There are many banks in India which provide car loans. Among them, in this article, we will tell you about the Top 10 Banks for Car Loan in India and will also talk about their interest rates and processing fees. The top 10 best banks for Car loans have been explained. Which will be very useful in your decision to take a car loan.
State Bank of India
State Bank of India is at number one in our list which provides car loans to its customers. State Bank of India charges its customers a processing fee (New Car: Rs.1,000 onwards) on new cars. And it is Interest Rate (p.a.) of this bank is 8.65% p.a.
Bank of Baroda
Bank of Baroda, which is one of the famous banks of India, you can find its branches all over India. This bank currently provides loans to its customers. Whose processing fee is 0.50% of the loan amount (minimum Rs.2,500 plus GST and maximum Rs.10,000 plus GST) and its interest rate is 8.70% p.a.
Union Bank of India
Union Bank of India is one of the public banks of the country. Which is a very famous bank in India, you will find its branches all over the country. To know the processing fee for a Car loan from the bank, you will have to contact its nearby branch its interest rate is 8.65% p.a.
Axis Bank
Axis Bank is a famous private sector third largest bank of India. This bank provides car loan services to its customers. The interest rate of this bank is 9.10% p.a. And the processing fee is a minimum of Rs.3,500 and a maximum of Rs.12,000.
HDFC Bank
HDFC Bank which is the largest private bank in India. You can find its branches mostly in cities. This bank provides services like car loan to its customers. The interest rate of this bank starts from 8.95% (Rack Interest) and the processing fee is between 0.50% of loan amount (min. Rs.3,500; max. Rs.8000).
Federal Bank
Federal Bank also provides car loan to its citizens. The interest rate of this bank is 11.00% p.a. And to know the processing fees of this bank, you will have to contact your nearest Federal Bank branch.
Canara Bank
Canara Bank is one of the famous banks of India which is mostly found in rural areas. This bank is a government bank that provides car loan and many other loans to its customers. You will mostly find branches of Canara Bank in rural areas whereas it has very few branches in urban areas. If you take a loan from this bank, then you have to pay some processing fee in which you are charged between 0.25% of loan amount (min. Rs.1,000; max. Rs.5,000) and the interest rate of this bank is 8.80% p.a.
| Bank Name | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| State Bank of India | 8.65% p.a. onwards | New Car: Rs.1,000 onwards |
| Union Bank of India | 8.85% p.a. onwards | Contact the bank |
| Bank of Baroda | 8.70% p.a. onwards | (minimum Rs.2,500 and maximum Rs.10,000 plus GST) |
| HDFC Bank | Starting from 8.95% (Rack Interest) | 0.50% of loan amount (min. Rs.3,500; max. Rs.8000) |
| Federal Bank | 11.00% p.a. onwards | Contact the bank |
| Axis Bank | 9.10% p.a. onwards | Minimum of Rs.3,500maximum of Rs.12,000 |
| IDBI Bank | 8.75% p.a. onwards (floating) 9.20% p.a. onwards (fixed) | Contact the bank |
| Canara Bank | 8.80% p.a. onwards | (min. Rs.1,000; max. Rs.5,000) |
| Karnataka Bank | 9.25% p.a. onwards | Contact the bank |
| Punjab National Bank | 8.75% p.a. onwards | Nil |
Conclusion
In this article, as we have told you through the table, we have told you about the top 10 best banks of India which provide car loans. It has also been explained through tables in this article for you to understand in simple language. If you are thinking of taking a loan then please read this carefully which will further boost the information related to your loan.