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Car Loan: Here Is How Much You Will Pay As EMI

Team BankBazaar

If you have been thinking of buying a car, but don’t have funds for it, you can avail a car loan to fulfil this wish. Before choosing a car loan, it is always wise to compare the interest rates offered by different banks to bag the best deal.

Take a look at interest rate offered by different banks and how much EMI you will have to pay in case you take a loan of Rs. 1 lakh for a tenure of 5 years.

Interest Rates on New Car Loan
EMI range based on loan amount of Rs 1 lakh for tenure of 5 years
Lender’s Name Floating Rate (%) EMI (In Rs)
Allahabad Bank 8.8- 11.05 2066- 2177
Axis Bank 9.05-11.3 2078- 2189
Bank of India 9.2 2086
Bank of Maharashtra 9- 10.25 2076- 2137
Central Bank 8.7 2061
Corporation Bank 8.7- 9.85 2061- 2117
Dena Bank NA NA
HDFC Bank 9.65- 10.6 2108- 2154
ICICI Bank 9.3-12.85 2090- 2268
J&K Bank 9.5 2100
Karnataka Bank 9.25- 10.5 2088- 2149
Punjab National Bank 8.9- 9.35 2071- 2093
State Bank of India 9- 9.7 2076 – 2110
UCO Bank 8.9 2071
United Bank of India 8.8- 8.85 2066- 2069
Note :
The EMI range is indicative and calculated on the basis of interest rate range as provided in the table. In actual situation it may include other fees and charges as per bank’s t&c. Actual applicable interest rate may vary based on the credit profile, loan amount, tenure and as per bank’s discretion
Data taken from respective bank’s website as on 21 Aug 2019