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Compare Car Loan - PNB vs Bank of India

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.55% - 7.80%
7.35% - 8.55%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
8.55% - 8.80%
7.45% - 8.55%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
Nil
0.25% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,647
₹ 14,638
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
70 % of market value
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
Customer Ratings
Customer Ratings
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Compare EMI of PNB and Bank of India Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of India at 7.35% for 7 years and PNB at 7.55% for 7 years.

Loan Amount PNB Bank of India
₹ 1 Lakh ₹ 14,647 ₹ 14,638
₹ 3 Lakh ₹ 43,942 ₹ 43,914
₹ 5 Lakh ₹ 73,237 ₹ 73,189
₹ 10 Lakh ₹ 1,46,475 ₹ 1,46,379

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

Bank of India offers lower Car Loan EMI at ₹ 14,638 on a Car Loan for 7 years as compared to PNB and with a minimum EMI of ₹ 14,647 for 7 years. Average customer ratings for Bank of India is currently at which makes it a good choice for taking a Vehicle Loan.

How does Bank of India Car Loan compare with PNB Car Loan?

It is important to do a detailed comparison of Bank of India and PNB 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 Bank of India Car Loan interest rate is 7.35%, which is lower than the lowest interest rate of PNB Car Loan at 7.55%. Thus, Bank of India car loan is cheaper in comparison to PNB.
  • If you want to buy a used car, you can opt for Bank of India as it offers used car loan at a lower interest rate of 7.45% in comparison of PNB 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, PNB charges a lower processing fee of N.A vs Bank of India with a processing fee of 0.25% of loan amount.
  • Bank of India has a maximum processing fee of ₹ 5,000 compared to PNB with processing fees of NIL. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for PNB.
  • The maximum LTV offered on a car loan is similar for Bank of India and PNB at 85% of on-road price.

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

As per the current rates, Bank of India offers a lower interest rate of 7.35% on Car Loan when compared to PNB which offers a Car Loan at 7.55%.

What is the maximum LTV offered on a Car Loan amongst Bank of India or PNB?

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

Know all about Car Loan

Know More About PNB Car Loan

Know More About Bank of India Car Loan

Compare PNB Car Loan With Other Banks

Compare Bank of India Car Loan With Other Banks

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Our News - Jun 2021
  • 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.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    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.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-06-01 : Dhanlaxmi Bank posts ₹5.28 crore net profit in Q4
    Dhanlaxmi Bank reported a net profit of Rs 5.28 crore in the fourth quarter of FY2020-21, boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The bank had posted a net profit of Rs 2.60 crore in the year-ago same quarter.
*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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