Explore catalogue loan products, compare planning estimates and read lender-linked reviews. Rates, eligibility and conditions need checking with each lender.
No verification date is recorded for this catalogue. These are planning examples, not confirmed current offers. Check lender sources and product limits before deciding.
5 Catalogue products · Sorted by catalogue starting rate
| Bank and product | Interest Rate | Benchmark spread | Maximum term | Processing fee | Actions |
|---|---|---|---|---|---|
State Bank of India | 8.65% - 9.80% p.a. on reducing | EBLR + 2.15% | 7 years (84 months) | 0.25% (cap ₹5,000) + 18% GST | |
Kotak Mahindra Bank | 8.70% - 10.50% p.a. on reducing | Fixed Rate | 7 years (84 months) | 0.5% (cap ₹7,500) + 18% GST | |
HDFC Bank | 8.75% - 10.25% p.a. on reducing | Fixed Rate | 7 years (84 months) | 0.5% (cap ₹8,500) + 18% GST | |
Axis Bank | 8.80% - 11.00% p.a. on reducing | Fixed Rate | 7 years (84 months) | ₹4,500 + 18% GST | |
ICICI Bank | 8.85% - 10.50% p.a. on reducing | Fixed Rate | 7 years (84 months) | 0.5% (cap ₹8,500) + 18% GST |
Auto loans in India are structured either as floating external benchmark facilities (linked to Repo or 1-year MCLR) or fixed-rate contracts. Floating rate auto loans from commercial banks automatically adjust when the RBI repo rate shifts, whereas fixed rate loans preserve the exact EMI throughout the 3 to 8-year loan tenure.
Under RBI regulations, floating-rate auto loans sanctioned to individual retail borrowers carry 0% prepayment penalty. If you opt for a fixed-rate auto loan or finance a vehicle under a commercial enterprise, lenders may levy foreclosure charges ranging from 2% to 5% after a minimum 6-month cooling period.
Salaried individuals cannot claim personal income tax deductions on car loans. However, self-employed professionals, sole proprietors, and registered business entities can claim vehicle loan interest outgo and annual vehicle depreciation (standard 15%) as legitimate business expenses under Section 32 and Section 37 of the Income Tax Act.
Under RBI Master Directions, individual retail borrowers paying floating interest rates on home, auto, and personal credit lines are legally protected against any foreclosure or prepayment penalty.
Commercial banks must price retail credit off external benchmarks like the RBI Repo Rate (EBLR). Spread adjustments are strictly governed and cannot be arbitrary during the loan tenure.
CredSutra factors in Day-1 upfront cash outlays, including processing charges, 18% GST, and valuation fees alongside lifetime compounding interest for 100% objective cost discovery.
No verification date is recorded for this catalogue. These are planning examples, not confirmed current offers. Check lender sources and product limits before deciding.