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Compare Car Loan - Corporation Bank vs Bank of Maharashtra

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
7.40% - 8.65%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
10.05% - 12.90%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
1.00% of loan amount
0.25% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
85% of ex-showroom price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
50 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
75 Years
60 Years
Minimum Income
Minimum Income
₹ 1.20 lakh
₹ 4.00 lakh
Customer Ratings
Customer Ratings
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Compare EMI of Corporation Bank and Bank of Maharashtra Car Loan

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 Corporation Bank at 7.40% for 7 years.

Loan Amount Corporation Bank Bank of Maharashtra
₹ 1 Lakh ₹ 14,640 ₹ 14,640
₹ 3 Lakh ₹ 43,921 ₹ 43,921
₹ 5 Lakh ₹ 73,201 ₹ 73,201
₹ 10 Lakh ₹ 1,46,403 ₹ 1,46,403

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

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

It is important to do a detailed comparison of Bank of Maharashtra and Corporation 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:

  • Lowest car loan interest rate of Bank of Maharashtra and Corporation Bank 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 Bank of Maharashtra as it offers used car loan at a lower interest rate of 10.05%. However, Corporation Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Bank of Maharashtra charges a lower processing fee of 0.25% of loan amount vs Corporation Bank with a processing fee of 1.00% of loan amount.
  • Bank of Maharashtra has a maximum processing fee of ₹ 15,000 compared to Corporation Bank with processing fees of ₹ 1,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Corporation Bank.
  • Bank of Maharashtra offers loan of upto 90% of on-road price for a new car loan, whereas, Corporation Bank offers vehicle loan of upto 85% of ex-showroom price.

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

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

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, Corporation Bank provides the lower LTV 85% of ex-showroom price.

Know all about Car Loan

Know More About Corporation Bank Car Loan

Know More About Bank of Maharashtra Car Loan

Compare Corporation Bank Car Loan With Other Banks

Compare Bank of Maharashtra Car Loan With Other Banks

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Our News - Jun 2021
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
*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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