Owning a car is a dream for many, and with the availability of auto loans, this dream is now within reach.
Almost every bank in the country offers car loans, but if you’re looking for the best deals, this guide is for you.
We’ve compiled a list of banks currently offering the lowest interest rates on auto loans, making it easier for you to choose the right one for your new car purchase.
Top Banks Offering Low-Interest Auto Loans
UCO Bank
For those looking to buy a new petrol or diesel car, UCO Bank offers auto loans with interest rates starting at 8.70% per annum.
If you’re considering an electric vehicle, the rate is even lower, starting at 8.60% per annum.
Union Bank of India, Canara Bank, and Bank of Maharashtra
Union Bank of India offers auto loans for new petrol or diesel cars starting at 8.80% per annum. Canara Bank’s rate starts at 8.75% per annum.
Both banks offer loans for electric cars with rates starting at 8.70% per annum. Bank of Maharashtra also provides car loans at a starting rate of 8.70% per annum.
Punjab National Bank and South Indian Bank
At Punjab National Bank, the interest rate for new petrol or diesel car loans starts at 8.80% per annum, and for electric cars, it starts at 8.75% per annum.
South Indian Bank offers loans for new cars with rates starting at 8.75% per annum.
IDBI Bank
IDBI Bank provides car loans with interest rates ranging between 8.80% and 9.40% per annum.
Bank of India, Indian Overseas Bank, and Federal Bank
These three banks offer auto loans for new cars with interest rates starting at 8.85% per annum.
Bank of Baroda
Bank of Baroda offers auto loans with interest rates starting from 9.00% per annum, going up to 12.65% per annum depending on various factors.
State Bank of India (SBI)
As the country’s largest bank, SBI offers auto loans for new petrol or diesel cars with interest rates starting at 9.15% per annum. For electric vehicles, the interest rate starts slightly lower at 9.05% per annum.
These banks offer some of the most affordable auto loans in the market, helping you make your dream of owning a car a reality.
Whether you’re looking for a petrol, diesel, or electric vehicle, these options provide competitive rates to suit your needs.
