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Compare Car Loan - ICICI Bank vs Bank of Maharashtra

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.90% - 9.85%
7.40% - 8.65%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.00% - 14.50%
10.05% - 12.90%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
2.00% of loan amount
0.25% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,664
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
100% of ex-showroom price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
80 % of market value
50 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5%
Nil
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 2.50 lakh
₹ 4.00 lakh
Customer Ratings
Customer Ratings
4/5.0
4/5.0
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Compare EMI of ICICI Bank and Bank of Maharashtra Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of Maharashtra at 7.40% for 7 years and ICICI Bank at 7.90% for 7 years.

Loan Amount ICICI Bank Bank of Maharashtra
₹ 1 Lakh ₹ 14,664 ₹ 14,640
₹ 3 Lakh ₹ 43,993 ₹ 43,921
₹ 5 Lakh ₹ 73,322 ₹ 73,201
₹ 10 Lakh ₹ 1,46,644 ₹ 1,46,403

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

Bank of Maharashtra offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to ICICI Bank and with a minimum EMI of ₹ 14,664 for 7 years. Average customer ratings for Bank of Maharashtra is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Bank of Maharashtra 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 Maharashtra Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.90%. Thus, Bank of Maharashtra car loan is cheaper in comparison to ICICI Bank.
  • If you want to buy a used car, you can opt for Bank of Maharashtra as it offers used car loan at a lower interest rate of 10.05% 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 Maharashtra charges a lower processing fee of 0.25% of loan amount vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • Bank of Maharashtra has a maximum processing fee of ₹ 15,000 compared to ICICI Bank with processing fees of ₹ 8,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for ICICI Bank.
  • ICICI Bank offers loan of upto 100% of ex-showroom price for a new car loan, whereas, Bank of Maharashtra offers vehicle loan of upto 90% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of Maharashtra or ICICI Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 7.40% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.90%.

What is the maximum LTV offered on a Car Loan amongst Bank of Maharashtra 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 Maharashtra provides the lower LTV 90% of on-road price.

Know all about Car Loan

Know More About ICICI Bank Car Loan

Know More About Bank of Maharashtra Car Loan

Compare ICICI Bank Car Loan With Other Banks

Compare Bank of Maharashtra 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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