Latest car loan interest rates October 2024: Check which bank is offering lowest car loan interest rates this festive season

It's a unique feeling to bring your brand-new car home during festivals. Your car-buying process would be easier than ever if you have all the information handy. Many banks offer flexible payback terms, affordable EMIs, and 100% financing on a few vehicles. Compare the interest rates offered by various banks before finalising the loan.

With upcoming festive such as Dussehra, Diwali, many banks are offering special offers such as reduced interest rates on car loans, processing fees are waived, and exclusive freebies and discounts are offered.

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What is the minimum credit score I need to get a Car Loan?

According to the HDFC Bank website, “There’s no specified minimum credit score for getting a Car Loan from HDFC Bank. But a lower credit score can reduce the loan amount you can get. A credit score above 750 is considered excellent for loans. This will allow you to get a higher loan amount at the most affordable car loan rates.”

The interest rates on auto loans are known as annual percentage rates, or APRs, and they depend on a number of variables, such as your income, debt, credit score, car value, loan amount, loan length, and RBI repo rate. The price of the car may affect the rate even when the kind does not directly affect it.

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Here are the interest rates for a car loan with an EMI (Rs) of Rs 5 lakh and a tenure of 5 years.

Name of Lender	Interest rate (%)	EMI (Rs)	Processing fee
		Loan amount-5 lakh	(% of loan amount)
		Tenure-5 years
Union Bank of India	8.70 - 10.45	10,307 - 10,735	NIL
Punjab National Bank	8.75 - 10.60	10,319 - 10,772	0.25% (Rs. 1,000 - Rs. 1,500)
Bank of Baroda	8.95 - 12.70	10,367 - 11,300	Up to Rs 750
Canara Bank	8.70 - 12.70	10,307 - 11,300	NIL
Bank of India	8.85 - 12.10	10,343 - 11,148	0.25% (Rs. 1,000 - Rs. 5,000)
UCO Bank	8.45 - 10.55	10,246 - 10,759	Nil
State Bank of India	9.05-10.10	10,391-10,648	NIL
IDBI Bank	8.80 - 9.65	10,331 - 10,294	Rs 2,500
Bank of Maharashtra*	8.70 - 13.00	10,307 - 11,377	NIL
Indian Overseas Bank**	8.85 - 12.00	10,343 - 11,122	0.50% (Rs 500 - Rs 5,000)
ICICI Bank	9.10 onwards	10,403 onwards	Up to 2%
HDFC Bank	9.20 onwards	10,428 onwards	Up to 1% (Rs 3,500 - Rs 9,000)
Karnataka Bank	8.88 - 11.37	10,350 - 10,964	0.60% (Rs 3,000 - Rs 11,000)
Federal Bank	8.85 onwards	10,343 onwards	Rs 2,000 - Rs 4,500
Punjab and Sind Bank***	8.85 - 10.25	10,343 - 10,685	0.25% (Rs. 1,000 - Rs. 15,000)
South Indian Bank	8.75 onwards	10,319 onwards	0.75% (Max: Rs 10,000)
IDFC First Bank	9.60 onwards	10,525 onwards	Up to Rs 10,000
City Union Bank	9.90-11.50	10,599-10,996	1.25% (Min: Rs 1,000)

*0.25% interest rate concession for existing housing loan borrowers and corporate salary account holders.
**0.50% interest rate concession to borrowers with credit scores of 800 and above. Interest rate concession of 0.25% to borrowers having credit scores of 750-799.
***Concession of up to 50% on processing fee for PSB Apna Vahan Sugam.
Rates and charges as of 8th October 2024.