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Compare Car Loan - HDFC Bank vs Corporation Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
13.75% - 16.00%
7.40% - 7.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
13.75% - 16.00%
N.A
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
1.50% of loan amount
1.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,948
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
100% of ex-showroom price
85% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
100 % of market value
N.A
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
18 Years
Maximum Age
Maximum Age
60 Years
75 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
₹ 1.20 lakh
Customer Ratings
Customer Ratings
4.5/5.0
4.5/5.0
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Compare EMI of HDFC 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 HDFC Bank at 13.75% for 7 years.

Loan Amount HDFC Bank Corporation Bank
₹ 1 Lakh ₹ 14,948 ₹ 14,640
₹ 3 Lakh ₹ 44,844 ₹ 43,921
₹ 5 Lakh ₹ 74,740 ₹ 73,201
₹ 10 Lakh ₹ 1,49,479 ₹ 1,46,403

Which Bank is better for Car Loan – Corporation Bank or HDFC Bank?

Corporation Bank offers lower Car Loan EMI at ₹ 14,640 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 Corporation Bank is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Corporation Bank 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 Corporation Bank Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of HDFC Bank Car Loan at 13.75%. Thus, Corporation Bank car loan is cheaper in comparison to HDFC Bank.
  • If you want to buy a used car, you can opt for HDFC Bank as it offers used car loan at a lower interest rate of 13.75%. 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, Corporation Bank charges a lower processing fee of 1.00% of loan amount vs HDFC Bank with a processing fee of 1.50% of loan amount.
  • HDFC Bank has a maximum processing fee of ₹ 5,000 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.
  • HDFC Bank offers loan of upto 100% 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 HDFC Bank?

As per the current rates, Corporation Bank offers a lower interest rate of 7.40% 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 Corporation Bank 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, Corporation Bank provides the lower LTV 85% of ex-showroom price.

Know all about Car Loan

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Our News - Jun 2021
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    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
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    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 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.
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    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.
*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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