Compare Car Loan - Union Bank of India vs OBC
| Bank | ||
|---|---|---|
| Parameters | ||
| Interest Rate for New Car Loan | Interest Rate for New Car Loan 7.40% - 7.50% |
7.55% - 7.80% |
| Interest Rate for Used Car Loan | Interest Rate for Used Car Loan 10.40% - 10.50% |
8.55% - 8.80% |
| Rate Type | Rate Type Floating |
Floating |
| Processing Fee | Processing Fee Max ₹ 1,000 |
0.25% of loan amount |
| Lowest EMI per ₹ 1 lakh | Lowest EMI per ₹ 1 lakh ₹ 14,640 |
₹ 14,647 |
| Maximum LTV for New Car | Maximum LTV for New Car 85% of on-road price |
85% of on-road price |
| Maximum LTV for Used Car | Maximum LTV for Used Car 50 % of market value |
70 % 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 |
Nil |
| Minimum Age | Minimum Age 18 Years |
18 Years |
| Maximum Age | Maximum Age 65 Years |
65 Years |
| Minimum Income | Minimum Income |
₹ 1.50 lakh |
| Customer Ratings | Customer Ratings |
|
Compare EMI of Union Bank of India and OBC 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 OBC at 7.55% for 7 years.
| Loan Amount | Union Bank of India | OBC |
|---|---|---|
| ₹ 1 Lakh | ₹ 14,640 | ₹ 14,647 |
| ₹ 3 Lakh | ₹ 43,921 | ₹ 43,942 |
| ₹ 5 Lakh | ₹ 73,201 | ₹ 73,237 |
| ₹ 10 Lakh | ₹ 1,46,403 | ₹ 1,46,475 |
Which Bank is better for Car Loan – Union Bank of India or OBC?
Union Bank of India offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to OBC and with a minimum EMI of ₹ 14,647 for 7 years. Average customer ratings for Union Bank of India is currently at which makes it a good choice for taking a Vehicle Loan.
How does Union Bank of India Car Loan compare with OBC Car Loan?
It is important to do a detailed comparison of Union Bank of India and OBC 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:
Which bank offers a lower interest rate on Car Loan - Union Bank of India or OBC?
As per the current rates, Union Bank of India offers a lower interest rate of 7.40% on Car Loan when compared to OBC which offers a Car Loan at 7.55%.
What is the maximum LTV offered on a Car Loan amongst Union Bank of India or OBC?
The maximum LTV offered on a car loan is similar for OBC and Union Bank of India at 85 of on-road price.
Know all about Car Loan
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Our News - Jun 2021
- 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. - 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion. - 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore. - 2021-06-01 : Dhanlaxmi Bank posts ₹5.28 crore net profit in Q4
Dhanlaxmi Bank reported a net profit of Rs 5.28 crore in the fourth quarter of FY2020-21, boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The bank had posted a net profit of Rs 2.60 crore in the year-ago same quarter.
*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.
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