Who is giving the cheapest car loan, do you know how much EMI of ₹ 10 lakh is there?:

SBI vs Axis Bank vs. BOB vs ICICI Bank: If you want to take a loan from a bank to buy a car, it is prudent to take a loan with low interest rate and easy conditions. This is possible only when your CIBIL score is 800 or more and your monthly income is sufficient. Banks decide on the basis of whether customers have to give loans at the initial interest rate. Here, the car loan of which bank is the cheapest of SBI, Axis Bank, Bank of Baroda and ICICI Bank, it has been informed…

SBI is currently paying a car loan or vehicle loan for new cars at an initial interest rate of 8.85%. The initial interest rate is the cheapest rate of the bank. In such a situation, if you take a car loan of Rs 10 lakh at an interest rate of 8.85% for 5 years, then your monthly EMI will be ₹ 20,686. On this loan you will have to pay only ₹ 2,41,138 interest.

Axis Bank is offering a car loan at an initial interest rate of 8.80%. If you take a car loan of Rs 10 lakh at an interest rate of 8.80% for 5 years, then your monthly EMI will be ₹ 20,276. Accordingly, you will repay the bank on this loan as ₹ 2,16,584 interest.

If you take a car loan from BOB i.e. Bank of Baroda, then you are currently getting it at an initial rate of 8.15%. If you take a car loan for a period of 5 years at an interest rate of 8.15%, your monthly EMI will be ₹ 20,348. Interest on this loan will be ₹ 2,20,895.

ICICI Bank is currently giving car loan at an initial interest rate of 9.15%. If you take a car loan of Rs 10 lakh for 5 years at this initial interest rate, then according to the calculation your monthly EMI will be ₹ 20,831. On this loan, you will have to pay ₹ 2,49,874 interest to the bank.

After looking at the interest rates of the above four banks, we have come to the conclusion that the cheapest car is given by Loan Bank of Baroda. In such a situation, if you want, you can apply for a car loan based on your convenience and ability.