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Car Loan: Which Top Bank Is Offering The Lowest Interest Rate?

Team BankBazaar

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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