MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Car Loan - Axis Bank vs Bank of Baroda

Download Comparison
Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.65% - 10.90%
7.25% - 10.25%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
7.00% - 10.45%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
Min ₹ 3,500, Max ₹ 5,500
0.75% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,701
₹ 14,633
Maximum LTV for New Car
Maximum LTV for New Car
100% of on-road price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
80 %
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5% of outstanding principal
Nil
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
60 Years
70 Years
Minimum Income
Minimum Income
₹ 3.50 lakh
Customer Ratings
Customer Ratings
4.2/5.0
4.2/5.0
Add Bank

Compare EMI of Axis Bank and Bank of Baroda Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of Baroda at 7.25% for 7 years and Axis Bank at 8.65% for 7 years.

Loan Amount Axis Bank Bank of Baroda
₹ 1 Lakh ₹ 14,701 ₹ 14,633
₹ 3 Lakh ₹ 44,102 ₹ 43,899
₹ 5 Lakh ₹ 73,503 ₹ 73,165
₹ 10 Lakh ₹ 1,47,006 ₹ 1,46,330

Which Bank is better for Car Loan – Bank of Baroda or Axis Bank?

Bank of Baroda offers lower Car Loan EMI at ₹ 14,633 on a Car Loan for 7 years as compared to Axis Bank and with a minimum EMI of ₹ 14,701 for 7 years. Average customer ratings for Bank of Baroda is currently at 4.2 which makes it a good choice for taking a Vehicle Loan.

How does Bank of Baroda Car Loan compare with Axis Bank Car Loan?

It is important to do a detailed comparison of Bank of Baroda and Axis 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:

  • The lowest Interest rate of Bank of Baroda Car Loan interest rate is 7.25%, which is lower than the lowest interest rate of Axis Bank Car Loan at 8.65%. Thus, Bank of Baroda car loan is cheaper in comparison to Axis Bank.
  • If you want to buy a used car, you can opt for Bank of Baroda as it offers used car loan at a lower interest rate of 7.00%. However, Axis Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Axis Bank charges a lower processing fee of N.A vs Bank of Baroda with a processing fee of 0.75% of loan amount.
  • Bank of Baroda has a maximum processing fee of ₹ 10,000 compared to Axis Bank with processing fees of ₹ 5,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Axis Bank.
  • Axis Bank offers loan of upto 100% of on-road price for a new car loan, whereas, Bank of Baroda offers vehicle loan of upto 90% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of Baroda or Axis Bank?

As per the current rates, Bank of Baroda offers a lower interest rate of 7.25% on Car Loan when compared to Axis Bank which offers a Car Loan at 8.65%.

What is the maximum LTV offered on a Car Loan amongst Bank of Baroda or Axis Bank?

Banks provide car loans on ex-showroom price & on-road price. Axis Bank provides a higher LTV of upto 100% of on-road price. However, Bank of Baroda provides the lower LTV 90% of on-road price.

Know all about Car Loan

Know More About Axis Bank Car Loan

Know More About Bank of Baroda Car Loan

Compare Axis Bank Car Loan With Other Banks

Compare Bank of Baroda Car Loan With Other Banks

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Our News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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
Loader
Please wait while your information is being processed...