Here’s the EMI on a Rs 1 lakh car loan from top 10 largest banks

State Bank of India (SBI) and ICICI Bank offer competitive rates of 9.10%, resulting in an EMI of ₹2,474 per lakh.

Note that typically the lowest rates on car loans apply only to electric vehicles. (File Photo)

If you’re planning to buy your dream car, comparing interest rates on car loans can save you thousands of rupees over time.

Here’s a quick look at the starting rates offered by India’s top 10 lenders, so you can make an informed decision:

Punjab National Bank (PNB) and Union Bank of India lead the pack with some of the lowest starting rates. PNB offers loans starting at 8.75% with an EMI of Rs 2,459 per lakh, while Union Bank’s rate is even lower at 8.70%, with an EMI of Rs 2,456.

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Canara Bank matches Union Bank with a starting rate of 8.70% and an identical EMI of ₹2,456 per lakh, making it a great option for budget-conscious buyers.

State Bank of India (SBI) and ICICI Bank offer competitive rates of 9.10%, resulting in an EMI of Rs 2,474 per lakh.

HDFC Bank, a popular choice for car loans, starts at 9.40%, with an EMI of Rs 2,488 per lakh.

Bank of Baroda offers loans starting at 9.00%, with an EMI of Rs 2,470 per lakh—a slightly better deal than most.

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Axis Bank, at 9.30%, delivers slightly higher EMIs of Rs 2,484 per lakh compared to other private sector peers.

Indian Bank and Bank of India offer attractive rates at 8.75% and 8.85%, respectively, with corresponding EMIs of Rs 2,459 and Rs 2,463 per lakh.

Note that typically the lowest rates on car loans apply only to electric vehicles. Loans for ICE vehicles will have a higher rate in most cases.

These rates are applicable for eligible borrowers and are based on loans of Rs 1 lakh for a tenure of 4 years. Take advantage of these offers and bring your car dreams to life.

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Lowest Car Loan Rates – Top 10 Lenders
Updated on December 24, 2024. Top 10 banks by secured assets considered. EMI on loan of Rs 1 lakh for 4 years. Term loans only.
Lender	Starting Rate	Per Lakh EMI
STATE BANK OF INDIA	9.10	Rs 2,474
HDFC BANK LTD.	9.40	Rs 2,488
ICICI BANK LIMITED	9.10	Rs 2,474
BANK OF BARODA	9.00	Rs 2,470
PUNJAB NATIONAL BANK	8.75	Rs 2,459
UNION BANK OF INDIA	8.70	Rs 2,456
AXIS BANK LIMITED	9.30	Rs 2,484
CANARA BANK	8.70	Rs 2,456
INDIAN BANK	8.75	Rs 2,459
BANK OF INDIA	8.85	Rs 2,463

Data compiled by BankBazaar.com

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