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Compare Bank of Maharashtra vs ICICI Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 10.40%
7.90% - 9.85%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
10.05% - 12.90%
12.00% - 14.50%
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
Nil
2.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,664
Maximum LTV for New Car
Maximum LTV for New Car
90% of on-road price
100% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
50 % of market value
80 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
5%
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
60 Years
65 Years
Minimum Income
Minimum Income
₹ 4.00 lakh
₹ 2.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
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Compare Car Loan EMI of Bank of Maharashtra and ICICI Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of Maharashtra at 7.40% for 7 years and ICICI Bank at 7.90% for 7 years.

Loan Amount Bank of Maharashtra ICICI Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,664
₹ 3 Lakh ₹ 43,921 ₹ 43,993
₹ 5 Lakh ₹ 73,201 ₹ 73,322
₹ 10 Lakh ₹ 1,46,403 ₹ 1,46,644

Which Bank is better for Car Loan – Bank of Maharashtra or ICICI Bank?

Bank of Maharashtra offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to ICICI Bank and with a minimum EMI of ₹ 14,664 for 7 years. Average customer ratings for Bank of Maharashtra is currently at 4 which makes it a good choice for taking a Vehicle Loan.

How does Bank of Maharashtra Car Loan compare with ICICI Bank Car Loan?

It is important to do a detailed comparison of Bank of Maharashtra and ICICI 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 Maharashtra Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.90%. Thus, Bank of Maharashtra car loan is cheaper in comparison to ICICI Bank.
  • If you want to buy a used car, you can opt for Bank of Maharashtra as it offers used car loan at a lower interest rate of 10.05% in comparison of ICICI Bank which offers a higher rate of 12.00% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Bank of Maharashtra charges a lower processing fee of N.A vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • ICICI Bank has a maximum processing fee of ₹ 8,500 compared to Bank of Maharashtra with processing fees of NIL. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Bank of Maharashtra.
  • ICICI Bank offers loan of upto 100% of ex-showroom price for a new car loan, whereas, Bank of Maharashtra offers vehicle loan of upto 90% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of Maharashtra or ICICI Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 7.40% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.90%.

What is the maximum LTV offered on a Car Loan amongst Bank of Maharashtra or ICICI Bank?

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

Know all about Car Loan

Know More About Bank of Maharashtra Car Loan

Know More About ICICI Bank Car Loan

Compare Bank of Maharashtra Car Loan With Other Banks

Compare ICICI Bank Car Loan With Other Banks

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Our News - Sep 2021
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-17 : Bank of Baroda Offers Festive Offer on Car Loan
    Bank of Baroda has reduced the car loan interest rate by 25 basis points. Now the car loan is offered by bank at 7%. This offer is valid till December 31, 2021.
  • 2021-09-16 : SBI is Offering Concession on Car Loan
    State Bank of India (SBI) is offering a concession of 0.50% on the current interest rate of car loan. This concession is only applicable to customers of car loan who are availing loan through SBI YONO app. Also, only if a borrower is buying a Kia car.
  • 2021-09-03 : IndusInd Bank partners with Honda cars
    IndusInd Bank has joined hands with Honda Cars India Limited (HCIL) to offer finance schemes. The lender is offering customised financing options for the customers of Honda Amaze and Honda City like lower EMI, flexible tenure and 100% finance of car (ex-showroom price).
  • 2021-09-01 : Punjab National Bank introduces Festive Bonanza offer
    Punjab National Bank (PNB) has waived off processing fees and documentation charges on a Personal loan, Home loan, Gold loan and Vehicle loan. The lender is offering a home loan at 6.80%, personal loan at 8.95% and a car loan at 7.15%.
*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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