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Compare Car Loan - IndusInd Bank vs HDFC Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.65% - 16.00%
13.75% - 16.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
7.29% - 12.50%
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
5.00% of loan amount
1.50% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 20,435
₹ 14,948
Maximum LTV for New Car
Maximum LTV for New Car
85% of ex-showroom price
100% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
100 % of market value
Maximum Tenure
Maximum Tenure
5 Years
7 Years
Prepayment Charges
Prepayment Charges
3%
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
₹ 1.50 lakh
₹ 999.99 lakh
Customer Ratings
Customer Ratings
4/5.0
4.5/5.0
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Compare EMI of IndusInd Bank and HDFC Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by HDFC Bank at 13.75% for 7 years and IndusInd Bank at 8.65% for 5 years.

Loan Amount IndusInd Bank HDFC Bank
₹ 1 Lakh ₹ 20,435 ₹ 14,948
₹ 3 Lakh ₹ 61,304 ₹ 44,844
₹ 5 Lakh ₹ 1,02,173 ₹ 74,740
₹ 10 Lakh ₹ 2,04,346 ₹ 1,49,479

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

HDFC Bank offers lower Car Loan EMI at ₹ 14,948 on a Car Loan for 7 years as compared to IndusInd Bank and with a minimum EMI of ₹ 20,435 for 5 years. Average customer ratings for HDFC Bank is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of IndusInd 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:

  • The lowest Interest rate of IndusInd Bank Car Loan interest rate is 8.65%, which is lower than the lowest interest rate of HDFC Bank Car Loan at 13.75%. Thus, IndusInd Bank car loan is cheaper in comparison to HDFC Bank.
  • If you want to buy a used car, you can opt for HDFC Bank as it offers used car loan at a lower interest rate of 7.29%. However, IndusInd Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, HDFC Bank charges a lower processing fee of 1.50% of loan amount vs IndusInd Bank with a processing fee of 5.00% of loan amount.
  • HDFC Bank has a maximum processing fee of ₹ 5,000 compared to IndusInd 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 IndusInd Bank.
  • HDFC Bank offers loan of upto 100% 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 HDFC Bank?

As per the current rates, IndusInd Bank offers a lower interest rate of 8.65% 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 IndusInd 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, IndusInd Bank provides the lower LTV 85% of ex-showroom price.

Know all about Car Loan

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Know More About HDFC Bank Car Loan

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    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
*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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