Car Loan Interest Rate-Compare Car Loan Interest Rates in India - BankBazaar

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Car Loan Interest Rates in India

The car loan interest rates you will be charged and the loan amount you will be eligible for will vary by bank, and will depend primarily upon the model of car, the tenure of your loan, your income, your employer, your work experience and your residence stability. Car loan interest rates in India are usually quoted as monthly reducing balance rates, however some lenders quote car loan interest rates as daily reducing balance rates. The simplest way of comparing different car loan offers is to calculate the total amount of money you will need to repay the bank in order to completely pay off your loan.

The below table is prepared by our market experts and lists the banks which constitute 90% of the car loan market in India to help users save time in their search for a car loan.

Car Loan Interest Rates. Use calculator to get exact interest rates for your profile

Bank Name	Interest rate range	Rate Type
HDFC Bank Car Loan	8.5% to 10.75% fixed	Monthly reducing balance
ICICI Car Loan	9.75% to 11% fixed	Monthly reducing balance
Axis Car Loan	9.25% to 12% fixed	Monthly reducing balance
Reliance Car Loan	10.5% to 12% fixed	Monthly reducing balance
SBI Car Loan	8% in 1st year. 10% to 11.5% fixed in next years	Daily reducing balance
Bank of Baroda Car Loan	9.75% to 10.25% floating	Daily reducing balance
Canara Bank Car Loan	11% fixed	Daily reducing balance
Oriental Bank Car Loan	11% fixed	Daily reducing balance
Punjab National Bank Car Loan	11% fixed	Daily reducing balance
Union Bank Car Loan	11% to 11.25% floating	Daily reducing balance

Use our car loan eligibility calculator to compare offers from multiple banks

Recently made loan offers

Rs.5.65 lakhs for Rs.12,144 EMI

9.50% Rate 48 Tenure

Total Interest PayableRs. 163,643

Total Tax + FeesRs. 14,125

Total Interest + FeesRs. 177,768

Submitted 11 minutes ago

Rs.7.75 lakhs for Rs.20,030 EMI

9.50% Rate 36 Tenure

Total Interest PayableRs. 186,453

Total Tax + FeesRs. 15,500

Total Interest + FeesRs. 201,953

Submitted 18 minutes ago

Rs.6.15 lakhs for Rs.16,045 EMI

9.50% Rate 48 Tenure

Total Interest PayableRs. 155,148

Total Tax + FeesRs. 12,300

Total Interest + FeesRs. 167,448

Submitted 33 minutes ago

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Provide details of your current EMIs as they may help you qualify for a car loan

(Include current loans and any loans that closed within the last 12 months)

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    <option value="6">Jun</option>
    <option value="7">Jul</option>
    <option value="8">Aug</option>
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    <option value=""
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    <option value="2010">2010</option>
    <option value="2009">2009</option>
    <option value="2008">2008</option>
    <option value="2007">2007</option>
    <option value="2006">2006</option>
    <option value="2005">2005</option>
    <option value="2004">2004</option>
    <option value="2003">2003</option>
    <option value="2002">2002</option>
    <option value="2001">2001</option>
    <option value="2000">2000</option>
    <option value="1999">1999</option>
    <option value="1998">1998</option>
    <option value="1997">1997</option>
    <option value="1996">1996</option>
    <option value="1995">1995</option>
    <option value="1994">1994</option>
    <option value="1993">1993</option>
    <option value="1992">1992</option>
    <option value="1991">1991</option>

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        </td>
        <td>
            <span style="margin-right:7px;">EMI</span>
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