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Compare Car Loan - United Bank of India vs IDBI Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.60% - 8.85%
7.50% - 8.10%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
N.A
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
Nil
Min ₹ 2,500, Max ₹ 2,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,698
₹ 14,645
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
90% of ex-showroom price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
N.A
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
No prepayment allowed for 6 months; 1% foreclosure
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
70 Years
70 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
₹ 1.50 lakh
Customer Ratings
Customer Ratings
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Compare EMI of United Bank of India and IDBI Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by IDBI Bank at 7.50% for 7 years and United Bank of India at 8.60% for 7 years.

Loan Amount United Bank of India IDBI Bank
₹ 1 Lakh ₹ 14,698 ₹ 14,645
₹ 3 Lakh ₹ 44,094 ₹ 43,935
₹ 5 Lakh ₹ 73,491 ₹ 73,225
₹ 10 Lakh ₹ 1,46,982 ₹ 1,46,451

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

IDBI Bank offers lower Car Loan EMI at ₹ 14,645 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 IDBI Bank is currently at which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of IDBI Bank 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 IDBI Bank Car Loan interest rate is 7.50%, which is lower than the lowest interest rate of United Bank of India Car Loan at 8.60%. Thus, IDBI Bank car loan is cheaper in comparison to United Bank of India.
  • IDBI Bank has a maximum processing fee of ₹ 2,500 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.
  • IDBI Bank offers loan of upto 90% of ex-showroom price for a new car loan, whereas, United Bank of India offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, IDBI Bank offers a lower interest rate of 7.50% 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 IDBI Bank or United Bank of India?

Banks provide car loans on ex-showroom price & on-road price. IDBI Bank provides a higher LTV of upto 90% of ex-showroom price. However, United Bank of India provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About United Bank of India Car Loan

Know More About IDBI Bank Car Loan

Compare United Bank of India Car Loan With Other Banks

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    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
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    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.
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    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.
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    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.
*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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