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Canara Bank vs Federal Bank Car Loan
Canara Bank advertises the lower starting rate (7.8% vs 7.85%). On ₹8 lakh over 5 years that is about ₹1,146 less interest, or ₹19 less per month, at the starting rates.
| Canara Bank | Federal Bank | |
|---|---|---|
| Starting interest rate | 7.8% | 7.85% |
| EMI for ₹8 lakh, 5 years | ₹16,145 | ₹16,164 |
| Total interest | ₹1,68,679 | ₹1,69,825 |
| Processing fee | Not stated | Not stated |
| Prepayment | Not stated | Not stated |
| Maximum tenure | - | - |
Source: Canara Bank official page, checked 2 November 2026.
Source: Federal Bank official page, checked 2 November 2026.
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.
Frequently asked questions
Which is cheaper, Canara Bank or Federal Bank car loan?
Canara Bank advertises the lower starting rate (7.8% vs 7.85%). On ₹8 lakh over 5 years that is about ₹1,146 less interest, or ₹19 less per month, at the starting rates. Your actual rate may differ from the starting rate.