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Compare Indian Bank vs Union Bank of India Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
9.65% - 9.65%
7.80% - 8.90%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.25% - 12.25%
11.30% - 11.40%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
0.22% of loan amount
Max ₹ 1,000
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,749
₹ 14,660
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
60 % of market value
50 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Not allowed
Nil from own sources; 2% in case of loan takeover
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of Indian Bank and Union Bank of India

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Union Bank of India at 7.80% for 7 years and Indian Bank at 9.65% for 7 years.

Loan Amount Indian Bank Union Bank of India
₹ 1 Lakh ₹ 14,749 ₹ 14,660
₹ 3 Lakh ₹ 44,247 ₹ 43,979
₹ 5 Lakh ₹ 73,745 ₹ 73,298
₹ 10 Lakh ₹ 1,47,489 ₹ 1,46,595

Which Bank is better for Car Loan – Union Bank of India or Indian Bank?

Union Bank of India offers lower Car Loan EMI at ₹ 14,660 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 Union Bank of India is currently at which makes it a good choice for taking a Vehicle Loan.

How does Union Bank of India Car Loan compare with Indian Bank Car Loan?

It is important to do a detailed comparison of Union Bank of India 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 Union Bank of India Car Loan interest rate is 7.80%, which is lower than the lowest interest rate of Indian Bank Car Loan at 9.65%. Thus, Union Bank of India car loan is cheaper in comparison to Indian Bank.
  • If you want to buy a used car, you can opt for Indian Bank as it offers used car loan at a lower interest rate of 11.30% in comparison of Union Bank of India which offers a higher rate of 12.25% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Union Bank of India 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 Union Bank of India with processing fees of ₹ 1,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Union Bank of India.
  • The maximum LTV offered on a car loan is similar for Indian Bank and Union Bank of India at 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Union Bank of India or Indian Bank?

As per the current rates, Union Bank of India offers a lower interest rate of 7.80% 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 Union Bank of India or Indian Bank?

The maximum LTV offered on a car loan is similar for Indian Bank and Union Bank of India at 85 of on-road price.

Know all about Car Loan

Know More About Indian Bank Car Loan

Know More About Union Bank of India Car Loan

Compare Indian Bank Car Loan With Other Banks

Compare Union Bank of India Car Loan With Other Banks

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Our News - Jul 2022
  • 2022-05-30 : Axis Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on car loans by 40 basis points, and as a result, the lowest car loan interest rates start at 7.85% and go up to 14.50%.
  • 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%.
*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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