Loan: Your dream of buying a car will come true! These banks are offering the cheapest loans for 5 years..

If you're compromising on your dream of owning a car due to financial constraints, then stop. This news is for you. Yes, if you're planning to take out a car loan of up to ₹10 lakh, we're going to tell you about some banks that offer the cheapest loans up to ₹10 lakh for a 5-year term. This means they're available at a lower interest rate, and you'll have to pay lower EMIs. Let's take a look at the list of those banks.

If you're looking for the cheapest car loan to buy a new car, Punjab National Bank (PNB) currently offers the lowest interest rate. Car loan interest rates at PNB start at 7.85% per annum, resulting in a monthly EMI of just ₹20,205 for a 5-year loan of ₹10 lakh.

Union Bank - Next comes Union Bank of India, where the starting rate is 7.90% and the EMI for the same loan amount and tenure is ₹20,229.

IDBI Bank - IDBI Bank is in third place, with a starting rate of 7.95% and an EMI of ₹20,252 per month.

Bank of Baroda - Bank of Baroda is in fourth place with an EMI of ₹20,348 for 5 years at an interest rate of 8.15%.

Canara and SBI Bank - Canara Bank charges ₹20,372 per month at an interest rate of 8.20%. The country's largest bank, State Bank of India (SBI), has a car loan rate of 8.75% and an EMI of ₹20,638.

Private Bank Rates
Looking at private sector banks, Axis Bank offers an EMI of ₹20,661 at 8.80%. HDFC Bank offers a rate of 9.40%, resulting in an EMI of ₹20,953. The most expensive car loan on this list is from IDFC First Bank, where the interest rate goes up to 9.99% and the EMI for a ₹10 lakh loan for 5 years is ₹21,242 per month.

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