Compare Car Loan - Corporation Bank vs ICICI Bank
| Bank | ||
|---|---|---|
| Parameters | ||
| Interest Rate for New Car Loan | Interest Rate for New Car Loan 7.40% - 7.50% |
7.90% - 9.85% |
| 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 |
₹ 14,664 |
| 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 | Customer Ratings |
4/5.0 |
Compare EMI of Corporation Bank and ICICI Bank Car Loan
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 7.90% for 7 years.
| Loan Amount | Corporation Bank | ICICI Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 14,640 | ₹ 14,664 |
| ₹ 3 Lakh | ₹ 43,921 | ₹ 43,993 |
| ₹ 5 Lakh | ₹ 73,201 | ₹ 73,322 |
| ₹ 10 Lakh | ₹ 1,46,403 | ₹ 1,46,644 |
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 ₹ 14,664 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 7.90%.
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
- 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest. - 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes - 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22. - 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly. - 2021-07-15 : OBC & UBI merged with PNB
After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
