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Compare Corporation Bank vs HDFC Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
13.75% - 16.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
13.75% - 16.00%
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
1.00% of loan amount
0.50% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,948
Maximum LTV for New Car
Maximum LTV for New Car
85% of ex-showroom price
100% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
100 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
5% from 13-24 months, 3% after 24 months
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
75 Years
60 Years
Minimum Income
Minimum Income
₹ 1.20 lakh
₹ 3.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
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Compare Car Loan EMI of Corporation Bank and HDFC Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Corporation Bank at 7.40% for 7 years and HDFC Bank at 13.75% for 7 years.

Loan Amount Corporation Bank HDFC Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,948
₹ 3 Lakh ₹ 43,921 ₹ 44,844
₹ 5 Lakh ₹ 73,201 ₹ 74,740
₹ 10 Lakh ₹ 1,46,403 ₹ 1,49,479

Which Bank is better for Car Loan – Corporation Bank or HDFC Bank?

Corporation Bank offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to HDFC Bank and with a minimum EMI of ₹ 14,948 for 7 years. Average customer ratings for Corporation Bank is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.

How does Corporation Bank Car Loan compare with HDFC Bank Car Loan?

It is important to do a detailed comparison of Corporation Bank and HDFC 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 Corporation Bank Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of HDFC Bank Car Loan at 13.75%. Thus, Corporation Bank car loan is cheaper in comparison to HDFC Bank.
  • If you want to buy a used car, you can opt for HDFC Bank as it offers used car loan at a lower interest rate of 13.75%. 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, HDFC Bank charges a lower processing fee of 0.50% of loan amount vs Corporation Bank with a processing fee of 1.00% of loan amount.
  • HDFC Bank has a maximum processing fee of ₹ 8,000 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.
  • HDFC Bank offers loan of upto 100% of ex-showroom 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 - Corporation Bank or HDFC Bank?

As per the current rates, Corporation Bank offers a lower interest rate of 7.40% on Car Loan when compared to HDFC Bank which offers a Car Loan at 13.75%.

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

Banks provide car loans on ex-showroom price & on-road price. HDFC Bank provides a higher LTV of upto 100% of ex-showroom price. However, Corporation Bank provides the lower LTV 85% of ex-showroom price.

Know all about Car Loan

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Know More About HDFC Bank Car Loan

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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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