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Compare Car Loan - HDFC Bank vs Bank of India

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
13.75% - 16.00%
7.35% - 8.55%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
7.29% - 12.50%
7.45% - 8.55%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
1.50% of loan amount
0.25% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,948
₹ 14,638
Maximum LTV for New Car
Maximum LTV for New Car
100% of ex-showroom price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
100 % of market value
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5% from 13-24 months, 3% after 24 months
Nil
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
60 Years
65 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
Customer Ratings
Customer Ratings
4.5/5.0
4.5/5.0
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Compare EMI of HDFC Bank and Bank of India Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of India at 7.35% for 7 years and HDFC Bank at 13.75% for 7 years.

Loan Amount HDFC Bank Bank of India
₹ 1 Lakh ₹ 14,948 ₹ 14,638
₹ 3 Lakh ₹ 44,844 ₹ 43,914
₹ 5 Lakh ₹ 74,740 ₹ 73,189
₹ 10 Lakh ₹ 1,49,479 ₹ 1,46,379

Which Bank is better for Car Loan – Bank of India or HDFC Bank?

Bank of India offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to HDFC Bank and with a minimum EMI of ₹ 14,948 for 7 years. Average customer ratings for Bank of India is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.

How does Bank of India Car Loan compare with HDFC Bank Car Loan?

It is important to do a detailed comparison of Bank of India and HDFC 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 Bank of India Car Loan interest rate is 7.35%, which is lower than the lowest interest rate of HDFC Bank Car Loan at 13.75%. Thus, Bank of India car loan is cheaper in comparison to HDFC Bank.
  • If you want to buy a used car, you can opt for Bank of India as it offers used car loan at a lower interest rate of 7.29% in comparison of HDFC Bank which offers a higher rate of 7.45% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Bank of India charges a lower processing fee of 0.25% of loan amount vs HDFC Bank with a processing fee of 1.50% of loan amount.
  • Maximum processing fees which the banks charge from their Car Loan borrowers is ₹ 5,000 and hence, there is no difference in terms of the capping on loan fees.
  • HDFC Bank offers loan of upto 100% of ex-showroom price for a new car loan, whereas, Bank of India offers vehicle loan of upto 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of India or HDFC Bank?

As per the current rates, Bank of India offers a lower interest rate of 7.35% on Car Loan when compared to HDFC Bank which offers a Car Loan at 13.75%.

What is the maximum LTV offered on a Car Loan amongst Bank of India or HDFC Bank?

Banks provide car loans on ex-showroom price & on-road price. HDFC Bank provides a higher LTV of upto 100% of ex-showroom price. However, Bank of India provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About HDFC Bank Car Loan

Know More About Bank of India Car Loan

Compare HDFC Bank Car Loan With Other Banks

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Our News - Jun 2021
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    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.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
*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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