Car Loan: Lowest Interest Rates at These 4 Public Sector Banks!
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News18•26-01-2026, 19:58
Car Loan: Lowest Interest Rates at These 4 Public Sector Banks!
- •Public sector banks offer car loans starting from 7.40% interest, lower than private institutions, especially for good credit scores.
- •Union Bank of India provides car loans at 7.50% with a low processing fee of Rs 1000 + GST, requiring a good CIBIL score.
- •Indian Overseas Bank and Bank of India offer loans at 7.60%; IOB allows combining family income for eligibility, while BOI gives 50% processing fee discount for electric vehicles.
- •Canara Bank offers loans at 7.95%, covering up to 90% of car value with no maximum loan limit for expensive cars and no prepayment penalties.
- •Minimum interest rates are typically for credit scores above 750; electric vehicle buyers may receive special concessions.
Why It Matters: Public sector banks offer competitive car loan interest rates, especially for those with good credit scores and EV buyers.
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