Compare Central Bank of India vs SBI Car Loan

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Bank	HDFC Bank ICICI Bank Axis Bank IndusInd Bank Kotak Bank PNB Union Bank of India Central Bank of India Andhra Bank IDBI Bank Federal Bank Bank of India Bank of Maharashtra Corporation Bank Indian Bank OBC Bank of Baroda United Bank of India	HDFC Bank SBI ICICI Bank Axis Bank IndusInd Bank Kotak Bank PNB Union Bank of India Andhra Bank IDBI Bank Federal Bank Bank of India Bank of Maharashtra Corporation Bank Indian Bank OBC Bank of Baroda United Bank of India
Interest Rate for New Car Loan	Interest Rate for New Car Loan 7.25% - 7.70%	7.25% - 8.15%
Interest Rate for Used Car Loan	Interest Rate for Used Car Loan 7.25% - 7.70%	9.45% - 12.45%
Rate Type	Rate Type Floating	Floating
Processing Fee	Processing Fee 0.50% of loan amount	0.20% of loan amount
Lowest EMI per ₹ 1 lakh	Lowest EMI per ₹ 1 lakh ₹ 14,633	₹ 14,633
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 75 % of market value	85 % of on-road price
Maximum Tenure	Maximum Tenure 7 Years	7 Years
Prepayment Charges	Prepayment Charges Nil from own sources; 1% in case of loan takeover	Nil
Minimum Age	Minimum Age 18 Years	21 Years
Maximum Age	Maximum Age 65 Years	67 Years
Minimum Income	Minimum Income ₹ 1.80 lakh	₹ 999.99 lakh
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.3/5.0

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Compare Car Loan EMI of Central Bank of India and SBI

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Central Bank of India at 7.25% for 7 years and SBI at 7.25% for 7 years.

Loan Amount	Central Bank of India	SBI
₹ 1 Lakh	₹ 14,633	₹ 14,633
₹ 3 Lakh	₹ 43,899	₹ 43,899
₹ 5 Lakh	₹ 73,165	₹ 73,165
₹ 10 Lakh	₹ 1,46,330	₹ 1,46,330

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

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

It is important to do a detailed comparison of Central 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:

Lowest car loan interest rate of Central Bank of India and SBI 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 Central Bank of India as it offers used car loan at a lower interest rate of 7.25% in comparison of SBI which offers a higher rate of 9.45% 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 Central Bank of India with a processing fee of 0.50% of loan amount.
Central Bank of India has a maximum processing fee of ₹ 20,000 compared to SBI with processing fees of ₹ 10,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for SBI.
Central Bank of India offers loan of upto 90% of on-road price for a new car loan, whereas, SBI offers vehicle loan of upto 85% of on-road price.

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

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

Banks provide car loans on ex-showroom price & on-road price. Central Bank of India provides a higher LTV of upto 90% of on-road price. However, SBI provides the lower LTV 85% of on-road price.

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Know More About Central Bank of India Car Loan

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Compare Central Bank of India 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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