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Compare Indian Bank vs Federal Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
9.65% - 9.65%
8.50% - 8.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.25% - 12.25%
13.80% - 13.80%
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
0.22% of loan amount
Min ₹ 1,500, Max ₹ 2,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,749
₹ 14,693
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
95% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
60 % of market value
75 % of depreciated value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Not allowed
2%
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
₹ 0.90 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of Indian Bank and Federal Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Federal Bank at 8.50% for 7 years and Indian Bank at 9.65% for 7 years.

Loan Amount Indian Bank Federal Bank
₹ 1 Lakh ₹ 14,749 ₹ 14,693
₹ 3 Lakh ₹ 44,247 ₹ 44,080
₹ 5 Lakh ₹ 73,745 ₹ 73,467
₹ 10 Lakh ₹ 1,47,489 ₹ 1,46,933

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

Federal Bank offers lower Car Loan EMI at ₹ 14,693 on a Car Loan for 7 years as compared to Indian Bank and with a minimum EMI of ₹ 14,749 for 7 years. Average customer ratings for Federal Bank is currently at which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Federal Bank and Indian 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 Federal Bank Car Loan interest rate is 8.50%, which is lower than the lowest interest rate of Indian Bank Car Loan at 9.65%. Thus, Federal Bank car loan is cheaper in comparison to Indian 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 12.25% in comparison of Indian Bank which offers a higher rate of 13.80% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Federal Bank charges a lower processing fee of N.A vs Indian Bank with a processing fee of 0.22% of loan amount.
  • Indian Bank has a maximum processing fee of ₹ 10,000 compared to Federal 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 Federal Bank.
  • Federal Bank offers loan of upto 95% of ex-showroom price for a new car loan, whereas, Indian Bank offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, Federal Bank offers a lower interest rate of 8.50% on Car Loan when compared to Indian Bank which offers a Car Loan at 9.65%.

What is the maximum LTV offered on a Car Loan amongst Federal Bank or Indian 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, Indian Bank provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About Indian Bank Car Loan

Know More About Federal Bank Car Loan

Compare Indian Bank Car Loan With Other Banks

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Our News - Jan 2022
  • 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.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
*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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