Cheapest Auto Loans to Buy Tesla Y Model: American billionaire Elon Musk’s company Tesla launched its much-awaited showroom in India in Mumbai today (Tuesday, July 15, 2025). The launch that happened with much fanfare also saw Tesla unveiling its India-spec Model Y. The model that was available in other parts of the world, including China, will now be available at an ex-showroom price of Rs 59.98 lakh in the country.
Available in Rear-wheel Drive and Long Range Rear-wheel Drive variants, the booking for the car is underway.
The delivery of Model Y cars is expected to start in the third quarter of 2025.
The company claims the car can run 622 km on a single charge with a top speed of 201 kmph.
Many brand-conscious Indians and those who want to be among the first to have a Tesla car as a prize possession would love to buy the car.
Are you also one of them?
If an auto loan is the way you want to use to get the car, do you know which leading banks are providing auto loans at the cheapest rate, what will be the estimated equated monthly installment (EMI) that you have to pay, and what will be the processing fee? Know here-
(Source: Paisabazaar.com)
Union Bank of India
Interest rate (%)- 7.80-9.70
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,090 – 10,550
Processing fee (% of loan amount)- Up to Rs 1,000
Punjab National Bank
Interest rate (%)- 7.85-9.70
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,102 – Rs 10,550
Processing fee (% of loan amount)- Up to 0.25% (Rs. 1,000 – Rs. 1,500)
Bank of Baroda
Interest rate (%)- 8.15-11.70
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,174 – Rs 11,047
Processing fee (% of loan amount)- Up to Rs. 2,000
Canara Bank
Interest rate (%)- 7.70-11.70
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,067 – Rs 11,047
Processing fee (% of loan amount)- 0.25% (Rs 1,000 – Rs 5,000)
Bank of India
Interest rate (%)- 8.00-12.15
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,138 – Rs 11,160
Processing fee (% of loan amount)- Up to 0.25% (Rs. 2500 – Rs. 10,000)
UCO Bank
Interest rate (%)- 7.60-10.00
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,043 – Rs 10,624
Processing fee (% of loan amount)- 0.50% (Rs 5,000)
State Bank of India
Interest rate (%)- 9.10-10.15
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,403 – Rs 10,660
Processing fee (% of loan amount)- Rs 750 – Rs 1,500
IDBI Bank
Interest rate (%)- 8.40-9.20
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,234 – Rs 10,428
Processing fee (% of loan amount)- Rs 2,500
Bank of Maharashtra
Interest rate (%)- 7.70%-12.00%
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,067 – Rs 11,122
Processing fee (% of loan amount)- 0.25% of the loan amount (max. up to Rs. 15,000)
Indian Overseas Bank
Interest rate (%)- 7.80-12.00
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,090 – Rs 11,122
Processing fee (% of loan amount)- 0.50% (Rs 500 – Rs 5,000)
ICICI Bank
Interest rate (%)- 9.10 onwards
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,403 onwards
Processing fee (% of loan amount)- Up to 2%
HDFC Bank
Interest rate (%)- 9.20 onwards
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,428 onwards
Processing fee (% of loan amount)- Up to 1% (Rs 3,500 – Rs 9,000)
Karnataka Bank
Interest rate (%)- 9.16-11.64
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,418 – Rs 11,031
Processing fee (% of loan amount)- Up to 0.60% (Rs 2500 – Rs 11,000)
Federal Bank
Interest rate (%)- 10.50 onwards
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,747 onwards
Processing fee (% of loan amount)- Rs 2,000 – Rs 4,500
Punjab and Sind Bank
Interest rate (%)- 7.75-14.25
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,078 – Rs 11,699
Processing fee (% of loan amount)- 0.25% (Rs 1,000-Rs 15,000)
Indian Bank
Interest rate (%)- 7.75-9.85
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,078 – Rs 10,587
Processing fee (% of loan amount)- Rs 1,000
IDFC First Bank
Interest rate (%)- 9.99 onwards
EMI (Loan amount Rs 5 lakh, tenure 5 years)- Rs 10,621 onwards
Processing fee (% of loan amount)- Up to Rs 10,000
Banks with Auto Loan Rates
| Name of Lender | Interest rate (%) p.a. | EMI (Rs) Loan amount-5 lakh Tenure-5 years |
Processing fee (% of loan amount) |
| Union Bank of India | 7.80-9.70 | 10,090 – 10,550 | Up to Rs 1,000 |
| Punjab National Bank | 7.85-9.70 | 10,102 – 10,550 | Up to 0.25% (Rs. 1,000 – Rs. 1,500) |
| Bank of Baroda | 8.15-11.70 | 10,174 – 11,047 | Up to Rs. 2,000 |
| Canara Bank | 7.70-11.70 | 10,067 – 11,047 | 0.25% (Rs 1,000 – Rs. 5,000) |
| Bank of India | 8.00-12.15 | 10,138 – 11,160 | Up to 0.25% (Rs. 2500 – Rs. 10,000) |
| UCO Bank | 7.60-10.00 | 10,043 – 10,624 | 0.50% (Rs 5,000) |
| State Bank of India | 9.10-10.15 | 10,403 – 10,660 | Rs 750 – Rs 1,500 |
| IDBI Bank | 8.40-9.20 | 10,234 – 10,428 | Rs 2,500 |
| Bank of Maharashtra* | 7.70-12.00 | 10,067 – 11,122 | 0.25% of the loan amount (max. up to Rs. 15,000) |
| Indian Overseas Bank | 7.80-12.00 | 10,090 – 11,122 | 0.50% (Rs 500 – Rs 5,000) |
| ICICI Bank | 9.10 onwards | 10,403 onwards | Up to 2% |
| HDFC Bank | 9.20 onwards | 10,428 onwards | Up to 1% (Rs 3,500 – Rs 9,000) |
| Karnataka Bank | 9.16-11.64 | 10,418 – 11,031 | Up to 0.60% (Rs 2500 – Rs 11,000) |
| Federal Bank | 10.50 onwards | 10,747 onwards | Rs 2,000 – Rs 4,500 |
| Punjab and Sind Bank** | 7.75-14.25 | 10,078 – 11,699 | 0.25% (Rs 1,000-Rs 15,000) |
| Indian Bank | 7.75-9.85 | 10,078 – 10,587 | Rs. 1000 |
| IDFC First Bank | 9.99 onwards | 10,621 onwards | Up to Rs 10,000 |
| City Union Bank | 8.90-10.40 | 10,355 – 10,722 | 1.25% (Min: Rs 750) |
| *0.25% interest rate concession for existing home loan borrowers and other existing customers having atleast 6 months of relationship with the bank. | |||
| **Concession of up to 50% on processing fee for PSB Apna Vahan Sugam. | |||