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Compare Car Loan - OBC vs Kotak Bank

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Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.55% - 7.80%
6.50% - 20.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
8.55% - 8.80%
6.50% - 20.00%
Rate Type
Rate Type
Processing Fee
Processing Fee
0.25% of loan amount
Min ₹ 3,300, Max ₹ 4,750
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,647
₹ 20,326
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
90% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
70 % of market value
90 % of market value
Maximum Tenure
Maximum Tenure
7 Years
5 Years
Prepayment Charges
Prepayment Charges
Not allowed for 6 months; 5.21% charges after 6 months
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
₹ 1.00 lakh
Customer Ratings
Customer Ratings
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Compare EMI of OBC and Kotak Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by OBC at 7.55% for 7 years and Kotak Bank at 6.50% for 5 years.

Loan Amount OBC Kotak Bank
₹ 1 Lakh ₹ 14,647 ₹ 20,326
₹ 3 Lakh ₹ 43,942 ₹ 60,979
₹ 5 Lakh ₹ 73,237 ₹ 1,01,631
₹ 10 Lakh ₹ 1,46,475 ₹ 2,03,262

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

OBC offers lower Car Loan EMI at ₹ 14,647 on a Car Loan for 7 years as compared to Kotak Bank and with a minimum EMI of ₹ 20,326 for 5 years. Average customer ratings for OBC is currently at 3.5 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Kotak Bank and OBC 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 Kotak Bank Car Loan interest rate is 6.50%, which is lower than the lowest interest rate of OBC Car Loan at 7.55%. Thus, Kotak Bank car loan is cheaper in comparison to OBC.
  • If you want to buy a used car, you can opt for Kotak Bank as it offers used car loan at a lower interest rate of 6.50% in comparison of OBC which offers a higher rate of 8.55% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Kotak Bank charges a lower processing fee of N.A vs OBC with a processing fee of 0.25% of loan amount.
  • Kotak Bank has a maximum processing fee of ₹ 4,750 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.
  • Kotak Bank offers loan of upto 90% of ex-showroom price for a new car loan, whereas, OBC offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, Kotak Bank offers a lower interest rate of 6.50% on Car Loan when compared to OBC which offers a Car Loan at 7.55%.

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

Banks provide car loans on ex-showroom price & on-road price. Kotak Bank provides a higher LTV of upto 90% of ex-showroom price. However, OBC provides the lower LTV 85% of on-road price.

Know all about Car Loan

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Know More About Kotak Bank Car Loan

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Our News - Jun 2021
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    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
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    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    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.
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    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
*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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