Car Loan Interest Rates – Compare and Apply

Updated: 15-10-2021 17:46:25 PM
Note: The car loan interest rates mentioned on this archived page are from October 2019 and may have changed now. In order to know the latest rates please visit the respective banks’ website.

 

Car Loan Interest Rates Comparision for All Banks 2019

Bank/Lender Name Car Loan Interest Rate Loan Processing Fees
SBI 9.25% onwards 0.50% of Loan Amount +ST
Min: Rs.950.00 +ST, Max: Rs.9100.00 +ST
HDFC Bank 9.35% onwards Rs.2825 to Rs.5150 (depends on the loan amount)
ICICI Bank 9.55% onwards Rs.2500 to Rs.5000 (depends on the loan amount)
Axis Bank 9.50% onwards Rs.3500 to Rs.5500
IDBI Bank 9.95% onwards NIL
Punjab National Bank 9.25% onwards 1% of the loan amount. (Max-Rs.6000)
Bank of India 9.25% onwards Rs.500/- plus S.T. or 1% of loan amount. Min: Rs.500 and Max: Rs.10,000
Syndicate Bank 10.1% onwards Up to 2 Lakhs: Rs.1.25 per thousand. Minimum: Rs.125/-

Above 2 lakhs: Rs.200 per lakh.

Car loan is the lump sum amount borrowed from banks or other lending institution to buy a new or used car. Here the loan amount is repaid in easy installments.

Car loan interest rate varies from one bank to the other and is influenced by your monthly income, profession, existing EMI, credit score etc. On paisabazaar.com you can compare car loan interest rate of top banks in India and apply for the lowest rate loan with maximum features and flexible tenure.

Car loan interest rate calculator can help you analyze at what interest rate you can borrow the amount and what would be your EMI. The lender will check for your existing EMIs so that the repayment is not a burden for you.

SBI Car Loan Interest Rate:

SBI offers different types of loans for buying a car for all kinds of customers. Here is the list of SBI Car Loan interest rate offered against each loan.

Scheme Name Tenure Interest rate
For Men For Women
SBI Car Loan Scheme For All Tenure 0.55% above base rate i.e. 9.85% p.a. 0.50% above base rate i.e. 9.80% p.a.
SBI Combo Loan Scheme For All Tenure 0.55% above base rate i.e. 9.85% p.a. 0.50% above base rate i.e. 9.80% p.a.
NRI Car Loan For All Tenure 0.55% above base rate i.e. 9.85% p.a. 0.50% above base rate i.e. 9.80% p.a.
Used Car Loans Up to 3 years 7.60% above Base Rate i.e. 16.90% p.a.
Above 3 yrs up to 7 yrs 7.85% above Base Rate i.e. 17.15% p.a.
Certified Pre-owned car loan Up to 3 years 6.35% above Base Rate i.e. 15.65% p.a.
Above 3 yrs up to 7 yrs 6.85% above Base Rate i.e. 16.15% p.a.
SBI Loyalty Car Loan Scheme Car Loan, Combo Loan, NRI Car Loan 0.30% above BR i.e. 9.60% p.a. 0.25% above BR i.e. 9.55% p.a.
Certified Pre-owned Car Loan Scheme , Used Car Loan Scheme 1.60% above BR i.e. 10.90% p.a. 1.55% above BR i.e. 10.85% p.a.
SBI Nano Youth Car Loan Scheme For All Tenure 0.80% above base rate i.e. 10.10% p.a. 0.75% above base rate i.e. 10.05% p.a

HDFC car loan interest rate:

HDFC car loan is a fast and hassle free process with flexible tenure of up to 7 years and fixed interest rate i.e. not affected by fluctuating market rates.

Rates offered to customer:

Bank IRR
Product Min IRR Max IRR Avg IRR
AUTO LOAN 9.35% 13.93% 10.31%

There are some charges attached to the loan such as foreclosure, part-payment, late payment etc.

IDBI car loan interest rate:

Processing fees waived in full during Festival Offer period

Interest rate BR+0.35% ie., 10.10%
I-Base – 9.75%
Loan Tenure 1 year to 7 years
Pre-closure Charges Upto 1%