Drive your dream car: Compare four-wheeler loan rates from top banks
Compare car loan rates from top banks: Punjab National Bank (7.85%), Union Bank (7.90%), IDBI Bank (7.95%), and more. Rates vary based on credit profile and loan terms.
When you're looking for a car loan, don't just stick with the dealership offer. Check out banks, loan aggregator websites, and other options to find the best rates and terms that work for you.
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Data from BankBazaar.com reveals that for a new car loan of Rs 10 lakh for a tenure of five years, public and private banks offer interest rates ranging from 7.85 percent to 9.99 percent, as of November 10. These are indicative rates, and the actual rates may vary because of the customer's credit profile, income, etc.
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Public sector lender Punjab National Bank charges 7.85 percent for a new car loan of Rs 10 lakh for a five-yeas tenure. The EMI works out to Rs 20,205.
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Union Bank of India offers a Rs 10 lakh new car loan at 7.90 percent interest for 5 years, with an EMI of Rs 20,229.
The State Bank of India, India’s largest bank, levies an interest rate of 8.75 percent on a new car loan of Rs 10 lakh with a five-year tenure. The EMI comes to Rs 20,638.
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Axis Bank charges 8.8 percent for a five-year tenure. The EMI comes to Rs 20,661.
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HDFC Bank charges 9.4 percent. The EMI comes to Rs 20,953. It’s a rack interest rate — it varies depending on loan amount, tenure and credit score.
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IDFC First Bank offers a Rs 10 lakh new car loan at 9.99 percent interest for five years, with an EMI of Rs 21,242.
