Compare Car Loan - Indian Bank vs HDFC Bank
| Bank | ||
|---|---|---|
| Parameters | ||
| 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 |
1.50% 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 |
₹ 999.99 lakh |
| Customer Ratings | Customer Ratings |
4.5/5.0 |
Compare EMI of Indian Bank and HDFC Bank Car Loan
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
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*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.
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