Check minimum income required for a ₹4 Lakh car loan. EMI starts ₹8,236/month. Compare 23+ banks.
To get a ₹4 Lakh car loan, you need a minimum monthly income of approximately ₹14,975 (at the lowest rate of 8.65% for 5 years, assuming no existing EMIs).
| Bank | Rate | Monthly EMI | Min Income Required | Processing Fee |
|---|---|---|---|---|
| Tata Capital | 8.95 - 13.00% | ₹8,294 | ₹13,824/mo | 1% of loan amount + GST |
| Bajaj Finserv | 9.00 - 13.00% | ₹8,303 | ₹13,839/mo | Up to 2% of loan amount |
| Mahindra Finance | 10.00 - 18.00% | ₹8,499 | ₹14,165/mo | Up to 2.50% of loan amount |
| Bank of Baroda | 8.65 - 10.90% | ₹8,236 | ₹14,450/mo | ₹1,500 + GST |
| Union Bank | 8.70 - 10.70% | ₹8,245 | ₹14,465/mo | ₹1,000 + GST |
| Canara Bank | 8.75 - 10.50% | ₹8,255 | ₹14,483/mo | 0.50% + GST |
| Indian Bank | 8.80 - 10.30% | ₹8,265 | ₹14,501/mo | ₹1,500 + GST |
| IDBI Bank | 8.80 - 11.00% | ₹8,265 | ₹14,501/mo | 0.50% + GST |
| SBI | 8.85 - 9.55% | ₹8,274 | ₹14,516/mo | 0.50% of loan amount + GST |
| PNB | 8.85 - 10.30% | ₹8,274 | ₹14,516/mo | 0.50% + GST |
| Bank of India | 8.85 - 10.85% | ₹8,274 | ₹14,516/mo | 0.50% + GST |
| Central Bank | 8.90 - 10.90% | ₹8,284 | ₹14,534/mo | 0.50% + GST |
| Axis Bank | 8.70 - 12.50% | ₹8,245 | ₹14,991/mo | 0.50% of loan amount |
| Kotak Mahindra Bank | 8.70 - 12.00% | ₹8,245 | ₹14,991/mo | 0.50% of loan amount |
| HDFC Bank | 8.75 - 9.50% | ₹8,255 | ₹15,010/mo | 0.50% of loan amount |
| ICICI Bank | 8.75 - 9.60% | ₹8,255 | ₹15,010/mo | 0.50% of loan amount |
| IDFC First Bank | 8.75 - 11.50% | ₹8,255 | ₹15,010/mo | Up to 2% of loan amount |
| Federal Bank | 8.80 - 12.50% | ₹8,265 | ₹15,028/mo | 0.50% + GST |
| IndusInd Bank | 9.00 - 13.50% | ₹8,303 | ₹15,097/mo | 0.50% of loan amount |
| South Indian Bank | 9.00 - 12.00% | ₹8,303 | ₹15,097/mo | 0.50% + GST |
| Karur Vysya Bank | 9.10 - 12.00% | ₹8,323 | ₹15,133/mo | 0.50% + GST |
| Yes Bank | 9.25 - 13.00% | ₹8,352 | ₹15,186/mo | 1% of loan amount |
| Bandhan Bank | 10.00 - 14.00% | ₹8,499 | ₹15,453/mo | 1% + GST |
The EMI for ₹4 Lakh car loan at 8.65% for 5 years is approximately ₹8,236 per month.
You need a minimum monthly income of approximately ₹14,975 for a ₹4 Lakh car loan at 8.65% interest rate (assuming no existing EMIs and 55% FOIR).
The lowest interest rate for ₹4 Lakh car loan starts from 8.65% p.a. in 2026. Compare all banks above.
With a ₹30,000 monthly salary and no existing EMIs, your maximum car loan eligibility at 8.65% for 5 years is approximately ₹8.01 L.
The total interest on ₹4 Lakh car loan at 8.65% for 5 years is approximately ₹94K.