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

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