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June 2026 · Karthik, Vijayawada AP · 8 min read
Car Loan Interest Rates 2026 All Banks Compared (Lowest EMI Guide)
Car loan interest rates from all major banks in 2026. Kotak 7.7% is cheapest. SBI 8.85%, HDFC 9%, ICICI 9.1%. EMI for Swift, Nexon, Creta, Fortuner in Delhi, Mumbai, Bangalore.
Car Loan Interest Rates — All Banks June 2026
| Bank | Starting Rate | Max Tenure | EMI per ₹1L (5yr) |
|---|---|---|---|
| Kotak Mahindra Bank | 7.70% | 7 years | ₹1,997/month |
| Union Bank of India | 8.70% | 7 years | ₹2,051/month |
| Bank of Baroda | 8.80% | 7 years | ₹2,056/month |
| SBI Car Loan | 8.85% | 7 years | ₹2,059/month |
| HDFC Bank | 9.00% | 7 years | ₹2,076/month |
| ICICI Bank | 9.10% | 7 years | ₹2,081/month |
| Axis Bank | 9.25% | 7 years | ₹2,087/month |
Car Loan EMI for Popular Cars — Delhi, Mumbai, Bangalore 2026
| Car | On-Road Price (Delhi) | Loan (80%) | EMI 5yr @ 8.85% |
|---|---|---|---|
| Maruti Swift (Base) | ₹6.8 Lakh | ₹5,44,000 | ₹11,274/month |
| Hyundai i20 | ₹10.5 Lakh | ₹8,40,000 | ₹17,403/month |
| Tata Nexon | ₹15 Lakh | ₹12,00,000 | ₹24,861/month |
| Hyundai Creta | ₹17.5 Lakh | ₹14,00,000 | ₹29,004/month |
| Honda City | ₹18 Lakh | ₹14,40,000 | ₹29,833/month |
| Toyota Fortuner | ₹46 Lakh | ₹36,80,000 | ₹76,257/month |
On-Road Price Difference by City
On-road price varies due to different road tax. Delhi: 4-10% road tax. Mumbai: 11-13%. Bangalore/Karnataka: 13-17%. A ₹15L ex-showroom car: Delhi = ₹16.5L, Mumbai = ₹17.2L, Bangalore = ₹17.8L on-road. Always calculate loan based on on-road price, not ex-showroom.
FAQs
How much salary needed for ₹10L car loan? +
For ₹10L car loan EMI of ₹20,760/month (9%, 5yr), need minimum salary of ₹41,520-51,900/month (EMI should be 40-50% of income max). Banks require 2x the EMI as net monthly salary. ₹10L loan for 5 years: minimum salary of ₹42,000-50,000/month.
Is 7-year car loan better than 5-year? +
7-year loan: Lower EMI but much more interest. For ₹10L @ 8.85%: 5yr = EMI ₹20,760, total interest ₹2.46L. 7yr = EMI ₹15,822, total interest ₹3.29L — pay ₹83,000 more. Choose 5-year if affordable. Only choose 7-year if 5-year EMI strains monthly budget significantly.
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June 2026 · Karthik, Vijayawada APRBI Verified 20264.8/5