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Compare IDBI Bank vs IndusInd Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.35% - 9.90%
7.00% - 18.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
N.A
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
Min ₹ 2,500, Max ₹ 2,500
5.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,638
₹ 20,351
Maximum LTV for New Car
Maximum LTV for New Car
90% of ex-showroom price
85% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
N.A
Maximum Tenure
Maximum Tenure
7 Years
5 Years
Prepayment Charges
Prepayment Charges
No prepayment allowed for 6 months; 1% foreclosure
3%
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
70 Years
65 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
₹ 1.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
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Compare Car Loan EMI of IDBI Bank and IndusInd 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 IndusInd Bank at 7.00% for 5 years.

Loan Amount IDBI Bank IndusInd Bank
₹ 1 Lakh ₹ 14,638 ₹ 20,351
₹ 3 Lakh ₹ 43,914 ₹ 61,054
₹ 5 Lakh ₹ 73,189 ₹ 1,01,757
₹ 10 Lakh ₹ 1,46,379 ₹ 2,03,514

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

IDBI Bank offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to IndusInd Bank and with a minimum EMI of ₹ 20,351 for 5 years. Average customer ratings for IDBI Bank is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of IndusInd Bank 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 IndusInd Bank Car Loan interest rate is 7.00%, which is lower than the lowest interest rate of IDBI Bank Car Loan at 7.35%. Thus, IndusInd Bank car loan is cheaper in comparison to IDBI Bank.
  • 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 IndusInd Bank with a processing fee of 5.00% of loan amount.
  • 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.
  • IDBI Bank offers loan of upto 90% of ex-showroom price for a new car loan, whereas, IndusInd Bank offers vehicle loan of upto 85% of ex-showroom price.

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

As per the current rates, IndusInd Bank offers a lower interest rate of 7.00% on Car Loan when compared to IDBI Bank which offers a Car Loan at 7.35%.

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

Know all about Car Loan

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Know More About IndusInd Bank Car Loan

Compare IDBI Bank Car Loan With Other Banks

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Our News - May 2022
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Union Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.30% to 8.40% for new cars. In addition, the bank offers car loans for old cars starting at 10.80% to upto 10.90%.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Punjab National Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.05% to 9.10% for new cars. In addition, the bank offers car loans for old cars starting at 8.50% to upto 9%.
  • 2022-05-10 : Federal Bank Revises Car Loan Interest Rates
    Federal Bank has increased interest rates on new car loans. After the revision, the car loan rates increased from 8.50% to 8.90%. The bank has also revised second-hand car loan rates to 14.20%.
*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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