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Compare OBC vs IndusInd Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
6.65% - 7.50%
7.00% - 18.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
7.75% - 8.50%
N.A
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
0.25% of loan amount
5.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,604
₹ 20,351
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
85% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
70 % of market value
N.A
Maximum Tenure
Maximum Tenure
7 Years
5 Years
Prepayment Charges
Prepayment Charges
Nil
3%
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
₹ 1.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4/5.0
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Compare Car Loan EMI of OBC and IndusInd Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by OBC at 6.65% for 7 years and IndusInd Bank at 7.00% for 5 years.

Loan Amount OBC IndusInd Bank
₹ 1 Lakh ₹ 14,604 ₹ 20,351
₹ 3 Lakh ₹ 43,812 ₹ 61,054
₹ 5 Lakh ₹ 73,021 ₹ 1,01,757
₹ 10 Lakh ₹ 1,46,041 ₹ 2,03,514

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

OBC offers lower Car Loan EMI at ₹ 14,604 on a Car Loan for 7 years as compared to IndusInd Bank and with a minimum EMI of ₹ 20,351 for 5 years. Average customer ratings for OBC is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of OBC and IndusInd 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 OBC Car Loan interest rate is 6.65%, which is lower than the lowest interest rate of IndusInd Bank Car Loan at 7.00%. Thus, OBC car loan is cheaper in comparison to IndusInd Bank.
  • If you want to buy a used car, you can opt for OBC as it offers used car loan at a lower interest rate of 7.75%. 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, OBC charges a lower processing fee of 0.25% of loan amount vs IndusInd Bank with a processing fee of 5.00% of loan amount.
  • IndusInd Bank has a maximum processing fee of ₹ 2,500 compared to OBC with processing fees of ₹ 1,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for OBC.
  • The maximum LTV offered on a car loan is similar for IndusInd Bank and OBC at 85% of ex-showroom price.

Which bank offers a lower interest rate on Car Loan - OBC or IndusInd Bank?

As per the current rates, OBC offers a lower interest rate of 6.65% on Car Loan when compared to IndusInd Bank which offers a Car Loan at 7.00%.

What is the maximum LTV offered on a Car Loan amongst OBC or IndusInd Bank?

The maximum LTV offered on a car loan is similar for IndusInd Bank and OBC at 85 of ex-showroom price.

Know all about Car Loan

Know More About OBC Car Loan

Know More About IndusInd Bank Car Loan

Compare OBC Car Loan With Other Banks

Compare IndusInd 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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