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Theo

● Car Loan Expert

🚗 Hi! Planning to buy a car? Ask me about rates, EMI, down payment, or which bank gives the best deal for your profile.

🚗 Drive Home Your Dream Car Today

Compare car loan rates from India's leading banks. Get up to 90% financing on-road price with fast approval and flexible tenures.

9.25%Starting Rate
₹25 LMax Loan
7 yrsMax Tenure
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AI-Powered Intelligence

Compare Car Loan Rates — 2026

Best rates from India's top banks for new cars.

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15%

Car Loan Comparison

Sort by:
LenderInterest RateMax LoanMax TenureProcessing Fee
SBI
Lowest Rate		9.25% p.a.₹25 L7 YearsVaries
PNB
Govt Employees		9.25% p.a.₹25 L7 YearsVaries
Bank of India
9.25% p.a.₹25 L7 YearsVaries
HDFC Bank
Fast Approval		9.35% p.a.₹25 L7 YearsUp to 2%
Axis Bank
9.50% p.a.₹25 L5 YearsUp to 2.5%
ICICI Bank
Self-Employed OK		10.75% p.a.₹25 L7 YearsVaries
IDFC First Bank
10.99% p.a.₹20 L7 YearsVaries
* Rates indicative. Final rate based on credit profile, vehicle model, and down payment. Up to 90% on-road price financing available.

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About Car Loans

Eligibility Criteria

Age21 – 65 years
Min. Monthly Income₹25,000/month
Credit Score750+ for best rates
Loan-to-ValueUp to 90% of on-road price
Down PaymentMinimum 10%

Best For

  • Lowest rates: SBI, PNB, Bank of India (9.25%)
  • New car, salaried: HDFC, SBI
  • Self-employed: Axis, ICICI
  • Used cars: SBI (special rates), HDFC

Documents Required

  • PAN Card & Aadhaar
  • Salary slips (3 months) / ITR (self-employed)
  • Bank statements (6 months)
  • Proforma invoice from car dealer
  • Employment letter / business proof

Tips for Getting Best Rate

  • Maintain a CIBIL score of 750+
  • Make a larger down payment (20–30%)
  • Apply with your existing salary account bank
  • Compare 3–4 lenders before finalising
  • Government employees & PSU staff get special rates

Frequently Asked Questions

Minimum 10% of the on-road price. However, banks like SBI and HDFC can finance up to 90% of the on-road price. A higher down payment (20–30%) reduces your EMI and often helps you get a lower interest rate.
Yes! SBI, HDFC, and ICICI all offer used car loans. Rates are slightly higher (1–2% more) than new car loans. The car should generally be not older than 7–10 years at loan maturity. LTV is typically 80–85% of market value.
Most banks require a minimum income of ₹25,000/month. However, the loan amount also depends on your existing EMIs and obligations. With a ₹25,000 salary and no other EMIs, you could comfortably service a ₹8–10 lakh car loan over 7 years.
HDFC Bank offers same-day or next-day disbursal for eligible customers. SBI typically takes 2–4 working days. The loan amount is paid directly to the car dealer after final documentation.

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Theo

Your AI Financial Expert

👋 Hi! I'm Theo, your AI financial expert. What are you looking for today?