Compare Bank of Maharashtra vs PNB Car Loan
| Bank | ||
|---|---|---|
| Interest Rate for New Car Loan | Interest Rate for New Car Loan 7.20% - 10.70% |
7.05% - 9.10% |
| Interest Rate for Used Car Loan | Interest Rate for Used Car Loan 10.35% - 13.20% |
7.75% - 8.50% |
| Rate Type | Rate Type Floating |
Floating |
| Processing Fee | Processing Fee Nil |
Nil |
| Lowest EMI per ₹ 1 lakh | Lowest EMI per ₹ 1 lakh ₹ 14,631 |
₹ 14,623 |
| Maximum LTV for New Car | Maximum LTV for New Car 90% of on-road price |
85% of on-road price |
| Maximum LTV for Used Car | Maximum LTV for Used Car 50 % of market value |
70 % of market value |
| Maximum Tenure | Maximum Tenure 7 Years |
7 Years |
| Prepayment Charges | Prepayment Charges Nil |
Nil |
| Minimum Age | Minimum Age 18 Years |
21 Years |
| Maximum Age | Maximum Age 60 Years |
65 Years |
| Minimum Income | Minimum Income ₹ 4.00 lakh |
₹ 2.40 lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare Car Loan EMI of Bank of Maharashtra and PNB
Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by PNB at 7.05% for 7 years and Bank of Maharashtra at 7.20% for 7 years.
| Loan Amount | Bank of Maharashtra | PNB |
|---|---|---|
| ₹ 1 Lakh | ₹ 14,631 | ₹ 14,623 |
| ₹ 3 Lakh | ₹ 43,892 | ₹ 43,870 |
| ₹ 5 Lakh | ₹ 73,153 | ₹ 73,117 |
| ₹ 10 Lakh | ₹ 1,46,306 | ₹ 1,46,234 |
Which Bank is better for Car Loan – PNB or Bank of Maharashtra?
PNB offers lower Car Loan EMI at ₹ 14,623 on a Car Loan for 7 years as compared to Bank of Maharashtra and with a minimum EMI of ₹ 14,631 for 7 years. Average customer ratings for PNB is currently at which makes it a good choice for taking a Vehicle Loan.
How does PNB Car Loan compare with Bank of Maharashtra Car Loan?
It is important to do a detailed comparison of PNB and Bank of Maharashtra 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:
Which bank offers a lower interest rate on Car Loan - PNB or Bank of Maharashtra?
As per the current rates, PNB offers a lower interest rate of 7.05% on Car Loan when compared to Bank of Maharashtra which offers a Car Loan at 7.20%.
What is the maximum LTV offered on a Car Loan amongst PNB or Bank of Maharashtra?
Banks provide car loans on ex-showroom price & on-road price. Bank of Maharashtra provides a higher LTV of upto 90% of on-road price. However, PNB provides the lower LTV 85% of on-road price.
Know all about Car Loan
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Compare Bank of Maharashtra Car Loan With Other Banks
Compare PNB Car Loan With Other Banks
- 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%.
