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Compare ICICI Bank vs Bank of India Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.50% - 9.00%
6.85% - 8.55%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.00% - 14.50%
6.85% - 8.55%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
2.00% of loan amount
Min ₹ 1,000, Max ₹ 5,000
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,645
₹ 14,614
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
80 % of market value
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5%
Nil
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 2.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
4/5.0
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Compare Car Loan EMI of ICICI Bank and Bank of India

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of India at 6.85% for 7 years and ICICI Bank at 7.50% for 7 years.

Loan Amount ICICI Bank Bank of India
₹ 1 Lakh ₹ 14,645 ₹ 14,614
₹ 3 Lakh ₹ 43,935 ₹ 43,841
₹ 5 Lakh ₹ 73,225 ₹ 73,069
₹ 10 Lakh ₹ 1,46,451 ₹ 1,46,138

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

Bank of India offers lower Car Loan EMI at ₹ 14,614 on a Car Loan for 7 years as compared to ICICI Bank and with a minimum EMI of ₹ 14,645 for 7 years. Average customer ratings for Bank of India is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Bank of India 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:

  • The lowest Interest rate of Bank of India Car Loan interest rate is 6.85%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.50%. Thus, Bank of India car loan is cheaper in comparison to ICICI 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 6.85% in comparison of ICICI Bank which offers a higher rate of 12.00% 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 N.A vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • ICICI Bank has a maximum processing fee of ₹ 8,500 compared to Bank of India with processing fees of ₹ 5,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Bank of India.
  • ICICI 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 ICICI Bank?

As per the current rates, Bank of India offers a lower interest rate of 6.85% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.50%.

What is the maximum LTV offered on a Car Loan amongst Bank of India 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, Bank of India provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About ICICI Bank Car Loan

Know More About Bank of India Car Loan

Compare ICICI Bank Car Loan With Other Banks

Compare Bank of India Car Loan With Other Banks

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Our News - Jan 2022
  • 2022-01-24 : Axis Bank Net Profit Jumps 224 Percent to Rs 3,614 crore.
    Axis Bank has reported a 224 per cent year-on-year rise in its net profit at Rs 3,614 crore for the quarter ended December, which was sharply above analysts expectations of Rs 3,046 crore. The bank also witnessed a 17 per cent on-year growth in net interest income to Rs 8,653 crore for the December quarter.
  • 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.
*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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