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Compare SBI vs ICICI Bank Car Loan

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Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.25% - 8.75%
7.50% - 9.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
9.25% - 12.75%
12.00% - 14.50%
Rate Type
Rate Type
Processing Fee
Processing Fee
0.20% of loan amount
2.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,633
₹ 14,645
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
100% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
85 % of on-road price
80 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
67 Years
65 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
₹ 2.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of SBI and ICICI Bank

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

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

Which Bank is better for Car Loan – SBI or ICICI Bank?

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

How does SBI Car Loan compare with ICICI Bank Car Loan?

It is important to do a detailed comparison of SBI and ICICI 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 SBI Car Loan interest rate is 7.25%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.50%. Thus, SBI car loan is cheaper in comparison to ICICI Bank.
  • If you want to buy a used car, you can opt for ICICI Bank as it offers used car loan at a lower interest rate of 9.25% in comparison of SBI which offers a higher rate of 12.00% 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 ICICI Bank with a processing fee of 2.00% of loan amount.
  • SBI has a maximum processing fee of ₹ 10,000 compared to ICICI Bank with processing fees of ₹ 8,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for ICICI Bank.
  • ICICI Bank offers loan of upto 100% of ex-showroom 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 - SBI or ICICI Bank?

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

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

Banks provide car loans on ex-showroom price & on-road price. ICICI Bank provides a higher LTV of upto 100% of ex-showroom price. However, SBI provides the lower LTV 85% of on-road price.

Know all about Car Loan

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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.
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