Car loans have made owning a vehicle easy. While looking for a car loan, it is always wise to compare the interest rates to get the best deal. Take a look at the 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.
| Top 10 Banks With Lowest Interest On New Car Loan | |||
| For Top 10 Banks By Market Capitalisation | |||
| EMI on Loan Up To Rs 100000 for 5 year Tenure | |||
| Lender’s Name | Interest Rate (%) | EMI (In Rs) | |
| Punjab National Bank | 8.55-9 | 2054-2076 | |
| Allahabad Bank | 8.55-10 | 2054-2125 | |
| Bank Of India | 8.6-9.2 | 2056-2086 | |
| UCO Bank | 8.6 | 2,056 | |
| Canara Bank | 8.7-11.3 | 2061-2189 | |
| SBI | 8.75-9.45 | 2064-2098 | |
| IDBI | 8.85-9.45 | 2069-2098 | |
| Axis Bank | 9.05-11.3 | 2078-2189 | |
| ICICI Bank | 9.3-12.85 | 2090-2268 | |
| HDFC Bank | 9.5-10.25 | 2100-2137 | |
| Compiled by BankBazaar.com via respective bank’s website as on 13 Nov 19. | |||
| 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. Banks are listed in ascending order on the basis of lowest interest rate i.e. bank having lowest starting interest is placed at the top. Car loan interest for top 10 banks as per market capitalization (BSE) taken into consideration. Banks for which data couldn’t be traced from their website are excluded from the list. | |||
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