If you are planning to buy a car then you should definitely compare rate of interest of public sector banks. Below, we have provided the rate of interest charged by banks in car loans. The following rate of interest data has been taken from official websites of banks.
Note: The interest rate may further decrease for electric vehicles and under other schemes such as digital loan, etc. You are requested to visit the official website of banks for more details.
SBI car loan interest rates start from around 8.70% p.a. for new cars (like Assured/Loyalty/Green Loans) for salaried/eligible customers, but vary by scheme, credit score, and loan type, with rates for used cars starting higher (e.g., 10.45%+). Rates depend on your profile (salaried/self-employed) and CIBIL score, with electric vehicle loans (Green Car Loans) often getting concessions.
Punjab National Bank (PNB) car loan interest rates start from around 7.60% p.a. (floating) for new cars, with rates varying based on borrower profile (CIBIL score, women, existing customers), loan type (e-vehicle vs. regular).
Bank of Baroda (BoB) car loan interest rates start from around 7.90% onwards for new cars, with variations based on credit score (CIBIL), loan type (fixed/floating).
Canara Bank car loan interest rates generally start around 7.45% p.a. for new cars.
Union Bank car loan interest rates start around 7.50% p.a. for new cars, but vary based on your credit score (CIC/CIBIL score).
Central Bank of India car loan interest rates start around 7.65% p.a. for new cars, but vary based on your credit score (CIC/CIBIL score).
Bank of India car loan interest rates start around 7.60% p.a. for new cars, but vary based on your credit score (CIC/CIBIL score).
UCO Bank car loan interest rates typically start from around 7.45% p.a. for new cars, varying significantly based on your CIBIL score.
Indian Bank car loan interest rates generally start around 7.55% for new cars, varying based on credit score.
Indian Overseas Bank car loan interest rates start from around 7.60 p.a. onwards, varying by loan type (new/EV/used) and borrower profile, linked to RLLR (Repo Linked Lending Rate) with potential concessions for higher credit scores (CIBIL).
Punjab & Sind Bank car loan interest rates typically start from around 7.55% p.a. for new cars, varying significantly based on your CIBIL score.
Bank of Maharashtra car loan interest rates start from around 7.45% p.a. (floating) for new cars, with rates varying based on borrower profile (CIBIL score, women, existing customers), loan type (e-vehicle vs. regular).
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