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Compare Federal Bank vs Andhra Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.50% - 8.50%
7.40% - 7.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
13.80% - 13.80%
10.40% - 10.50%
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
Min ₹ 1,500, Max ₹ 2,500
1.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,693
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
95% of ex-showroom price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
75 % of depreciated value
60 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
2%
Nil
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
60 Years
75 Years
Minimum Income
Minimum Income
₹ 0.90 lakh
₹ 1.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of Federal Bank and Andhra Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Andhra Bank at 7.40% for 7 years and Federal Bank at 8.50% for 7 years.

Loan Amount Federal Bank Andhra Bank
₹ 1 Lakh ₹ 14,693 ₹ 14,640
₹ 3 Lakh ₹ 44,080 ₹ 43,921
₹ 5 Lakh ₹ 73,467 ₹ 73,201
₹ 10 Lakh ₹ 1,46,933 ₹ 1,46,403

Which Bank is better for Car Loan – Andhra Bank or Federal Bank?

Andhra Bank offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to Federal Bank and with a minimum EMI of ₹ 14,693 for 7 years. Average customer ratings for Andhra Bank is currently at which makes it a good choice for taking a Vehicle Loan.

How does Andhra Bank Car Loan compare with Federal Bank Car Loan?

It is important to do a detailed comparison of Andhra Bank and Federal 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 Andhra Bank Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of Federal Bank Car Loan at 8.50%. Thus, Andhra Bank car loan is cheaper in comparison to Federal Bank.
  • If you want to buy a used car, you can opt for Andhra Bank as it offers used car loan at a lower interest rate of 10.40% in comparison of Federal Bank which offers a higher rate of 13.80% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Federal Bank charges a lower processing fee of N.A vs Andhra Bank with a processing fee of 1.00% of loan amount.
  • Federal Bank has a maximum processing fee of ₹ 2,500 compared to Andhra 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 Andhra Bank.
  • Federal Bank offers loan of upto 95% of ex-showroom price for a new car loan, whereas, Andhra Bank offers vehicle loan of upto 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Andhra Bank or Federal Bank?

As per the current rates, Andhra Bank offers a lower interest rate of 7.40% on Car Loan when compared to Federal Bank which offers a Car Loan at 8.50%.

What is the maximum LTV offered on a Car Loan amongst Andhra Bank or Federal Bank?

Banks provide car loans on ex-showroom price & on-road price. Federal Bank provides a higher LTV of upto 95% of ex-showroom price. However, Andhra Bank provides the lower LTV 85% of on-road price.

Know all about Car Loan

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Our News - Jan 2022
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-18 : Bank of Maharashtra Decreases Car Loan Interest Rates
    Bank of Maharashtra has decreased car loan rates for new cars by five basis points, and its lowest rates start at 10.80%.
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
*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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