Car Loan Interest Rates 2023 – SBI, HDFC, Axis, ICICI Bank, PNB

Best Car loans available in India @ lowest rates of 8.65% for 7 years tenure / repayment period. You can compare all major banks on the basis of Interest Rates, Documents, Processing Fees, Lowest EMI, Repayment Period, Foreclosure charges at

First & foremost, when you are in market for buying a new car for yourself & your family, you have to take a wise decision on the basis of reliability, maintenance free & low on service cost of the car you can simply go with the car which offers these peace of mind facilities to you. Same thing happening here, In the case of car loan you have to choose the best offer on the basis of interest rates, disbursal time, processing fees, No. of repayment year & Foreclosure charges.

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Disclaimer: We do not provide Car Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Car Loan Interest Rates 2021

So have a look at the on of the best available banks in market for car loans. you can compare first & then select the best one as per your convenience.

Bank Interest Rates EMI per Rs 1 lakh Processing Fee Repayment Period
State Bank of India 8.65% – 9.35% Rs.1,591 – 1,627 0.40%, min Rs. 1000 up to Rs. 7500 (+ GST). Up to 7 Years
Axis Bank 9.05%-11.30% Rs. 1,611 – Rs. 1,728 Rs. 3500 to Rs. 5500 Up to 8 Years
HDFC Bank 8.80% – 8.90% Rs. 1,599 – Rs. 1,604 0.4% of Loan Amount or Rs.10000, whichever is lower Up to 7 Years
ICICI Bank 9.30% onwards Rs. 1,624 Rs.2500/- to Rs.5000/- Up to 7 Years
Bank of Baroda 8.40% – 10.15% Rs. 1,579 – Rs. 1,668 0.50% of Loan amount, Minimum Rs.2,500/- Maximum Rs.10,000/- Up to 7 Years
Union Bank of India 8.60% – 8.70% Rs.1,589 – Rs.1,594 Rs.1000/- Up to 7 Years
Punjab National Bank 8.55% – 9.00% Rs. 1,604 – Rs. 1,627 Upto Rs. 6 Lacs – Rs. 1,000/-, Above Rs. 6 Lacs- Rs. 1,500/- Up to 7 Years
Bank of India 8.60% – 9.00% Rs.1,589 – Rs.1,609 Rs.500/- per application, Irrespective of limit Up to 7 Years
Canara Bank 8.05% – 8.65% Rs. 1,561 – Rs. 1,591 0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs. 5000/-. Up to 7 Years
United Bank of India 8.70% Rs. 1,594 0.59% of the loan amount sanctioned subject to minimum of Rs.600/- and maximum of Rs.11,800/-. Up to 7 Years

SBI is a public sector bank. Due its government image borrower’s first choice is State Bank of India. ZERO foreclosure charges & Rs.500 + service tax makes SBI is the perfect contender in car loan market. SBI takes 7 working days’ time to disburse the loan to customer’s / dealer account. Borrowers can get maximum loan amount of Upto 85% of “on road” price of car.

SBI Car Loan

  1. 3 Lakh annual income required for salaried employees
  2. 4 Lakh of annual income required for Professionals, Businessman & self-employed.
  3. Lounger repayment period of 7 years
  4. Interest calculated on daily reducing balance method.
  5. Check SBI Car Loan Full Details Here

HDFC Bank Car Loan

HDFC Bank is the one of the best car loan bank available in market due to up to 100% finance facility available on selected cars. HDFC bank offers special processing fees & interest rates on newly launched cars.

  1. Fixed Interest rates
  2. No Income document scheme is also available for high profile customer
  3. Longer repayment period of 7 years available.
  4. Quick disbursal within 4 working days.
  5. Maximum loan amount – 6 times of your yearly income.
  6. 8 lakh annual income required to take the loan.
  7. Check HDFC Car loan Full Details Here

ICICI Bank Car Loan

ICICI Bank is the second largest private bank for car loans. ICICI bank offers upto 100% finance facility on ex-showroom price of car.

  1. Repayment period of 7 years
  2. Up to 100% financing
  3. Annual income of 1.8 lakh required to apply for loan
  4. Special offers for current account holders of ICICI Bank
  5. Minimum Documentation required for existing customers

Axis Bank Car Loan

Axis Bank offer Flexible, transparent, quick, and cost-effective ways to get Car Loan in India. Upto 85% on road price funding available for maximum 7 years repayment period. Minimum loan amount is 1 lakh which is the best thing under axis bank car loan schemes.

  1. Minimum annual income of 2.4 lakh or 20000 per month required for salaried employees.
  2. Minimum annual income of 1.8 lakh required for self employed
  3. Age should be above of 21 years at the time of apply for loan.
  4. Check Axis Bank car loan Full Details Here

Tata Capital Car Loan

Great car loan deals Tata capital have on offer with up to 100% finance at attractive interest rates. Simply choose the flexible repayment tenure that suits you – and with Tata Capital fast approvals, you’ll soon be in the drivers’ seat of your new or pre-owned car in no time.

  1. Minimum loan amount of 1 Lakh
  2. Minimum Annual income of 2.5 Lakh or 21000 for salaried.
  3. Minimum annual income of 2 lakh for self employed, professionals.

UCO Bank Car Loan

All regular employee with minimum 5 months compleated service in same company are eligible for car loans under uco bank. Self employed, Professionals, farmers, agriculturists, business concerns, Ex-staff, pensioners and NRI’s are also eligible to take car loan from uco bank.

  1. Minimum 20000/- per month take home salary
  2. 5 lakh ITR for self employed in Metro, 4 lakh in other locations.
  3. 4 lakh ITR for agriculturists or Holding the land on own name.
  4. Maximum 7 years repayment option available for New Cars, 5 Years for Used cars.
  5. 1% of the loan amount maximum Rs.1500/-.