India Markets closed

Which Top Banks Are Offering The Lowest Car Loan Interest Rate?

Team BankBazaar

The ease at which car loans can be availed has helped people immensely to own a vehicle of their own. When buying a car, it is wise to compare the interest rates to bag 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.

Interest Rates on New Car Loan
EMI range based on Loan Amount Rs 100000 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 9.45 2098
Bank of Maharashtra 9.1- 10.35 2081- 2142
Central Bank 8.9 2071
Corporation Bank 8.85- 10 2069- 2125
Dena Bank NA NA
HDFC Bank 9.65- 10.6 2108- 2154
ICICI Bank 9.3-12.85 2090- 2268
J&K Bank 9.6 2105
Karnataka Bank 9.6- 10.65 2105- 2157
Punjab National Bank 9- 9.45 2076- 2098
State Bank of India 9.2- 9.9 2086 – 2120
UCO Bank 9.05 2078
United Bank of India 9- 9.05 2076- 2078
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 10 Jul 2019 is a leading online marketplace in India that helps consumers compare and apply for credit card, personal loan, home loan, car loan, and insurance.