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.
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Compare Corporation Bank Car Loan With Other Banks
Compare ICICI Bank Car Loan With Other Banks
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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%.
