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Compare United Bank of India vs Bank of India Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.60% - 8.85%
6.85% - 8.95%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
7.25% - 8.95%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
Nil
Min ₹ 1,000, Max ₹ 5,000
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,698
₹ 14,614
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
N.A
70 % of market value
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
70 Years
65 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of United Bank of India and Bank of India

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of India at 6.85% for 7 years and United Bank of India at 8.60% for 7 years.

Loan Amount United Bank of India Bank of India
₹ 1 Lakh ₹ 14,698 ₹ 14,614
₹ 3 Lakh ₹ 44,094 ₹ 43,841
₹ 5 Lakh ₹ 73,491 ₹ 73,069
₹ 10 Lakh ₹ 1,46,982 ₹ 1,46,138

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

Bank of India offers lower Car Loan EMI at ₹ 14,614 on a Car Loan for 7 years as compared to United Bank of India and with a minimum EMI of ₹ 14,698 for 7 years. Average customer ratings for Bank of India is currently at which makes it a good choice for taking a Vehicle Loan.

How does Bank of India Car Loan compare with United Bank of India Car Loan?

It is important to do a detailed comparison of Bank of India and United Bank of India 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 India Car Loan interest rate is 6.85%, which is lower than the lowest interest rate of United Bank of India Car Loan at 8.60%. Thus, Bank of India car loan is cheaper in comparison to United Bank of India.
  • If you want to buy a used car, you can opt for Bank of India as it offers used car loan at a lower interest rate of 7.25%. However, United Bank of India does not offer any loan on used cars.
  • Bank of India has a maximum processing fee of ₹ 5,000 compared to United Bank of India with processing fees of NIL. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for United Bank of India.
  • The maximum LTV offered on a car loan is similar for Bank of India and United Bank of India at 85% of on-road price.

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

As per the current rates, Bank of India offers a lower interest rate of 6.85% on Car Loan when compared to United Bank of India which offers a Car Loan at 8.60%.

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

The maximum LTV offered on a car loan is similar for Bank of India and United Bank of India at 85 of on-road price.

Know all about Car Loan

Know More About United Bank of India Car Loan

Know More About Bank of India Car Loan

Compare United Bank of India Car Loan With Other Banks

Compare Bank of India Car Loan With Other Banks

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Our News - May 2022
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Union Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.30% to 8.40% for new cars. In addition, the bank offers car loans for old cars starting at 10.80% to upto 10.90%.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Punjab National Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.05% to 9.10% for new cars. In addition, the bank offers car loans for old cars starting at 8.50% to upto 9%.
  • 2022-05-10 : Federal Bank Revises Car Loan Interest Rates
    Federal Bank has increased interest rates on new car loans. After the revision, the car loan rates increased from 8.50% to 8.90%. The bank has also revised second-hand car loan rates to 14.20%.
*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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