Question 1

Why is the rate I am quoted different from the rate listed here?

Accepted Answer

Because the figures here are the published starting points, and what a lender actually offers you is set by your own file. Credit score does most of the work, followed by income and how stable it looks, the size of the loan against the value of what is being bought, whether you are salaried or self-employed, and whether you already bank there. The lowest advertised rate is generally reserved for the strongest applications, so treat the numbers on this page as the floor of a range rather than a quote.

Question 2

What does "floating rate" mean for a car loan?

Accepted Answer

That the rate is tied to an external benchmark and moves when the benchmark moves. In India most retail loans are linked to the repo rate, with the lender adding a spread on top that stays fixed for your loan. When the central bank changes the repo rate, your rate follows, usually at the next reset date — which means your instalment or your remaining term changes without you doing anything. A fixed rate does not move, and normally starts higher in exchange.

Question 3

Is the lowest rate on this table the cheapest car loan?

Accepted Answer

Not necessarily, and this is the most common mistake. A lender charging slightly more in interest but far less in processing fee can be cheaper over a short term, because the fee is paid once and upfront while the rate difference accrues over the life of the loan. The comparison tool exists for exactly this — it ranks offers on total money out of your pocket, with the fee and tax included, rather than on the headline rate.

Question 4

How often do these rates change, and how current is this page?

Accepted Answer

Floating rates move with the benchmark, so they can change several times a year, and lenders also revise their spreads and promotional offers independently. Every row here carries the date it was transcribed and a link to the lender's own page. Check that date: if it is old, the page it came from is the authority, not this one. Nothing is shown here until it has been read on the lender's own site, which is also why rows are missing rather than estimated.

Question 5

Why do some lenders have no rate listed?

Accepted Answer

Because it has not been transcribed yet. Every figure on this site is read by hand from the lender's own published page and recorded with that URL and a date before it appears. Lenders who publish their rates only inside a PDF, or behind a login, or as a formula rather than a number, take longer. Leaving a gap is deliberate — an estimate or a figure lifted from a comparison site would look like data and would not be.

Lender	Interest rate (p.a.)	Processing fee	Max tenure	As of
Canara Bank Public sector	Lowest7.45% – 15.00%	—	—	12 Dec 2025	Verify ↗Calculate
Union Bank of India Public sector	7.50%	—	—	22 Sept 2026	Verify ↗Calculate
Bank of Baroda Public sector	7.60% – 11.30%	—	—	12 Sept 2026	Verify ↗Calculate
State Bank of India Public sector	8.30%	—	—	22 Sept 2026	Verify ↗Calculate

Lender	Interest rate (p.a.)	Processing fee	Max tenure	As of
Canara Bank Public sector	Lowest7.45% – 15.00%	—	—	12 Dec 2025	Verify ↗Calculate
Union Bank of India Public sector	7.50%	—	—	22 Sept 2026	Verify ↗Calculate
Bank of Baroda Public sector	7.60% – 11.30%	—	—	12 Sept 2026	Verify ↗Calculate
State Bank of India Public sector	8.30%	—	—	22 Sept 2026	Verify ↗Calculate

Car Loan interest rates

Car Loan rates, explained

Rates for other loan types

Car Loan interest rates

Car Loan rates, explained

Rates for other loan types