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Compare IDBI Bank vs Federal Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.35% - 9.90%
8.50% - 8.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
13.80% - 13.80%
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
Min ₹ 2,500, Max ₹ 2,500
Min ₹ 1,500, Max ₹ 2,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,638
₹ 14,693
Maximum LTV for New Car
Maximum LTV for New Car
90% of ex-showroom price
95% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
75 % of depreciated value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
No prepayment allowed for 6 months; 1% foreclosure
2%
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
70 Years
60 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
₹ 0.90 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of IDBI Bank and Federal Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by IDBI Bank at 7.35% for 7 years and Federal Bank at 8.50% for 7 years.

Loan Amount IDBI Bank Federal Bank
₹ 1 Lakh ₹ 14,638 ₹ 14,693
₹ 3 Lakh ₹ 43,914 ₹ 44,080
₹ 5 Lakh ₹ 73,189 ₹ 73,467
₹ 10 Lakh ₹ 1,46,379 ₹ 1,46,933

Which Bank is better for Car Loan – IDBI Bank or Federal Bank?

IDBI Bank offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to Federal Bank and with a minimum EMI of ₹ 14,693 for 7 years. Average customer ratings for IDBI Bank is currently at which makes it a good choice for taking a Vehicle Loan.

How does IDBI Bank Car Loan compare with Federal Bank Car Loan?

It is important to do a detailed comparison of IDBI Bank and Federal 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 IDBI Bank Car Loan interest rate is 7.35%, which is lower than the lowest interest rate of Federal Bank Car Loan at 8.50%. Thus, IDBI Bank car loan is cheaper in comparison to Federal Bank.
  • If you want to buy a used car, you can opt for Federal Bank as it offers used car loan at a lower interest rate of 13.80%. However, IDBI Bank does not offer any loan on used cars.
  • Maximum processing fees which the banks charge from their Car Loan borrowers is ₹ 2,500 and hence, there is no difference in terms of the capping on loan fees.
  • Federal Bank offers loan of upto 95% of ex-showroom price for a new car loan, whereas, IDBI Bank offers vehicle loan of upto 90% of ex-showroom price.

Which bank offers a lower interest rate on Car Loan - IDBI Bank or Federal Bank?

As per the current rates, IDBI Bank offers a lower interest rate of 7.35% on Car Loan when compared to Federal Bank which offers a Car Loan at 8.50%.

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

Banks provide car loans on ex-showroom price & on-road price. Federal Bank provides a higher LTV of upto 95% of ex-showroom price. However, IDBI Bank provides the lower LTV 90% of ex-showroom price.

Know all about Car Loan

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Know More About Federal Bank Car Loan

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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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