Car Loan India: Best Car Loan Rates in India

Car Loan Rates

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). However, we have gathered below the car loan rates of some banks, which will give you an indication of prevailing rates. We will soon be increasing the number of banks' rates covered in this section in the days ahead.

Car Loan Interest Rates as on May 14,2008

Banks	New Car
Banks	Tenure	Margin	Processing Fee	Interest Rate
ABN Amro	Above 3 years	10%-30%	Rs 500- Rs 1000	15
Allaha bad Bank	Above 3 years	15%	For Salaried Persons: Nil, For Others: 1% of loan amount, minimum Rs 2,000/-	11.5 - 12
Andhra Bank	Above 3 years	10%	Rs 250- Rs 1000	13.25
Axis Bank	Above 3 years	15%	NA	12
Bank of Baroda	Above 3 years	15%	0.50%	11
Bank of India	Above 3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	11.25 - 12.25
Bank of Mahara shtra	Above 3 years	10%	Rs 2000/-	11.75
Canara Bank	Above 3 years	10%	0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-	11.5
Cathol ic Syrian Bank	Above 3 years	20%	0.25% of loan amount, minimum Rs 250	13
Centra l Bank of India	Above 3 years	15%	1%	11.5
Centur ion Bank of Punjab	Above 3 years	NA	Rs 1000	13
Dena Bank	Above 3 years	20%	Rs 500	12
Federa l Bank	Above 3 years	10%	NA	11.5
HDFC Bank	Above 3 years	0%	NA	14
ICICI Bank	Above 3 years	5%	NA	14.25
Indian Bank	Above 3 years	10%	NA	11.75
Indian Overse as Bank	Above 3 years	10%	upto Rs. 2 lakh- Rs. 134/-, above Rs. 2 lakh- Rs. 134/- per Rs. 1 lakh	11.5
Karnat aka Bank	Above 3 years	15%	0.25%	13
Orient al Bank of Commer ce	Above 3 years	15%	0.50%	12
Punjab Nation al Bank	Above 3 years	20%	0.50%	11.25 - 11.75
SBI Bank	Above 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 - 12
State Bank of Mysore	Above 3 years	15%-30%	NA	11.75
UCO Bank	Above 3 years	25% or Rs 7.5 lakh whichever is lower	1%	13.25
Union Bank of India	Above 3 years	20%	Rs 500 - Rs 1000	11 - 12
Vijaya Bank	Above 3 years	20%	NA	11

Banks	Used Car
Banks	Tenure	Margin	Processing Fee	Interest Rate
ABN Amro	Above 3 years	20%	Rs 500- Rs 1000	17.5 - 18.5
Allaha bad Bank	Above 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/-	NA
Andhra Bank	Above 3 years	40% of garage value or Rs. 5 lakh, whichever is lower	Rs 250- Rs 1000	13.25
Axis Bank	Above 3 years	35%	NA	NA
Bank of Baroda	Above 3 years	40%	0.5	NA
Bank of India	Above 3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	11.75 - 12.75
Bank of Mahara shtra	Above 3 years	40%	Rs 2000/-	13.25
Canara Bank	Above 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/-	NA
Centra l Bank of India	Above 3 years	40%	1% of the loan amount subject to minimum of Rs.250/-	13
Dena Bank	Above 3 years	20%	Rs 500	13
Federa l Bank	Above 3 years	NA	NA	14.25
HDFC Bank	Above 3 years	20%	NA	NA
ICICI Bank	Above 3 years	10%	NA	NA
Karnat aka Bank	Above 3 years	NA	NA	16
Orient al Bank of Commer ce	Above 3 years	20%-30%	0.50% of loan amount with minimum of Rs. 500/-	14.25
SBI Bank	Above 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	15.5
State Bank of Mysore	Above 3 years	NA	NA	13.25
Union Bank of India	Above 3 years	50%	Rs 500- Rs 1000	11

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