Compare Car Loan Interest Rates in Top 5 Banks

Whenever you are looking for a car loan, you want to have a loan amount that can help you buy your dream car without hurting your pocket much. Having said that, there are many car loan lenders that will give you a desirable loan. But, before you seal your deal, you must compare the best car loan India options. Doing so will help you save time and choose the deal that suits your budget. As a result, the loan journey will be smoother. So, let us have a look at the car loan interest rates at top banks in India and then compare the deals.

Car Loan Interest Rates-

To start with, have a look at some of the best options for car loans and see which lender and offer suits your purpose. It is important to note that the car loan interest rates for a new car are different from the old car. So, here are the rates on both old and new cars.

Axis Bank Car Loan Interest Rates-

For New Car- 11.00% - 12.00% (Monthly Reducing Balance)

For Old Car- 14.50%-16.25% p.a. (Monthly Reducing Balance)

HDFC Car Loan Interest Rates-

For New Car- 9.25%-11.25% p.a.(Monthly Reducing Balance)

For Old Car- 14.50%-17.50% p.a. (Monthly Reducing Balance)

ICICI Car Loan Interest Rates-

For New Car- 10.75%-12.75% p.a.

For Old Car-15.50% p.a.

SBI Car Loan Interest Rates

At SBI, the interest rates on car loans are calculated on the basis of 1-Year MCLR and the present 1-Year MCLR=8% p.a. Also, the rates are spread as mentioned below:

• SBI New Car Loan Scheme- 0.70%-0.75% Above 1-Year MCLR=9.20%-9.25% p.a
• SBI Combo Loan Scheme- 0.70%-0.75% Above 1-Year MCLR=9.62%-9.25% p.a.
• NRI Car Loan Scheme-0.70%-0.75% Above 1-Year MCLR=9.20%-9.25% p.a.
• Certified Pre-owned Car Loan Scheme-4.15% Above 1-Year MCLR=12.65% p.a.
• SBI Loyalty Car Loan Scheme-0.60%-1.95% Above 1-Year MCLR=9.10%-9.15% p.a.
• SBI Assured Car Loan Scheme-0.70%-0.75% Above 1-Year MCLR=9.20%-9.25% p.a.

Compare Car Loan-

When it comes to loans, a comparison is very important. Since by comparing the best offers available, you get the clear picture of the total cost involved in the loan and then decide which one is the best for you. So, let us now see what is the total cost of a compare car loan at top lenders.

State Bank of India (SBI)-

Interest Rate- 9.20%

Tenure- 7 years (for new) and 5 years (for old)

EMI per lakh- ₹1,619 (for new) and ₹2,086 (for old)

Total Interest Outgo- ₹36,002 (for new) and ₹25,133 (for old)

Total Amount (Interest + Principal)- ₹1,36,002 (for new) and ₹1,25,133 (for old)

Processing Fee- NIL for new car, 0.50% of the loan amount plus service tax for old car (Minimum- ₹450+S.T. and Maximum- ₹9,100+S.T.)

ICICI Bank-

Interest Rate- 10.75%

EMI per lakh- ₹1,699 (for new) and ₹2,162 (for old)

Total Interest Outgo- ₹42,727 (for new) and ₹29,708 (for old)

Total Amount (Interest + Principal)- ₹1,42,727 (for new) and ₹1,29,708 (for old)

Processing Fee- ₹2.500-5,000 for new car and 2% of the loan amount or ₹6,000, whichever is lower, for old car

HDFC Bank-

Interest Rate- 9.25%

EMI per lakh- ₹1,622 (for new) and ₹ 2,088 (for old)

Total Interest Outgo- ₹36,216  ₹25,279

Total Amount (Interest + Principal)- ₹1,36,216    ₹1,25,279

Processing Fee- ₹2,825-5,150 for new car and 2% of the loan amount plus ₹200 or ₹5,200, whichever is lower for old car

Axis Bank-

Interest Rate- 11%

EMI per lakh- ₹1,712 (for new) and ₹2,174 (for old)

Total Interest Outgo- ₹43,828 (for new) and ₹30,455 (for old)

Total Amount (Interest + Principal)- ₹1,43,828 (for new) and ₹1,30,455 (for old)

Processing Fee- ₹3,500-5,500 for both new & old cars