Are you planning to bring home a new car for next Diwali. Want to buy a car with a bank loan. While the car showrooms are full of innovative offers for this festival, banks are coming forward to give loans at low interest rates. They are putting an end to the tradition of extorting clients in the name of processing fees.
UCO Bank: United Commercial Bank (UCO) is at the forefront. Car loan is given at very low interest. The bank said it is charging 8.45 percent to 10.55 percent interest per annum with zero processing fees.
SBI: Public sector bank State Bank of India (SBI) is also following the same path. It clarified that no processing fee is charged from customers for car loan. Moreover, it says that the interest on the loan is also low. SBI is charging 8.65 percent to 9.70 percent interest on car loan.
Bank of Maharashtra : Bank of Maharashtra also does not charge any processing fee on car loan. It charges 8.70 percent to 13 percent interest on an annual basis.
Bank of Baroda : Bank of Baroda claims to charge the lowest processing fee on car loan. It said that only Rs.500 is being charged. When it comes to interest, it has been revealed that 8.70 percent to 12.10 percent will be collected annually on the car loan.