Lowest car loan interest rates (for new car)
Below are the list of banks providing the lowest interest rates on Car Loan
Updated on Sat Jul 27 2024
| Loan Provider | Scheme Name | Interest Rate | Tenure | Additional condition |
|---|---|---|---|---|
| SBI Bank | SBI New Car Loan Scheme | 8.80%-9.70% | upto 7 years | Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-. |
| SBI Bank | Loyality Car Loan Scheme | 8.75%-9.65% | upto 7 years | Income : Minimum Net Annual Income of the borrower should be Rs. 2.00 Lacs. |
| SBI Bank | Assured Loan Scheme | 8.80%-9.70% | upto 7 years | Minimum Income Criteria : Income declared by applicant will be accepted. |
| Axis Bank | New Car Loan | 9.10%-13.80% | upto 7 years | Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others |
| Bank of baroda | Digital Car loan | 8.70%-9.55% | upto 7 years | For purchase of new passenger cars, multi utility vehicles (MUVs), SUVs, Electric cars etc. for private use. |
| Bank of baroda | Baroda Car loan | 8.70%-11.15% | upto 7 years | For purchase of new passenger cars, multi utility vehicles (MUVs), SUVs, etc. for private use. |
| Canara Bank | Car Loan | 10%-20% | upto 5 years | Salaried individuals should have a minimum gross salary of Rs.3.00 lacs p.a. Minimum NTH after proposed installment should not be less than 25% or Rs.12,000/- whichever is higher. Other than salaried individuals should have a minimum Gross Annual Income of Rs.3.00 lakh p.a. |
| Federal Bank | New Car Loan | 11% | upto 7 years | Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.20000 (lower take home pay requirement for rural, semi urban locations) Spouse's income can be clubbed. Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income) |
| Indian Overseas Bank | New Car Loan | 8.85% | upto 7 years | In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions. The total monthly income of the applicant including that of spouse and other income should be not less than Rs. 8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler. |
| Union Bank of India | New Car Loan | 10% | upto 7 years | New 4-wheeler - No ceiling |
| HDFC Bank | Xpress Car Loan | 8.30%-11% | upto 7 years | Salaried Individual those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant Self Employed Should earn at least Rs. Rs. 3,00,000 per annum |
| Central Bank of India | Cent vechile | 9.25%-10.15% | upto 7 years | Individuals Income should have a minimum Income of Rs.3.00 lacs p.a. |
| ICICI Bank | New Car Loan | 8.85% | upto 7 years | Loan upto 100% on road price |
| Induslnd Bank | New Car Loan | 8%-21.71% | upto 5 years | Salaried Person must have income atleast 2.5 lakh p.a Self Employed must have income atleast 3 lakh p.a. |
| Jammu and kashmir Bank | New Car Loan | 9.25%-9.75% | upto 7 years | Applicant Minimum Income Required Rs2lakh to 4lakh |
| Bank of India | Star Vehicle Loan - Individuals | 8.85%-9.95% | upto 7 years | For entities other than individuals 4 times of average annual cash accrual (i.e. PAT + Depreciation) as per last two years I.T. Returns, Audited balance sheet, P&L Account filed in respective assessment years subject to a minimum DSCR of 1.25 |
| Bank of India | Star Vechile Loan - Other than Individuals | 8.85%-9.95% | upto 7 years | Companies, Partnership firms, Proprietary concern and other types of corporate entities. |
| Bank of India | Star Vechile Loan - Doctor Plus | 8.85%-10.55% | upto 7 years | Registered medical practitioner having 3 years of experience with any Branch of medical science. (MBBS, BDS. BAMS, BHMS), |
| IDBI Bank | Car Loan | 9.65%-14.15% | upto 7 years | Minimum annual income of Rs 2,40,000 |
| Yes Bank | New Car Loan | 9.7%-10.25% | upto 8 years | Salaried Minimum annual income: Rs.3 lakhs (3 months' salary slips/ Form 16 needed for confirmation) Self Employed Minimum annual income: Rs.2 lakhs (2 years ITR/ Previous year ITR with adv. tax challan for current year showing higher tax paid than previous year, needed for confirmation). |
| Punjab National Bank | PNB Green Car ( E-vehicle) Loan | 8.75%-9.55% | upto 10 years | Minimum net monthly salary / pension/ income - Rs.25000/- |
| Punjab National Bank | Insta Vechile Loan Scheme For Exisiting Home Loan Borrowers | 8.75%-9% | upto 8 years | All existing home loan borrower accounts where the loan has run for minimum 3 years (excluding moratorium period) without a single default in EMI. |
| Punjab National Bank | PNB Combo Loan Scheme ( Housing+car) | 8.75%-9.55% | upto 7 years | Minimum Gross Income for Salaried Customers - Rs. 50,000/- per month. For Professional and Self Employed / Businessman: Minimum Annual Post-Tax Income of Rs.6.00 lac as per ITR (Average of last 3 years). However, there should be consistent growth in Gross Income in last 3 years |
| Punjab National Bank | PNB Pride Car Loan for Govt Employees | 8.95%-9% | upto 7 years | Minimum net monthly salary / pension/ income - Rs.25000/- |
| Punjab National Bank | PNB Car Loan | 8.75%-10.6% | upto 7 years | Minimum net monthly salary / pension/ income - Rs.25000/- Income of Parent(s)/Spouse/ Earning Children can be added for determining loan amount/eligibility. However, out of above income of only one person can be added and he/she will stand as a co-borrower. |
| Karnataka Bank | Xpress Car Loan | 9.36%-11.68% | upto 7 years | Up to 85% of on road price including cost of vehicle + Road tax + Insurance + Registration charges, subject to a maximum of ?75 Lakhs for new vehicle. |
