Car Loan: Ineterest Rates: Overview

Whether you want to buy a new car or an old one, you can get a car loan. Banks offer loan on fixed as well as floating interest rates for a tenure .ranging from 3-5 years. While fixed rates have been in the market for a while, floating rates were introduced last year around September.

Tools and Calculators

Car Loan Comparator
Use the car loan comparator to compare various car loan lenders as per your specifications.

Car Loan Interest Rate Calculator
Use this calculator to calculate the actual interest rate charged by a lender on your car loan.

EMI Calculator
The EMI calculator helps you to arrive at your probable EMI given the loan amount, tenure, and interest rate.

Car Loan Interest Rate as on Jan 1, 2009

New Car

Banks	Tenure	Margin	Processing Fee	Interest Rate

ABN Amro	3 years	10%-30%	Rs 500- Rs 1000	15.0
Allahabad Bank	3 years	15%	For Salaried Persons: Nil, For Others: 1% of loan amount, minimum Rs 2,000/-	12.25-11.75
Andhra Bank	3 years	10%	Rs 250- Rs 1000	13.5
Axis Bank	3 years	15%	NA	16.5-12.5
Bank of Baroda	3 years	15%	0.50%	10.5
Bank of India	3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	11.0
Bank of Maharashtra	3 years	10%	Rs 2000/-	11.25
Canara Bank	3 years	10%	0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-	12.5
Catholic Syrian Bank	3 years	20%	0.25% of loan amount, minimum Rs 250	14.75
Central Bank of India	3 years	15%	1%	11.25
Dena Bank	3 years	20%	Rs 500	11.5
Federal Bank	3 years	10%	NA	13.75
HDFC Bank	3 years	0%	NA	14.0
ICICI Bank	3 years	5%	NA	14.25
Indian Bank	3 years	10%	NA	12.0
Indian Overseas Bank	3 years	10%	upto Rs. 2 lakh- Rs. 134/-, above Rs. 2 lakh- Rs. 134/- per Rs. 1 lakh	12.5
Karnataka Bank	3 years	15%	0.25%	13.0
Oriental Bank of Commerce	3 years	15%	0.50%	11.75
Punjab National Bank	3 years	20%	0.50%	12.5-12.0
SBI Bank	3 years	15%	0.50% of Loan amount and to be paid upfront Minimum: Rs. 500/- Maximum Rs. 10000, 25% of Processing fee will be ratained if application is rejected after pre-sanction survey	11.75
State Bank of Mysore	3 years	15%-30%	NA	12.5
UCO Bank	3 years	25% or Rs 7.5 lakh whichever is lower	1%	13.0
Union Bank of India	3 years	20%	Rs 500 - Rs 1000	12.25
Vijaya Bank	3 years	20%	NA	12.25

Used Car

Banks	Tenure	Margin	Processing Fee	Interest Rate

ABN Amro	3 years	20%	Rs 500- Rs 1000	18.5-17.5
Allahabad Bank	3 years	25% of the "Agreed Purchase Price" or 40% of the Valuation of the Vehicle, whichever is lower	For Salaried Persons: Nil, For Others: 1% of loan amount, minimum Rs 2,000/-	12.25-11.75
Andhra Bank	3 years	40% of garage value or Rs. 5 lakh, whichever is lower	Rs 250- Rs 1000	13.5
Axis Bank	3 years	35%	NA	15.5-12.0
Bank of Baroda	3 years	40%	0.5	0.0
Bank of India	3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	12.0
Bank of Maharashtra	3 years	40%	Rs 2000/-	13.75
Canara Bank	3 years	25% of the value of the car or Rs. 6 lakh whichever is lower	0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-	12.5
Central Bank of India	3 years	40%	1% of the loan amount subject to minimum of Rs.250/-	13.25
Dena Bank	3 years	20%	Rs 500	12.75
HDFC Bank	3 years	20%	NA	0.0
ICICI Bank	3 years	10%	NA	0.0
Oriental Bank of Commerce	3 years	20%-30%	0.50% of loan amount with minimum of Rs. 500/-	14.0
SBI Bank	3 years	15%	0.50% of Loan amount and to be paid upfront Minimum: Rs. 500/- Maximum Rs. 10000, 25% of Processing fee will be ratained if application is rejected after pre-sanction survey	15.25
Union Bank of India	3 years	50%	Rs 500- Rs 1000	13.25

Car loan rates given above are indicative in nature. It is based on market research conducted by the Apnaloan Research Bureau every week. Published car loan rates are usually a misnomer since a lot of freebies are in-built into a typical car purchase. Rather than comparing the absolute rates, it is recommended that the car buyer examines the actual rates (after factoring in the cost of freebies).