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Compare Car Loan - SBI vs Bank of Baroda

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.50% - 8.45%
7.25% - 10.25%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
9.50% - 10.50%
7.00% - 10.45%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
0.20% of loan amount
0.75% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,645
₹ 14,633
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
85 % of on-road price
80 %
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
70 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
Customer Ratings
Customer Ratings
4.3/5.0
4.3/5.0
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Compare EMI of SBI and Bank of Baroda Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of Baroda at 7.25% for 7 years and SBI at 7.50% for 7 years.

Loan Amount SBI Bank of Baroda
₹ 1 Lakh ₹ 14,645 ₹ 14,633
₹ 3 Lakh ₹ 43,935 ₹ 43,899
₹ 5 Lakh ₹ 73,225 ₹ 73,165
₹ 10 Lakh ₹ 1,46,451 ₹ 1,46,330

Which Bank is better for Car Loan – Bank of Baroda or SBI?

Bank of Baroda offers lower Car Loan EMI at ₹ 14,633 on a Car Loan for 7 years as compared to SBI and with a minimum EMI of ₹ 14,645 for 7 years. Average customer ratings for Bank of Baroda is currently at 4.3 which makes it a good choice for taking a Vehicle Loan.

How does Bank of Baroda Car Loan compare with SBI Car Loan?

It is important to do a detailed comparison of Bank of Baroda and SBI 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 Baroda Car Loan interest rate is 7.25%, which is lower than the lowest interest rate of SBI Car Loan at 7.50%. Thus, Bank of Baroda car loan is cheaper in comparison to SBI.
  • If you want to buy a used car, you can opt for Bank of Baroda as it offers used car loan at a lower interest rate of 7.00% in comparison of SBI which offers a higher rate of 9.50% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, SBI charges a lower processing fee of 0.20% of loan amount vs Bank of Baroda with a processing fee of 0.75% of loan amount.
  • Maximum processing fees which the banks charge from their Car Loan borrowers is ₹ 10,000 and hence, there is no difference in terms of the capping on loan fees.
  • Bank of Baroda offers loan of upto 90% of on-road price for a new car loan, whereas, SBI offers vehicle loan of upto 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of Baroda or SBI?

As per the current rates, Bank of Baroda offers a lower interest rate of 7.25% on Car Loan when compared to SBI which offers a Car Loan at 7.50%.

What is the maximum LTV offered on a Car Loan amongst Bank of Baroda or SBI?

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

Know all about Car Loan

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Know More About Bank of Baroda Car Loan

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Our News - Jun 2021
  • 2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
  • 2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    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.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    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.
*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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