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Compare Car Loan - Bank of India vs SBI

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.35% - 8.55%
7.50% - 8.45%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
7.45% - 8.55%
9.75% - 13.25%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
0.25% of loan amount
0.20% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,638
₹ 14,645
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
70 % of market value
85 % of on-road price
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
67 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
Customer Ratings
Customer Ratings
4.3/5.0
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Compare EMI of Bank of India and SBI Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of India at 7.35% for 7 years and SBI at 7.50% for 7 years.

Loan Amount Bank of India SBI
₹ 1 Lakh ₹ 14,638 ₹ 14,645
₹ 3 Lakh ₹ 43,914 ₹ 43,935
₹ 5 Lakh ₹ 73,189 ₹ 73,225
₹ 10 Lakh ₹ 1,46,379 ₹ 1,46,451

Which Bank is better for Car Loan – Bank of India or SBI?

Bank of India offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to SBI and with a minimum EMI of ₹ 14,645 for 7 years. Average customer ratings for Bank of India is currently at 4.3 which makes it a good choice for taking a Vehicle Loan.

How does Bank of India Car Loan compare with SBI Car Loan?

It is important to do a detailed comparison of Bank of India and SBI 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 India Car Loan interest rate is 7.35%, which is lower than the lowest interest rate of SBI Car Loan at 7.50%. Thus, Bank of India car loan is cheaper in comparison to SBI.
  • If you want to buy a used car, you can opt for Bank of India as it offers used car loan at a lower interest rate of 7.45% in comparison of SBI which offers a higher rate of 9.75% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, SBI charges a lower processing fee of 0.20% of loan amount vs Bank of India with a processing fee of 0.25% of loan amount.
  • SBI has a maximum processing fee of ₹ 10,000 compared to Bank of India with processing fees of ₹ 5,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Bank of India.
  • The maximum LTV offered on a car loan is similar for Bank of India and SBI at 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of India or SBI?

As per the current rates, Bank of India offers a lower interest rate of 7.35% on Car Loan when compared to SBI which offers a Car Loan at 7.50%.

What is the maximum LTV offered on a Car Loan amongst Bank of India or SBI?

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

Know all about Car Loan

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Compare Bank of India Car Loan With Other Banks

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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
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