As the new year unfolds, many of us are contemplating significant purchases, and for some, that means considering a car loan. The beginning of the year often sees enticing offers from car manufacturers and lenders, making it an opportune time to explore your financing options. To simplify your decision-making process, we’ve compiled a comprehensive table from Paisabazaar.com, breaking down interest rates, EMIs, loan amounts, tenure, and processing fees for various lenders.
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Car Loan Interest Rates in India
Union Bank of India
- Interest Rate: 9.15 – 10.45%
- EMI (for a loan of Rs 5 lakh over 5 years): Rs 10,416 – 10,735
- Processing Fee: Rs 1,000
Punjab National Bank
- Interest Rate: 8.75 – 10.60%
- EMI: Rs 10,319 – 10,772
- Processing Fee: 0.25% (Rs. 1,000 – Rs. 1,500)
Bank of Baroda
- Interest Rate: 8.75 – 12.70%
- EMI: Rs 10,319 – 11,300
- Processing Fee: Up to Rs 10,000
Canara Bank
- Interest Rate: 8.70 – 11.95%
- EMI: Rs 10,307 – 11,110
- Processing Fee: Waived off till 31st January 2024
Bank of India
- Interest Rate: 8.75 – 10.75%
- EMI: Rs 10,319 – 10,809
- Processing Fee: Nil
UCO Bank
- Interest Rate: 8.45 – 10.55%
- EMI: Rs 10,246 – 10,759
- Processing Fee: Nil
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State Bank of India
- Interest Rate: 8.75 – 9.80%
- EMI: Rs 10,319 – 10,554
- Processing Fee: Nil
IDBI Bank
- Interest Rate: 8.80 – 9.60%
- EMI: Rs 10,331 – 10,525
- Processing Fee: Rs 2,500
Bank of Maharashtra
- Interest Rate: 8.70 – 13.00%
- EMI: Rs 10,307 – 11,377
- Processing Fee: Nil
Indian Overseas Bank
- Interest Rate: 8.85 onwards
- EMI: Rs 10,343 onwards
- Processing Fee: 0.50% (Rs 500 – Rs 5,000)
ICICI Bank
- Interest Rate: 9.10 onwards
- EMI: Rs 10,403 onwards
- Processing Fee: Rs 999 – Rs 8,500
HDFC Bank
- Interest Rate: 8.75 onwards
- EMI: Rs 10,319 onwards
- Processing Fee: 0.50% (Rs 3,500 – Rs 8,000)
Karnataka Bank
- Interest Rate: 8.88 – 11.34%
- EMI: Rs 10,350 – 10,956
- Processing Fee: 0.60% (Rs 3,000 – Rs 11,000)
Federal Bank
- Interest Rate: 8.85 onwards
- EMI: Rs 10,343 onwards
- Processing Fee: Rs 2,000 – Rs 4,500
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Punjab and Sind Bank
- Interest Rate: 8.85 – 10.25%
- EMI: Rs 10,343 – 10,685
- Processing Fee: 0.25% (Rs. 1,000 – Rs. 15,000)
IDFC First Bank
- Interest Rate: 9.00 – 13.50%
- EMI: Rs 10,379 – 11,505
- Processing Fee: Up to 3.5%
City Union Bank
- Interest Rate: 14.35 – 14.85%
- EMI: Rs 11,725 – 11,586
- Processing Fee: 1.25% (Min: Rs 1,000)
Additional Notes:
- Bank of Maharashtra offers a 0.25% interest rate concession for existing housing loan borrowers and corporate salary accountholders.
- Indian Overseas Bank provides a 0.50% interest rate concession to borrowers with credit scores of 750 and above. They also offer a 0.20% concession to existing Housing Loan Borrowers and for financing Electric 4 Wheelers.
- Punjab and Sind Bank provides a concession of up to 50% on processing fees for PSB Apna Vahan Sugam.
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Understanding the intricacies of car loan rates, EMIs, and processing fees is crucial when embarking on the journey of purchasing a vehicle. Use this comprehensive table as your guide to make informed decisions and secure the best car loan that aligns with your financial goals. Happy driving!
