Car loan interest rates, all banks
Canara Bank has the lowest starting car loan rate on public cards at 7.5%. 8 lenders compared on rate band, EMI on ₹ 8 Lakhs and processing fee, checked 10 Oct 2026 to 11 Oct 2026.
What you'll learn:
- Every lender's car loan rate, lowest first
- EMI and fee on ₹ 8 Lakhs
- Public vs private lenders
Car loan interest rates by lender
Lowest starting rate first. EMI is on ₹ 8 Lakhs over 5 years at each lender's typical rate; fees are before GST. Open a lender for its calculator, or work out your own numbers on the car loan EMI calculator.
| Lender | Rate band | Typical | EMI at typical | Processing fee | Checked |
|---|---|---|---|---|---|
| Canara Bank | 7.5% to 10.7% | 8.3% | ₹ 16,336 | Not published | 11 Oct 2026 |
| PNB | 7.85% to 8.95% | 8.25% | ₹ 16,317 | Waived to 31 Dec 2026 | 10 Oct 2026 |
| Bank of Baroda | 7.85% to 11.55% | 8.75% | ₹ 16,510 | Not published | 10 Oct 2026 |
| HDFC | 8.25% onwards | 9.25% | ₹ 16,704 | Not published | 10 Oct 2026 |
| SBI | 8.4% to 9.35% | 8.75% | ₹ 16,510 | ₹ 2,000 | 11 Oct 2026 |
| ICICI | 8.4% onwards | 9.25% | ₹ 16,704 | Not published | 10 Oct 2026 |
| Axis | 8.8% to 11.7% | 9.75% | ₹ 16,899 | Not published | 10 Oct 2026 |
| Kotak | 9% onwards | 9.75% | ₹ 16,899 | Not published | 11 Oct 2026 |
Lowest rate depends on your profile
- Top credit score: Canara Bank starts lowest at 7.5%, then PNB at 7.85%.
- Average score or irregular income: the top of the band matters more. PNB has the lowest published top at 8.95%.
- Typical borrower: PNB at 8.25%. The gap to the dearest typical rate here is about ₹ 582 a month on ₹ 8 Lakhs.
- Lowest upfront cost: PNB is waiving the processing fee until 31 Dec 2026.
Public-sector vs private lenders
| Lender type | Lowest starting rate | Average typical rate | EMI at that average |
|---|---|---|---|
| Public-sector banks (Canara Bank, PNB, Bank of Baroda, SBI) | 7.5% | 8.51% | ₹ 16,418 |
| Private banks (HDFC, ICICI, Axis, Kotak) | 8.25% | 9.5% | ₹ 16,801 |
Two lenders side by side
- SBI vs HDFC car loan: typical 8.75% against 9.25%
How to use this table
These are the lenders' public rate cards, not quotes. Get written offers from two or three, then line them up with their fees on the compare loan offers calculator. The rate on your sanction letter and its Key Facts Statement are what count.
Sources
Rate bands come from each lender's page, linked from its calculator; fees from the pages below. This site does not update rates in real time.
- PNB car loan fees and chargesProcessing fee and terms.
- SBI car loan fees and chargesProcessing fee and terms.
- RBI notifications indexKey Facts Statement and retail-lending disclosure rules for rate, fees, and EMI.
- RBI (Pre-payment Charges on Loans) Directions, 2025When regulated lenders may not levy pre-payment charges on floating-rate individual loans for non-business purposes.
Last updated on 11 Oct 2026.