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Compare Car Loan - Union Bank of India vs ICICI Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
7.90% - 9.85%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
10.40% - 10.50%
12.00% - 14.50%
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
Max ₹ 1,000
2.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 14,664
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
80 % 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%
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
65 Years
65 Years
Minimum Income
Minimum Income
₹ 2.50 lakh
Customer Ratings
Customer Ratings
4/5.0
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Compare EMI of Union Bank of India and ICICI Bank Car Loan

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 ICICI Bank at 7.90% for 7 years.

Loan Amount Union Bank of India ICICI Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,664
₹ 3 Lakh ₹ 43,921 ₹ 43,993
₹ 5 Lakh ₹ 73,201 ₹ 73,322
₹ 10 Lakh ₹ 1,46,403 ₹ 1,46,644

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

Union Bank of India offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to ICICI Bank and with a minimum EMI of ₹ 14,664 for 7 years. Average customer ratings for Union Bank of India is currently at 4 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Union Bank of India 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 Union Bank of India Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.90%. Thus, Union Bank of India 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 10.40% in comparison of Union Bank of India 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, Union Bank of India charges a lower processing fee of N.A vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • ICICI Bank has a maximum processing fee of ₹ 8,500 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.
  • ICICI 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 ICICI Bank?

As per the current rates, Union Bank of India offers a lower interest rate of 7.40% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.90%.

What is the maximum LTV offered on a Car Loan amongst Union Bank of India 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, 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 ICICI Bank Car Loan

Compare Union Bank of India 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.
  • 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.
  • 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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