Car Loan India: Best Car Loan Rates in India

Car Loan Rates

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). However, we have gathered below the car loan rates of some banks, which will give you an indication of prevailing rates. We will soon be increasing the number of banks' rates covered in this section in the days ahead.

Car Loan Interest Rates as on August 13,2009

Banks	New Car
Banks	Tenure	Margin	Processing Fee	Interest Rate
ABN Amro	Above 3 years	10%-30%	Rs 500- Rs 1000	15
Abhyud ay Co-op Bank Ltd	Above 3 years	25%	1.2% of the loan amount	13.5
Allaha bad Bank	Above 3 years	15%	For Salaried Persons: Nil, For Others: 1% of loan amount, minimum Rs 2,000/-	10.75 - 11.25
Andhra Bank	Above 3 years	10%	Rs 250- Rs 1000	13
Apna Sahaka ri Bank Ltd	Above 3 years	25%	0.5% of loan amount	14
Axis Bank	Above 3 years	15%	NA	9.5 - 15.5
Bank of Baroda	Above 3 years	NA	0.75% of loan amount, max Rs 6000	10.5
Bank of India	Above 3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	10.25
Bank of Mahara shtra	Above 3 years	10%	Rs 2000/-	11.25
Canara Bank	Above 3 years	10%	0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-	10
Cathol ic Syrian Bank	Above 3 years	20%	0.25% of loan amount, minimum Rs 250	14.25
Centra l Bank of India	Above 3 years	15%	1%	11
City Union Bank	Above 3 years	10%	1% of loan amount	13.5
Corpor ation Bank	Above 3 years	15%	1% of loan amount or min Rs 1000	11
Dena Bank	Above 3 years	20%	Rs 500	11
Dhanal akshmi Bank Ltd	Above 3 years	25%	0.5% of loan amount	13.5
Federa l Bank	Above 3 years	10%	NA	12.75
HDFC Bank	Above 3 years	0%	NA	12.25 - 12.75
ICICI Bank	Above 3 years	5%	NA	14.25
Indian Bank	Above 3 years	10%	Rs 250 per lakh or part thereof	11.25
Indian Overse as Bank	Above 3 years	10%	upto Rs. 2 lakh- Rs. 134/-, above Rs. 2 lakh- Rs. 134/- per Rs. 1 lakh	12
J&K Bank	Above 3 years	10%-20%	0.25% of loan amount, min Rs 500	11.5
Karnat aka Bank	Above 3 years	NA	0.25% of loan amount	12.25
Karur Vysya Bank	Above 3 years	20%	0.3% of loan amount	11.5
Kotak Bank	Above 3 years	NA	NA	12.5
Lakshm i Vilas Bank	Above 3 years	20%	1% of the loan amount	14.25
Orient al Bank of Commer ce	Above 3 years	15%	0.50%	11.5
Punjab & Sind Bank	Above 3 years	10%	Rs 500	12.75
Punjab Nation al Bank	Above 3 years	20%	0.50%	10.5 - 11
SBI	Above 3 years	NA	NA	11.25
Sarasw at Bank	Above 3 years	20%	0.5% of the loan amount	11
South Indian Bank	Above 3 years	NA	NA	14.25
State Bank of Bikane r& Jaipur	Above 3 years	15%-30%	0.60% of loan amount	11
State Bank of Hydera bad	Above 3 years	15%-30%	Nil	10.5
State Bank of Indore	Above 3 years	15%	0.50% of loan amount	12
State Bank of Mysore	Above 3 years	15%-30%	NA	10.75
State Bank of Patial a	Above 3 years	15%	0.50% of loan amount	11.25
State Bank of Travan core	Above 3 years	15%	0.50% of the loan amount	11
Syndic ate Bank	Above 3 years	5%	NA	12
Tamiln ad Mercan tile Bank Ltd	Above 3 years	15%	0.5% of loan amount	12.25
The Kapol Co-op Bank Ltd	Above 3 years	20%	upto Rs 5 lakh- 0.25% of loan amount, above Rs 5 lakh- 0.5% of loan amount	10.5
The Ratnak ar Bank	Above 3 years	25%	Rs. 500 per lac	12.5
UCO Bank	Above 3 years	25% or Rs 7.5 lakh whichever is lower	1%	11.5
Union Bank of India	Above 3 years	20%	Rs 500 - Rs 1000	11.25
United Bank of India	Above 3 years	10%	0.50% of loan amount	12.5
Vijaya Bank	Above 3 years	20%	NA	11.25

Banks	Used Car
Banks	Tenure	Margin	Processing Fee	Interest Rate
ABN Amro	Above 3 years	20%	Rs 500- Rs 1000	17.5 - 18.5
Allaha bad Bank	Above 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 - 11.5
Andhra Bank	Above 3 years	40% of garage value or Rs. 5 lakh, whichever is lower	Rs 250- Rs 1000	13
Axis Bank	Above 3 years	35%	NA	12 - 15.5
Bank of Baroda	Above 3 years	NA	0.75% of loan amount, max Rs 6000	NA
Bank of India	Above 3 years	30%	1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-	12
Bank of Mahara shtra	Above 3 years	40%	Rs 2000/-	13.25
Canara Bank	Above 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/-	10
Cathol ic Syrian Bank	Above 3 years	NA	NA	17.25
Centra l Bank of India	Above 3 years	40%	1% of the loan amount subject to minimum of Rs.250/-	12
Corpor ation Bank	Above 3 years	25%	1% of loan amount or min Rs 1000	11.75
Dena Bank	Above 3 years	20%	Rs 500	13.5
Dhanal akshmi Bank Ltd	Above 3 years	40%	0.5% of loan amount	17
Federa l Bank	Above 3 years	NA	NA	15
HDFC Bank	Above 3 years	20%	NA	NA
ICICI Bank	Above 3 years	10%	NA	NA
Indian Bank	Above 3 years	40%	Rs 250 lakh or part thereof	12.25
J&K Bank	Above 3 years	25%-30%	Nil	14
Karnat aka Bank	Above 3 years	NA	0.25% of loan amount	16
Karur Vysya Bank	Above 3 years	30%	0.3% of loan amount	14
Orient al Bank of Commer ce	Above 3 years	20%-30%	0.50% of loan amount with minimum of Rs. 500/-	13.75
SBI	Above 3 years	NA	NA	15
Sarasw at Bank	Above 3 years	40%	0.5% of the loan amount	16
State Bank of Bikane r& Jaipur	Above 3 years	15%-30%	0.60% of loan amount	14.25
State Bank of Hydera bad	Above 3 years	15%-30%	Nil	14.25
State Bank of Indore	Above 3 years	15%	0.50% of loan amount	15.75
State Bank of Mysore	Above 3 years	NA	NA	14.5
State Bank of Patial a	Above 3 years	15%	0.50% of loan amount	14.5
Tamiln ad Mercan tile Bank Ltd	Above 3 years	30%	0.5% of loan amount	13.25
The Ratnak ar Bank	Above 3 years	50%	0.50% of loan amount	14
Union Bank of India	Above 3 years	50%	Rs 500- Rs 1000	12.5

Banks and Housing Finance Companies, please contact interestrates@apnaloan.com for inclusions/ corrections

Source: Apnaloan Research Bureau
www.apnaloan.com

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