Car Loan Comparison November 2026: Rates, Fees and Terms Side by Side

How this car loan comparison tool works

The three drop-downs at the top open on the three lowest published floors in our table. Change one and every row refreshes. Nothing is ranked; the same facts simply sit side by side.

What each row means

Why a floor needs its condition

Take the two 7.70% floors. UCO Bank gives it to individuals scoring 825 or more on CIBIL; Bank of Maharashtra to salaried borrowers at 800 or more, as RLLR less 0.60%. Miss either cut-off and you're in a higher band at both.

Three rows (Yes Bank, IndusInd Bank, RBL Bank) show last quarter's charged range under an RBI disclosure, not an offer.

Why the read date matters

We read every lender on 9 November 2026. Several PSU floors took effect on 8 October 2026, the day after the repo rate rose 25 basis points to 5.50%. Floating bank rates reset at least once in three months, so confirm on the lender's page before you sign.

The three lenders the tool opens with

Sorted by floor, the table begins with UCO Bank and Bank of Maharashtra at 7.70% p.a. and IDBI Bank at 7.75% p.a. Indian Bank and Canara Bank also print 7.75%, so the third slot is a tie settled by table order.

UCO Bank: 7.70% to 10.25% p.a., floating

The floor needs a CIBIL score of 825 or more. Tenure runs to 84 months and funding to 90% of on-road price. Under the STP Car Loan the fee is 0.50% of the sanction, capped at ₹5,000 plus GST; the PQVL variant waives it until 31 December 2026. Prepayment is nil. See UCO Bank car loan.

Bank of Maharashtra: 7.70% to 12% p.a., fixed or floating

The 7.70% goes to salaried borrowers scoring 800 or more; the 12% ceiling is the widest of the three. Tenure is 84 months, funding can reach 100% of on-road price, and the fee is 0.25% of the loan, ₹1,000 to ₹15,000 before GST. No prepayment or part-payment charges. See Bank of Maharashtra car loan.

IDBI Bank: 7.75% to 8.90% p.a., fixed or floating

IDBI prints no condition for its floor, so we can't say who gets 7.75%, but the 8.90% ceiling is the tightest of the three.

Tenure is 84 months; no funding limit is published. The fee is a flat ₹2,500 plus taxes. Floating borrowers prepay free; closing a fixed loan inside 24 months costs 3% of the amount paid. See IDBI Bank car loan.

PSU banks, private banks and NBFCs in our table

The 30 lenders are 17 private banks, 11 PSU banks, one co-operative bank and one NBFC. Every floor below 8.35% is a PSU bank's, apart from IDBI Bank at 7.75% and Saraswat Bank at 7.80%.

PSU banks

PSU banks print score-led grids and capped fees. Canara Bank runs 7.75% to 10.95%, the 7.75% for women in its top risk grade on loans above ₹15 lakh, and waives its 0.25% fee until 31 December 2026.

SBI stands apart with a fixed 8.55% to 9.50%, the floor for a score from 800 up on a 3 to 5 year term.

Private banks

Most private banks start higher and often print only a floor. HDFC Bank and ICICI Bank both say "from 8.40%" with no ceiling; ICICI's needs a term over 36 months.

Axis Bank's fixed 8.85% to 11.70% comes with a fee of up to 2%. RBL Bank's 9% to 10%, Yes Bank's 8.65% to 11.80% and IndusInd's 8.98% to 17.96% are disclosed ranges, not rate cards.

NBFCs and the co-operative bank

Tata Capital is the only NBFC that prints a new-car rate, from 9.49%, with a processing fee of up to 2.95%. Sundaram Finance, Shriram Finance and Bajaj Finance print fees but no rate. Saraswat Bank, the one co-operative lender, offers a fixed rate from 7.80%. Full table: car loan interest rates; ranked floors: lowest car loan interest rate.

Compare the total cost, not just the rate

A rate is shorthand; what you pay is the interest over the full term plus every fee up front. Here's 7.70% against the 8.50% median floor on ₹10 lakh, from our EMI reckoner.

₹20,517 less ₹20,133 is ₹384 a month; ₹2,30,992 less ₹2,07,987 is ₹23,005 over five years. The bigger lever is tenure: at 7.70%, seven years costs ₹2,96,722 in interest against ₹2,07,987 over five, ₹88,735 more for a lower EMI. Run your own numbers on the car loan EMI calculator.

Then add the fee. On ₹10 lakh, 0.25% is ₹2,500 at Bank of Maharashtra or Canara Bank; Axis Bank's "up to 2%" could be ₹20,000 before GST, which eats most of the ₹23,005 saved over five years at the lower rate. Every lender's figure: processing fee and charges guide.

Fixed against floating, and the RBI pre-payment rule

The rate basis row splits our 30 lenders four ways.

What floating means for your EMI

Since 1 October 2019, banks have priced new floating-rate retail loans, car loans included, off an external benchmark such as the repo rate, reset at least once in three months. That's why PSU floors read "RLLR less 0.60%". After the 7 October 2026 repo hike to 5.50%, those floors moved the next day.

When a reset lifts your rate, the RBI's 2023 rules make the lender offer a bigger EMI, a longer term or some of each, and let you prepay.

The RBI pre-payment rule

The RBI's pre-payment directions of 2025 say that from 1 January 2026, an individual's non-business floating-rate loan carries no pre-payment or foreclosure charge: part or full, any source of funds, no lock-in. A personal car loan qualifies.

Fixed loans aren't covered, and the table shows the cost: IDFC FIRST Bank charges 5% of the outstanding on fixed and zero on floating; Bandhan Bank 4% fixed, nil floating. A charge not written in your sanction letter, agreement and Key Facts Statement can't be collected.

How to choose the right car loan, and common mistakes

How to choose the right car loan

1. Begin with your CIBIL score, not the lender. Many PSU floors need a score of 800 to 825; PNB's needs 750.
2. Pick three lenders whose floor condition you meet, then compare ceilings. IDBI's 7.75% to 8.90% leaves less room for a surprise than Bank of Maharashtra's 7.70% to 12%.
3. Get the fee in rupees, after GST, and ask whether a waiver running to 31 December 2026 covers your variant.
4. Check funding against your down payment: 90% of on-road price at UCO means a ₹1 lakh margin on a ₹10 lakh car.
5. Match tenure to how long you'll keep the car; longer means a lower EMI and more interest, as the ₹88,735 example shows.
6. Ask for the Key Facts Statement before you sign; it must show the APR with all charges and the pre-payment terms.

Common mistakes

• Treating a disclosed range as an offer. Yes Bank's 8.65% is what someone paid between July and September 2026, not a quote for you.
• Ignoring the rate basis. "No prepayment charges" usually means the floating variant; the fixed version at the same bank may charge 2% to 6%.
• Letting the dealer pick the lender. The desk may have one or two tie-ups; our table has 30.

Commercial vehicle, taxi and two-wheeler loans are out of scope here. The car loan hub covers eligibility, documents and every lender.