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
Compare various car loan lenders as per your specifications.

Car Loan Interest Rate Calculator
Calculate the actual interest rate charged on your car loan.

EMI Calculator
Calculates probable EMI given the loan amount, tenure and interest rate.

Car Loan Interest Rate as on 11 Jun, 2009

New Car

Banks	Tenure	Margin	Processing Fee	Interest Rate
Abhyuday Co-op Bank Ltd	3 years	25%	1.2% of the loan amount	13.5
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/-	11.25-10.75
Andhra Bank	3 years	10%	Rs 250- Rs 1000	12.75
Apna Sahakari Bank Ltd	3 years	25%	0.5% of loan amount	14.0
Axis Bank	3 years	15%	NA	15.5-11.0
Bank of Baroda	3 years	NA	0.75% of loan amount, max Rs 6000	10.5
Bank of India	3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	9.75
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/-	11.0
Catholic Syrian Bank	3 years	20%	0.25% of loan amount, minimum Rs 250	14.25
Central Bank of India	3 years	15%	1%	10.0
City Union Bank	3 years	10%	1% of loan amount	13.5
Corporation Bank	3 years	15%	1% of loan amount or min Rs 1000	10.5
Dena Bank	3 years	20%	Rs 500	11.0
Dhanalakshmi Bank Ltd	3 years	25%	0.5% of loan amount	13.5
Federal Bank	3 years	10%	NA	12.0
HDFC Bank	3 years	0%	NA	12.75-12.25
ICICI Bank	3 years	5%	NA	14.25
Indian Bank	3 years	10%	Rs 250 per lakh or part thereof	11.75
Indian Overseas Bank	3 years	10%	upto Rs. 2 lakh- Rs. 134/-, above Rs. 2 lakh- Rs. 134/- per Rs. 1 lakh	12.0
J&K Bank	3 years	10%-20%	0.25% of loan amount, min Rs 500	12.0
Karnataka Bank	3 years	NA	0.25% of loan amount	13.0
Karur Vysya Bank	3 years	20%	0.3% of loan amount	12.0
Lakshmi Vilas Bank	3 years	20%	1% of the loan amount	14.25
Oriental Bank of Commerce	3 years	15%	0.50%	11.0
Punjab & Sind Bank	3 years	10%	Rs 500	12.75
Punjab National Bank	3 years	20%	0.50%	11.0-10.5
Saraswat Bank	3 years	20%	0.5% of the loan amount	13.0
State Bank of Bikaner& Jaipur	3 years	15%-30%	0.60% of loan amount	11.5
State Bank of Hyderabad	3 years	15%-30%	Nil	11.25
State Bank of Indore	3 years	15%	0.50% of loan amount	12.0
State Bank of Mysore	3 years	15%-30%	NA	11.0
State Bank of Patiala	3 years	15%	0.50% of loan amount	11.5
State Bank of Travancore	3 years	15%	0.50% of the loan amount	11.25
Syndicate Bank	3 years	5%	NA	12.5
Tamilnad Mercantile Bank Ltd	3 years	15%	0.5% of loan amount	12.75
The Kapol Co-op Bank Ltd	3 years	20%	upto Rs 5 lakh- 0.25% of loan amount, above Rs 5 lakh- 0.5% of loan amount	10.5
The Ratnakar Bank	3 years	25%	Rs. 500 per lac	12.5
UCO Bank	3 years	25% or Rs 7.5 lakh whichever is lower	1%	11.75
Union Bank of India	3 years	20%	Rs 500 - Rs 1000	11.0
United Bank of India	3 years	10%	0.50% of loan amount	12.0
Vijaya Bank	3 years	20%	NA	11.25

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/-	11.5-11.0
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	NA	0.75% of loan amount, max Rs 6000	0.0
Bank of India	3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	10.75
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/-	11.0
Central Bank of India	3 years	40%	1% of the loan amount subject to minimum of Rs.250/-	12.0
Corporation Bank	3 years	25%	1% of loan amount or min Rs 1000	11.75
Dena Bank	3 years	20%	Rs 500	12.25
Dhanalakshmi Bank Ltd	3 years	40%	0.5% of loan amount	17.0
Federal Bank	3 years	NA	NA	15.0
HDFC Bank	3 years	20%	NA	0.0
ICICI Bank	3 years	10%	NA	0.0
Indian Bank	3 years	40%	Rs 250 lakh or part thereof	12.75
J&K Bank	3 years	25%-30%	Nil	15.25
Karnataka Bank	3 years	NA	0.25% of loan amount	16.0
Karur Vysya Bank	3 years	30%	0.3% of loan amount	14.5
Lakshmi Vilas Bank	3 years	40%	1% of the loan amount	16.75
Oriental Bank of Commerce	3 years	20%-30%	0.50% of loan amount with minimum of Rs. 500/-	13.25
Punjab & Sind Bank	3 years	30%	Rs 500	15.0
Saraswat Bank	3 years	40%	0.5% of the loan amount	16.0
State Bank of Bikaner& Jaipur	3 years	15%-30%	0.60% of loan amount	14.5
State Bank of Hyderabad	3 years	15%-30%	Nil	14.75
State Bank of Indore	3 years	15%	0.50% of loan amount	15.5
State Bank of Mysore	3 years	NA	NA	14.75
State Bank of Patiala	3 years	15%	0.50% of loan amount	14.75
Syndicate Bank	3 years	30%	NA	12.5
Tamilnad Mercantile Bank Ltd	3 years	30%	0.5% of loan amount	12.75
The Ratnakar Bank	3 years	50%	0.50% of loan amount	14.0
Union Bank of India	3 years	50%	Rs 500- Rs 1000	13.25
United Bank of India	3 years	30%	0.50% of loan amount	13.0

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).