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A snapshot of car loan interest rates offered by various firms with details

Here is how the car loan rates offered by various firms stack up

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BS Web Team New Delhi

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New car loan rates

Name of Lender Interest rate (%) EMI (Rs)
Loan amount-5 lakh
Tenure-5 years
Processing fee
(% of loan amount)
Union Bank of India 8.75 - 10.50 10,319 - 10,747 Flat Rs 1,000
Punjab National Bank 8.75 - 9.60 10,319 - 10,525 0.25% (Rs. 1,000 - Rs. 1,500)
Bank of Baroda 8.85 - 12.20 10,343 - 11,173 0.50% (Rs 2,500 - Rs 10,000)
Canara Bank 8.80 - 11.95 10,331 - 11,110 0.25% (Rs 1,000 - Rs 5,000), 50% waiver on processing fee
Bank of India 8.85 - 10.75 10,343 - 10,809 0.25% (Rs. 1,000 - Rs. 5,000)
UCO Bank 8.70 - 10.55 10,307 - 10,759 1% (Up to Rs 1,500)
State Bank of India 8.60 - 9.65 10,282 - 10,538 Up to 0.25% (Rs 375 - Rs 7,500)
IDBI Bank 8.75 - 9.90 10,319 - 10,599 Rs 2,500
Bank of Maharashtra* 8.90 - 13.00 10,355 - 11,377 0.25% (Rs 1,000 - Rs 15,000)
Indian Overseas Bank** 8.85 onwards 10,343 onwards NIL
ICICI Bank 8.85 onwards 10,343 onwards Rs 999 - Rs 8,500
HDFC Bank 8.85 onwards 10,343 onwards 0.50% (Rs 3,500 - Rs 8,000)
Karnataka Bank 9.37 - 11.79 10,469 - 11,069 0.60% (Rs 3,000 - Rs 11,000)
Federal Bank 11 10871 Rs 2,000 - Rs 4,500
Punjab and Sind Bank 9.00-10.10 10,379 - 10,648 0.25% (Rs. 1,000 - Rs. 15,000)***
South Indian Bank 11.65 - 13.10 11,034 - 11,402 1% (Max: Rs 10,000)
Central Bank of India 9.25-10.15 10,440 - 10,660 0.50% (Rs 2,000 - Rs 10,000)
City Union Bank 14.25 - 14.75 11,699 - 11,829 1.25% (Min: Rs 1,000)

*0.25% interest rate concession for existing housing loan borrowers and corporate salary account holders.

**0.50% interest rate concession to borrowers with credit scores of 750 and above. Interest rate concession of 0.20% to borrowers for financing Electric 4 Wheelers. 0.20% concession to existing Housing Loan Borrowers.

***Concession of up to 50% on processing fee for PSB Apna Vahan Sugam.

Rates and charges as of 16th May 2023

Source: Paisabazaar.com


Topics : car loans

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First Published: May 19 2023 | 3:16 PM IST

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