In times of covid infection, everyone is extremely tempting to travel by their private vehicle instead of public transport. Cars are now a bigger need for people than before. It has become one of the major needs of the people. Among the things that the common Indian is taking care of while buying a car are car mileage, the company's brand image, resale value and after-sales service network as well as interest on vehicle loans. In that case, today we are going to provide you with information on the interest rate on vehicle loans offered by major banks.
SBI Bank: Vehicle loans have been provided at an interest rate of 7.25 per cent per annum SBI is the country's largest state-owned bank. At the same time, many other benefits are also being given. These include 90% on-road finance and zero payment charges. It also finances customers who take SBI loans once for road tax, insurance premium and registration fees.
ICICI Bank: If you are planning to take a car loan from ICICI Bank, here you may be required to pay between 7.50 and 9% interest on the basis of the loan period and other factors, such as civil score and customer relationship. How much the interest rate will depend on all factors.
Bank of Baroda: BOB also car loans are being made available to car customers at the rate of 7% to 9.75%. However, customers who do not buy credit insurance coverage are also going to be charged a 0.05 per cent risk premium as per rules.