If you want to buy a car, then most of the middle-class people think about the car loan. Before taking a car loan, you should gather all the information about the car loan. With this, you will be able to choose the best option for yourself. Generally, the car loan is for a period of 3 to 5 years, but there are some lenders who also give a car loan for a period of up to seven years. A long-term loan simply means that your monthly EMI amount will be less. This will facilitate you to repay the loan, but it must be kept in mind here that you will also pay a hefty amount as interest.

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Here you should also keep in mind that a car is an asset whose value decreases over time. Therefore, you should avoid taking long-term loans. On the other hand, if you take a very short-term car loan, it will greatly increase the amount of your monthly EMI and if you are unable to repay it, then your credit report is sure to deteriorate. Before taking a car loan, you should get a good idea about the interest rates offered by different lenders, the loan duration and the loan amount. Here we are telling you about the loan amount of one lakh and the interest rates, EMIs and processing fees offered by certain banks for a period of 5 years.

1. Oriental Bank of Commerce: Here the interest rate is between 7.70 to 8.70. The EMI will be made between 2013 and 2,061. The processing fee will be 0.50 percent (minimum 2500 and maximum 7500) and GST of loan amount.

2. Canara Bank: Here the interest rate is between 8.05 to 11.05. The EMI will be between 2,030 and 2,177. The processing fee will be 0.25 percent of the loan amount (minimum 1,000 and maximum 5,000).

3. Bank of Baroda: The rate of interest here is 8.25 to 10.25 percent. The EMI will be between 2,040 to 2,137. Processing fees will be Rs 500 and GST.

4. Central Bank of India: The interest rate here is 8.40 to 8.65 percent. The EMI will be between 2,047 to 2,059. The processing fee will be up to Rs 500 per proposal.

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5. HDFC Bank: Here the interest rate is 8.40 to 14.01 percent. The EMI will be between 2,047 to 2,327. The processing fee will be 0.4 percent of the loan amount (minimum 3,000 and maximum 10,000).

6. Punjab National Bank: The interest rate here is 8.55 to 9 percent. The EMI will be 2,069 to 2,076. The processing fee will be Rs 1,000 up to an amount of six lakhs and Rs 1,500 on an amount over six lakhs.

7. UCO Bank: The rate of interest is 8.60 percent. The EMI will be Rs 2,056. The processing fee will be one percent of the loan amount (maximum Rs 1,500).

8. Union Bank of India: Here the interest rate is 8.60 to 8.70 percent. The EMI will be Rs 2,056 to Rs 2,061. The processing fee will be 0.50 percent of the loan amount (maximum Rs 15,000) and GST.

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9. Bank of India: Here the interest rate is between 8.60 to 9.20. The EMI will be between 2,056 and 2,086. Processing fees are nothing here.

10. Allahabad Bank: The interest rate here is between 8.65 to 10.90. The EMI will be between 2,059 to 2,169. The processing fee will be 0.50 percent (maximum Rs 8,696) of the loan amount.

This data is according to the data available on the website of banks on 11 November 2019. Actual interest rates may be slightly lower depending on the credit profile, loan amount and tenure of the customer.

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