Car Loan Interest Rates 2024, Top Banks for Car Loan in May 2024

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Posted By PAVZI
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Are you considering buying a new car and thinking of taking a loan from the bank? This month, many banks are offering car loans at low interest rates, which can help reduce the burden of monthly EMI. Let’s take a look at the list of banks offering car loans at cheap interest rates in May 2024. so you can choose the one with the lowest interest rate and take the loan accordingly.

  • Union Bank of India (UBI) offers car loan interest rates ranging from 8.7 % to 10.45%.
  • Punjab National Bank’s current car loan interest rates range from 8.75 % to 10.60 %.
  • Bank of Baroda’s interest rates for May range from 8.85 % to 12.70 %.
  • Canara Bank charges car loan interest rates starting from 8.70 % to 12.70 %.
  • Bank of India’s car loan interest rate for May is between 8.85 % and 10.85 %.
  • UCO Bank offers car loan interest rates starting from 8.45 % to 10.55 %.
  • State Bank of India (SBI) car loan interest rates range from 8.75 % to 9.80 %.
  • IDBI Bank’s car loan interest rate is between 8.80 % and 9.60 %.
  • Bank of Maharashtra charges 8.70 % and 13 % interest rates on car loans.
  • Indian Overseas Bank’s car loan range from 8.85 % to 12 %.
  • ICICI Bank’s car loan interest starts from 9.10 %.
  • South Indian Bank is charging car loan interest rates starting from 8.75 % this May.
  • HDFC Bank provides loans based on credit score, with current interest rates starting from 9.20 %.
  • IDFC First Bank’s car loan interest rate starts from 9.75 %.

If your credit score exceeds 800, many banks offer a 0.50 % interest rate concession, while those with a credit score between 750-799 are given a 0.25 % interest concession. The car loan tenure can be chosen from a minimum of 12 months to 8 years, and the maximum loan amount is 75% of the car’s value.


Hi, I'm Pavzi. I have 15 Years of Experience in the Financial Industry; here, I have posted various Financial Updates and Money Matters with How-to Guides according to the Latest Fintech News updates.