Compare Indian Bank vs HDFC Bank Car Loan
| Bank | ||
|---|---|---|
| Interest Rate for New Car Loan | Interest Rate for New Car Loan 9.65% - 9.65% |
13.75% - 16.00% |
| Interest Rate for Used Car Loan | Interest Rate for Used Car Loan 12.25% - 12.25% |
13.75% - 16.00% |
| Rate Type | Rate Type Floating |
Fixed |
| Processing Fee | Processing Fee 0.22% of loan amount |
0.50% of loan amount |
| Lowest EMI per ₹ 1 lakh | Lowest EMI per ₹ 1 lakh ₹ 14,749 |
₹ 14,948 |
| Maximum LTV for New Car | Maximum LTV for New Car 85% of on-road price |
100% of ex-showroom price |
| Maximum LTV for Used Car | Maximum LTV for Used Car 60 % of market value |
100 % of market value |
| Maximum Tenure | Maximum Tenure 7 Years |
7 Years |
| Prepayment Charges | Prepayment Charges Not allowed |
5% from 13-24 months, 3% after 24 months |
| Minimum Age | Minimum Age 21 Years |
21 Years |
| Maximum Age | Maximum Age 65 Years |
60 Years |
| Minimum Income | Minimum Income ₹ 2.40 lakh |
₹ 3.00 lakh |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
4.5/5.0 |
Compare Car Loan EMI of Indian Bank and HDFC Bank
Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Indian Bank at 9.65% for 7 years and HDFC Bank at 13.75% for 7 years.
| Loan Amount | Indian Bank | HDFC Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 14,749 | ₹ 14,948 |
| ₹ 3 Lakh | ₹ 44,247 | ₹ 44,844 |
| ₹ 5 Lakh | ₹ 73,745 | ₹ 74,740 |
| ₹ 10 Lakh | ₹ 1,47,489 | ₹ 1,49,479 |
Which Bank is better for Car Loan – Indian Bank or HDFC Bank?
Indian Bank offers lower Car Loan EMI at ₹ 14,749 on a Car Loan for 7 years as compared to HDFC Bank and with a minimum EMI of ₹ 14,948 for 7 years. Average customer ratings for Indian Bank is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.
How does Indian Bank Car Loan compare with HDFC Bank Car Loan?
It is important to do a detailed comparison of Indian Bank and HDFC 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:
Which bank offers a lower interest rate on Car Loan - Indian Bank or HDFC Bank?
As per the current rates, Indian Bank offers a lower interest rate of 9.65% on Car Loan when compared to HDFC Bank which offers a Car Loan at 13.75%.
What is the maximum LTV offered on a Car Loan amongst Indian Bank or HDFC Bank?
Banks provide car loans on ex-showroom price & on-road price. HDFC Bank provides a higher LTV of upto 100% 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
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Compare Indian Bank Car Loan With Other Banks
Compare HDFC Bank Car Loan With Other Banks
- 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%.
