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Compare Andhra Bank vs Corporation Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
7.40% - 7.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
10.40% - 10.50%
N.A
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
1.00% of loan amount
1.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
85% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
60 % of market value
N.A
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
75 Years
75 Years
Minimum Income
Minimum Income
₹ 1.00 lakh
₹ 1.20 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of Andhra Bank and Corporation Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Andhra Bank at 7.40% for 7 years and Corporation Bank at 7.40% for 7 years.

Loan Amount Andhra Bank Corporation Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,640
₹ 3 Lakh ₹ 43,921 ₹ 43,921
₹ 5 Lakh ₹ 73,201 ₹ 73,201
₹ 10 Lakh ₹ 1,46,403 ₹ 1,46,403

Which Bank is better for Car Loan – Andhra Bank or Corporation Bank?

How does Andhra Bank Car Loan compare with Corporation Bank Car Loan?

It is important to do a detailed comparison of Andhra Bank and Corporation Bank Car Loan on all loan terms and conditions to understand their differences in rates and charges and make a better choice amongst the banks. Some of the conclusion drawn on the comparison between banks are:

  • Lowest car loan interest rate of Andhra Bank and Corporation Bank is %. Hence, both banks are at par in terms of interest rate on car loans.
  • If you want to buy a used car, you can opt for Andhra Bank as it offers used car loan at a lower interest rate of 10.40%. However, Corporation Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, both charges a processing fee of 1.00% of loan amount. Hence, you can choose any bank for a car loan.
  • Maximum processing fees which the banks charge from their Car Loan borrowers is ₹ 1,000 and hence, there is no difference in terms of the capping on loan fees.
  • The maximum LTV offered on a car loan is similar for Andhra Bank and Corporation Bank at 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Andhra Bank or Corporation Bank?

Both Andhra Bank and Corporation Bank offer the same interest rate at car loan of 7.40%.

What is the maximum LTV offered on a Car Loan amongst Andhra Bank or Corporation Bank?

The maximum LTV offered on a car loan is similar for Andhra Bank and Corporation Bank at 85 of on-road price.

Know all about Car Loan

Know More About Andhra Bank Car Loan

Know More About Corporation Bank Car Loan

Compare Andhra Bank Car Loan With Other Banks

Compare Corporation Bank Car Loan With Other Banks

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Our News - May 2022
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Union Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.30% to 8.40% for new cars. In addition, the bank offers car loans for old cars starting at 10.80% to upto 10.90%.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Punjab National Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.05% to 9.10% for new cars. In addition, the bank offers car loans for old cars starting at 8.50% to upto 9%.
  • 2022-05-10 : Federal Bank Revises Car Loan Interest Rates
    Federal Bank has increased interest rates on new car loans. After the revision, the car loan rates increased from 8.50% to 8.90%. The bank has also revised second-hand car loan rates to 14.20%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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