to 11.64%. EMIs range from ₹10,367 to ₹11,031. The processing fee is 0.60%, which ranges from ₹2,500 to ₹11,000.

14- Federal Bank
Federal Bank offers car loans at 10%. EMIs start at ₹10,624. The processing fee ranges from ₹2,000 to ₹4,500.

15- Punjab and Sind Bank
Punjab and Sind Bank charges interest rates ranging from 7.75% to 14.25%. EMIs can range from ₹10,078 to ₹11,699. The processing fee is 0.25%, covering the amount from ₹1,000 to ₹15,000.

16- Indian Bank
Indian Bank offers loans at an interest rate of 7.75% to 9.85%. EMIs range from ₹10,078 to ₹10,587. The processing fee is fixed at ₹1,000.

17- IDFC FIRST Bank
IDFC First Bank offers car loans at an interest rate of 9.99%. EMIs start at ₹10,621. The processing fee is up to ₹10,000.

18- Central Bank of India
The Central Bank of India charges interest rates ranging from 7.85% to 9.45%. EMIs range from ₹10,102 to ₹10,489. The processing fee is 0.50%, which can range from ₹2,000 to ₹20,000.

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