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.
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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).
