MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Car Loan - ICICI Bank vs Central Bank of India

Download Comparison
Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.90% - 9.85%
7.25% - 7.70%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.00% - 14.50%
7.25% - 7.70%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
2.00% of loan amount
0.50% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,664
₹ 14,633
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
75 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5%
Nil from own sources; 1% in case of loan takeover
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 2.50 lakh
₹ 1.80 lakh
Customer Ratings
Customer Ratings
4/5.0
4/5.0
Add Bank

Compare EMI of ICICI Bank and Central Bank of India Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Central Bank of India at 7.25% for 7 years and ICICI Bank at 7.90% for 7 years.

Loan Amount ICICI Bank Central Bank of India
₹ 1 Lakh ₹ 14,664 ₹ 14,633
₹ 3 Lakh ₹ 43,993 ₹ 43,899
₹ 5 Lakh ₹ 73,322 ₹ 73,165
₹ 10 Lakh ₹ 1,46,644 ₹ 1,46,330

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

Central Bank of India offers lower Car Loan EMI at ₹ 14,633 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 Central Bank of India is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Central 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 Central Bank of India Car Loan interest rate is 7.25%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.90%. Thus, Central Bank of India car loan is cheaper in comparison to ICICI Bank.
  • If you want to buy a used car, you can opt for Central Bank of India as it offers used car loan at a lower interest rate of 7.25% 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, Central Bank of India charges a lower processing fee of 0.50% of loan amount vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • Central Bank of India has a maximum processing fee of ₹ 20,000 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, Central Bank of India offers vehicle loan of upto 90% of on-road price.

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

As per the current rates, Central Bank of India offers a lower interest rate of 7.25% 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 Central 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, Central Bank of India provides the lower LTV 90% of on-road price.

Know all about Car Loan

Know More About ICICI Bank Car Loan

Know More About Central Bank of India Car Loan

Compare ICICI Bank Car Loan With Other Banks

Compare Central Bank of India Car Loan With Other Banks

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Our News - Jun 2021
  • 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.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-06-01 : Dhanlaxmi Bank posts ₹5.28 crore net profit in Q4
    Dhanlaxmi Bank reported a net profit of Rs 5.28 crore in the fourth quarter of FY2020-21, boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The bank had posted a net profit of Rs 2.60 crore in the year-ago same quarter.
*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
Loader
Please wait while your information is being processed...