Compare Corporation Bank vs ICICI Bank Car Loan
Bank | ||
---|---|---|
Interest Rate for New Car Loan | Interest Rate for New Car Loan 7.40% - 7.50% |
7.50% - 9.00% |
Interest Rate for Used Car Loan | Interest Rate for Used Car Loan N.A |
12.00% - 14.50% |
Rate Type | Rate Type Floating |
Fixed |
Processing Fee | Processing Fee 1.00% of loan amount |
2.00% of loan amount |
Lowest EMI per ₹ 1 lakh | Lowest EMI per ₹ 1 lakh ₹ 14,640 |
₹ 14,645 |
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 |
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 75 Years |
65 Years |
Minimum Income | Minimum Income ₹ 1.20 lakh |
₹ 2.50 lakh |
Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
4/5.0 |
Compare Car Loan EMI of Corporation Bank and ICICI 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 ICICI Bank at 7.50% for 7 years.
Loan Amount | Corporation Bank | ICICI Bank |
---|---|---|
₹ 1 Lakh | ₹ 14,640 | ₹ 14,645 |
₹ 3 Lakh | ₹ 43,921 | ₹ 43,935 |
₹ 5 Lakh | ₹ 73,201 | ₹ 73,225 |
₹ 10 Lakh | ₹ 1,46,403 | ₹ 1,46,451 |
Which Bank is better for Car Loan – Corporation Bank or ICICI Bank?
Corporation Bank 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 ₹ 14,645 for 7 years. Average customer ratings for Corporation Bank is currently at 4 which makes it a good choice for taking a Vehicle Loan.
How does Corporation Bank Car Loan compare with ICICI Bank Car Loan?
It is important to do a detailed comparison of Corporation Bank 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:
Which bank offers a lower interest rate on Car Loan - Corporation Bank or ICICI Bank?
As per the current rates, Corporation Bank offers a lower interest rate of 7.40% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.50%.
What is the maximum LTV offered on a Car Loan amongst Corporation Bank 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, 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 ICICI Bank Car Loan
Compare Corporation Bank Car Loan With Other Banks
Compare ICICI Bank 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%.
