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Compare Car Loan - IDBI Bank vs Bank of India

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Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.50% - 8.10%
7.35% - 8.55%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
7.45% - 8.55%
Rate Type
Rate Type
Processing Fee
Processing Fee
Min ₹ 2,500, Max ₹ 2,500
0.25% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,645
₹ 14,638
Maximum LTV for New Car
Maximum LTV for New Car
90% of ex-showroom price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
No prepayment allowed for 6 months; 1% foreclosure
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
70 Years
65 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
Customer Ratings
Customer Ratings
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Compare EMI of IDBI 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 IDBI Bank at 7.50% for 7 years.

Loan Amount IDBI Bank Bank of India
₹ 1 Lakh ₹ 14,645 ₹ 14,638
₹ 3 Lakh ₹ 43,935 ₹ 43,914
₹ 5 Lakh ₹ 73,225 ₹ 73,189
₹ 10 Lakh ₹ 1,46,451 ₹ 1,46,379

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

Bank of India offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to IDBI Bank and with a minimum EMI of ₹ 14,645 for 7 years. Average customer ratings for Bank of India is currently at which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Bank of India and IDBI 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 IDBI Bank Car Loan at 7.50%. Thus, Bank of India car loan is cheaper in comparison to IDBI 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 7.45%. However, IDBI Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, IDBI Bank charges a lower processing fee of N.A vs Bank of India with a processing fee of 0.25% of loan amount.
  • Bank of India has a maximum processing fee of ₹ 5,000 compared to IDBI Bank with processing fees of ₹ 2,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for IDBI Bank.
  • IDBI Bank offers loan of upto 90% 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 IDBI Bank?

As per the current rates, Bank of India offers a lower interest rate of 7.35% on Car Loan when compared to IDBI Bank which offers a Car Loan at 7.50%.

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

Banks provide car loans on ex-showroom price & on-road price. IDBI Bank provides a higher LTV of upto 90% of ex-showroom price. However, Bank of India provides the lower LTV 85% of on-road price.

Know all about Car Loan

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Know More About Bank of India Car Loan

Compare IDBI Bank Car Loan With Other Banks

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Our News - Jun 2021
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    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.
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    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.
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    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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