If you are going to buy a new car, then look at the interest rates of the government banks of the country, you will have to pay this much EMI.

After liking a car, the first thing any buyer checks is which bank is offering him the cheapest loan. He takes the loan only from the bank which offers him low interest rates and processing fees. Here today a list of 10 government banks of the country is given and details of car loans are also given.

The festive season has started and the sale of vehicles also starts during this period. Many types of concessions are also given by banks. However, at present the interest rates are at their peak. Even after that, a lot of vehicles are being sold in the country, that too on loan. If you are also planning to buy an average range car in this festive season, then we have brought for you the details of car loans from public sector banks of the country. If you take a loan up to Rs 5 lakh for a tenure of 5 years, then how much interest will you have to pay every month and how much EMI will you have to pay every month.

Paisa Bazaar.com has collected the data of 10 public sector banks of the country till August 29. There are some banks in this list which have also given exemption in processing fees. According to the data of Paisa Bazaar, the processing of banks has been seen starting from Rs 500 to Rs 7500. Let us also tell you how much interest is being charged by banks in the name of car loan.

Details of public sector banks of the country

You will have to pay an interest rate of 8.75 to 10.50 percent on Union Bank of India Car Loan and the EMI per month will be Rs 10,319 – 10,747. The bank will also charge you a processing charge of up to Rs 1,000.

You will have to pay 8.75 to 9.60 percent interest rate on Punjab National Bank car loan. EMI per month can be Rs 10,319 to Rs 10,525. The processing fee of the bank can be 0.25 percent or Rs 1,000 to 1,500.

Bank of Baroda will pay you 8.70% to 12.20% interest on car loan. For which you will have to pay EMI ranging from Rs 10,307 to Rs 11,173 every month. Processing fees can range from Rs 1,500 to Rs 2,000.

Canara Bank is charging interest ranging from 8.80 to 11.95 percent on car loan. Due to which your monthly EMI can be Rs 10,331 to Rs 11,110. Processing will be 0.25 percent or Rs 1,000 to Rs 5,000.

Bank of India is charging interest ranging from 8.85 to 10.75 percent. Because of which your monthly EMI can be Rs 10,343 to Rs 10,809. Processing will be 0.25 percent or Rs 1,000 to Rs 5,000. By the way, till September 7, there has been complete exemption on processing fees on new vehicles.

UCO Bank is charging interest ranging from 8.70 to 10.55 percent on car loan. Because of which your monthly EMI can be Rs 10,307 to Rs 10,759. The processing fee will be 1 percent or Rs 1,500.

SBI is charging interest ranging from 8.65 to 9.70 percent on car loan. Because of which your monthly EMI can be Rs 10,294 to Rs 10,550. The processing fee will be 0.25 percent or Rs 750 to Rs 7,500.

IDBI Bank is charging interest ranging from 8.80 to 9.90 percent on car loan. Because of which your monthly EMI can be Rs 10,331 to Rs 10,599. The processing fee will be Rs 2,500.

Bank of Maharashtra is charging 8.70 to 13 percent interest on car loans. Because of which your EMI every month can be Rs 10,307 to 11,377. Processing fees are completely waived.

Interest rates on Indian Overseas Bank car loan will start from 8.85 percent. Because of which your monthly EMI will be Rs 10,343 or more. The processing percentage will be 0.50 percent or Rs 500 to Rs 5,000.