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Compare Car Loan - Federal Bank vs Corporation Bank

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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%
Rate Type
Rate Type
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 ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
75 % of depreciated value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
60 Years
75 Years
Minimum Income
Minimum Income
₹ 0.90 lakh
₹ 1.20 lakh
Customer Ratings
Customer Ratings
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Compare EMI of Federal Bank and Corporation 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 Federal Bank at 8.50% for 7 years.

Loan Amount Federal Bank Corporation 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 – Corporation Bank or Federal Bank?

Corporation 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 Corporation Bank is currently at which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Corporation 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 Corporation 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, Corporation Bank car loan is cheaper in comparison to Federal Bank.
  • If you want to buy a used car, you can opt for Federal Bank as it offers used car loan at a lower interest rate of 13.80%. 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, Federal Bank charges a lower processing fee of N.A vs Corporation Bank with a processing fee of 1.00% of loan amount.
  • Federal Bank has a maximum processing fee of ₹ 2,500 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.
  • Federal Bank offers loan of upto 95% 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 Federal Bank?

As per the current rates, Corporation 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 Corporation 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, Corporation Bank provides the lower LTV 85% of ex-showroom price.

Know all about Car Loan

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Know More About Corporation Bank Car Loan

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    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
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