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Compare Union Bank of India vs HDFC Bank Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
13.75% - 16.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
10.40% - 10.50%
13.75% - 16.00%
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
Max ₹ 1,000
0.50% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,948
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
50 % of market value
100 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil from own sources; 2% in case of loan takeover
5% from 13-24 months, 3% after 24 months
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 3.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
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Compare Car Loan EMI of Union Bank of India and HDFC Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Union Bank of India at 7.40% for 7 years and HDFC Bank at 13.75% for 7 years.

Loan Amount Union Bank of India HDFC Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,948
₹ 3 Lakh ₹ 43,921 ₹ 44,844
₹ 5 Lakh ₹ 73,201 ₹ 74,740
₹ 10 Lakh ₹ 1,46,403 ₹ 1,49,479

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

Union Bank of India offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to HDFC Bank and with a minimum EMI of ₹ 14,948 for 7 years. Average customer ratings for Union Bank of India is currently at 4.5 which makes it a good choice for taking a Vehicle Loan.

How does Union Bank of India Car Loan compare with HDFC Bank Car Loan?

It is important to do a detailed comparison of Union Bank of India and HDFC 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 Union Bank of India Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of HDFC Bank Car Loan at 13.75%. Thus, Union Bank of India car loan is cheaper in comparison to HDFC Bank.
  • If you want to buy a used car, you can opt for HDFC Bank as it offers used car loan at a lower interest rate of 10.40% in comparison of Union Bank of India which offers a higher rate of 13.75% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Union Bank of India charges a lower processing fee of N.A vs HDFC Bank with a processing fee of 0.50% of loan amount.
  • HDFC Bank has a maximum processing fee of ₹ 8,000 compared to Union Bank of India with processing fees of ₹ 1,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Union Bank of India.
  • HDFC Bank offers loan of upto 100% of ex-showroom price for a new car loan, whereas, Union Bank of India offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, Union Bank of India offers a lower interest rate of 7.40% on Car Loan when compared to HDFC Bank which offers a Car Loan at 13.75%.

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

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

Know all about Car Loan

Know More About Union Bank of India Car Loan

Know More About HDFC Bank Car Loan

Compare Union Bank of India Car Loan With Other Banks

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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.
*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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