Planning to Buy a Car? Here’s Why Comparing Car Loan Interest Rates Across Banks Is Crucial
Owning a car is a dream for many, but the high price tag often turns it into a long-term plan. That’s why most buyers opt for car loans, paying off the vehicle through manageable monthly EMIs. But here’s the catch: choosing the right bank can save you thousands of rupees over the years.
So, before saying yes to a dealer’s offer, compare interest rates from different banks. A lower rate means lighter EMIs and bigger savings. Here’s a quick, crisp look at what major banks are offering right now:
A car loan is a long-term commitment, so even a small difference in interest rates can significantly impact your total repayment. Take time to compare, calculate EMIs, and pick the bank that best fits your financial comfort.
Disclaimer: The interest rates mentioned in this article are based on publicly available information at the time of writing. Banks may revise their rates without prior notice. Readers are advised to verify the latest car loan interest rates , eligibility criteria, and terms directly from the respective bank’s official website or branch before making any financial decisions. This article is for informational purposes only and does not constitute financial advice.
So, before saying yes to a dealer’s offer, compare interest rates from different banks. A lower rate means lighter EMIs and bigger savings. Here’s a quick, crisp look at what major banks are offering right now:
PNB Car Loan - 7.85%
Punjab National Bank currently offers one of the lowest rates, making it an attractive option for buyers looking for affordability.Union Bank of India - 7.90%
Just a notch higher, Union Bank provides competitive rates ideal for first-time car buyers.IDBI Bank - 7.95%
IDBI Bank keeps it under 8%, giving customers a balanced offer with easy processing.Bank of Baroda - 8.15%
BOB’s car loan comes with a slightly higher rate but remains a solid choice among public-sector banks.Canara Bank – 8.20%
Canara Bank’s rate is marginally above BOB but still reasonable for customers seeking reliability and wide branch support.ICICI Bank - 8.50%
Among private banks, ICICI offers a smooth loan experience at 8.5%, ideal for those who prioritise quick approvals.SBI - 8.75%
State Bank of India, the country’s largest government bank, offers car loans at 8.75%, supported by wide branch networks, trusted service, and flexible EMI options.Axis Bank - 8.8%
Axis Bank’s car loan rate is on the higher end, but it may appeal to customers who prefer digital convenience and fast processing.A car loan is a long-term commitment, so even a small difference in interest rates can significantly impact your total repayment. Take time to compare, calculate EMIs, and pick the bank that best fits your financial comfort.
Disclaimer: The interest rates mentioned in this article are based on publicly available information at the time of writing. Banks may revise their rates without prior notice. Readers are advised to verify the latest car loan interest rates , eligibility criteria, and terms directly from the respective bank’s official website or branch before making any financial decisions. This article is for informational purposes only and does not constitute financial advice.
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