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Compare Car Loan - PNB vs Corporation Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.55% - 7.80%
7.40% - 7.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
8.55% - 8.80%
N.A
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
Nil
1.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,647
₹ 14,640
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
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
75 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
₹ 1.20 lakh
Customer Ratings
Customer Ratings
Add Bank

Compare EMI of PNB and Corporation Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Corporation Bank at 7.40% for 7 years and PNB at 7.55% for 7 years.

Loan Amount PNB Corporation Bank
₹ 1 Lakh ₹ 14,647 ₹ 14,640
₹ 3 Lakh ₹ 43,942 ₹ 43,921
₹ 5 Lakh ₹ 73,237 ₹ 73,201
₹ 10 Lakh ₹ 1,46,475 ₹ 1,46,403

Which Bank is better for Car Loan – Corporation Bank or PNB?

Corporation Bank offers lower Car Loan EMI at ₹ 14,640 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 Corporation Bank is currently at which makes it a good choice for taking a Vehicle Loan.

How does Corporation Bank Car Loan compare with PNB Car Loan?

It is important to do a detailed comparison of Corporation Bank 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 Corporation Bank Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of PNB Car Loan at 7.55%. Thus, Corporation Bank car loan is cheaper in comparison to PNB.
  • If you want to buy a used car, you can opt for PNB as it offers used car loan at a lower interest rate of 8.55%. However, Corporation Bank does not offer any loan on used cars.
  • 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 Corporation Bank with a processing fee of 1.00% of loan amount.
  • Corporation Bank has a maximum processing fee of ₹ 1,000 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 Corporation Bank and PNB at 85% of ex-showroom price.

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

As per the current rates, Corporation Bank offers a lower interest rate of 7.40% 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 Corporation Bank or PNB?

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

Know all about Car Loan

Know More About PNB Car Loan

Know More About Corporation Bank Car Loan

Compare PNB Car Loan With Other Banks

Compare Corporation Bank Car Loan With Other Banks

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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
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  • 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.
*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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