Best Auto, Car Loan Plans Compared: SBI vs HDFC vs ICICI Bank - Which one is most pocket-friendly? Check out

Almost all the automobile companies come up with a newer and better version of passenger cars, MUV's and SUV's. Moreover, owning an automotive is no longer an asset and luxury but also a necessity in this fast paced lifestyle. Buying a vehicle is a once in a lifetime investment that individuals make, for which many public and private sector banks provide their customers attractive interest rates on auto loans. Let us have a look at the auto loans schemes and interest rates offered by the following banks,

The State Bank of India

The largest public sector bank offers its customers the facility of auto loans, among other loan services. Additionally, SBI has several auto loans schemes that offer different benefits. The customer can select the auto loan scheme that works best for them and avail lowest interest rates that SBI has to offer. SBI has a loan tenure up to 7 years for both the new and second-hand auto loans

For its SBI Car Loan Scheme, SBI Combo Loan Scheme and NRI Car Loan Scheme, SBI levies an interest rate of between 9.25% to 9.75% per annum.

The individuals going for second-hand cars, SBI offers an interest rate between 11% to 12% per annum, depending upon the tenure period.

SBI also offers the loyalty car loan scheme under which the interest rates fall between 9.605 to 9.65% for new cars while second-hand cars purchasers are levied an interest rate between 10.70% to 10.75%, varying with the tenure period. 

The lowest EMI per lakh for new cars as well as second-hand cars come to Rs 1,624 per lakh

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HDFC Bank 

In case you are applying for an auto loan in HDFC Bank, then the bank will charge you with an interest rate of 9.25% per annum. The lowest EMI per lakh comes to Rs 1,622 for HDFC Bank. The loan tenure is up to 7 years with HDFC Bank auto loans

ICICI Bank

This private sector bank levies and interest rate between 8.89% to 14.50% per annum on auto loans for new car purchases. Meanwhile, ICICI Bank charges an interest rate varying from 10.50% to 18% on second-hand car loans. The loan tenure is available up to 7 years for new cars while 5 years for second-hand automobiles.  ICICI Bank has Rs 1,591 as the lowest EMI per lakh.