Bangalore: Are you planning to buy a new car? If you are planning to buy a car through a loan, then a deep and thorough research on banks that offering best car loans is vital. Nowadays, many banks provide car loans for cheaper rates but you should look for the bank that is suitable for you in terms of interest rates and longevity of repayment.

1. State Bank of India (SBI)

Planning to buy a new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model) then SBI can be a better choice for you. In SBI, there is no upper limit for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned. Currently, they are offering interest rates up to 10.75 percent per annum with a very low processing fee. Further, they are also providing an EMI of 1689 on a loan amount of rupees 1lakh with tenure of 7 years.

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