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Car Loan Interest Rates November 2026
The lowest car loan interest rate we found this month is 8.4% from ICICI Bank. Compare the best car loan rates from 1 bank below, each linked to the bank's own page. A car loan finances a vehicle purchase, and the car is the security. Banks usually fund a share of the on-road price.
Compare banks side by side
Car Loan rates by bank
| Bank | Starting rate | Processing fee | Prepayment | Max tenure |
|---|---|---|---|---|
 ICICI Bank | 8.4% New cars with tenure over 36 months; new cars under 36 months from 10.25%, used cars from 9.75% | Not stated on page | Not stated on page | 7 yrs |
Sorted from lowest to highest starting rate. Each bank page links to its official source and check date.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Prepayment options (optional): pay extra to finish sooner
Frequently asked questions
Which bank has the lowest car loan interest rate?
Among the banks we have checked, ICICI Bank advertises the lowest starting rate at 8.4% per annum (checked 2026-11-01). The rate you are offered can be higher.
What is the EMI on a ₹8 lakh car loan for 5 years?
At 8.4% it is about ₹16,375 a month, and at 9.5% it is about ₹16,801.