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Car Loan with Lowest Interest

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New Car Loan Interest Rates Comparison Offered by Top Lenders

There are several lenders who offer car loans in India. The interest rates for the car loans in India start at as low as 8.30% p.a. Based on your credit rating, you can avail a car loan which finances up to 100% of the on-road price of the car. The EMIs on your car loan can be as low as Rs.1,512 per month.

Car Loan Interest Rate Comparison for All Banks with Lowest EMI for 7 Years

Name of the Bank Interest Rate (p.a.) Lowest EMI per lakh for 7 years

State Bank of India   8.65% - 12.10%      Rs.1,591
ICICI Bank           9.30% - 12.85% Rs.1,624
Indian Overseas Bank 8.70%         Rs.1,617
Jammu Kashmir Bank 11.25%*    Rs.1,725
Canara Bank 8.50% - 11.05%          Rs.1,584
UCO Bank 8.60% Rs.1,589
Allahabad Bank 8.30% - 9.75% Rs.1,601
HDFC Bank       9.50% - 10.25% Rs.1,642

Types of Car Loan Interest Rates - Fixed and Floating

Car loan interest rates can be fixed or floating in nature. A fixed interest rate refers to a rate which remains constant throughout the loan tenure. Factors like market fluctuations do not affect fixed interest rates. On the other hand, a floating interest rate is a type of rate that keeps getting modified as per changing trends in the financial market.

The differences between the two types of rates are explained in the table given below:

{Axis Bank 9.05% to 11.30% Rs.1 lakh onwards Rs.3,500 to Rs.5,500 fess}

{Union Bank of India 8.60% - 8.70% Up to Rs.125 lakh 0.25% to 0.50% of the loan amount}

{Yes Bank Car Loan 9.25% onwards Up to Rs.500 lakh Up to 1% of loan amount or Rs.10,000, whichever is lower}

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