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ICICI Bank vs Axis Bank New Car Loan
Side-by-side view of the loans you selected. Best values in each row are highlighted in emerald.
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| Attribute | ||
|---|---|---|
Loan type | Car Loan | Car Loan |
Lender type | Bank | Bank |
Interest rate | ★ 8.50% – 12.50% | 9.30% – 12.50% |
Rate type | Floating | Floating |
Prepayment penalty | NIL | NIL |
Late payment fee | 2% per month on overdue EMI | 2% per month on overdue EMI |
EMI per ₹1 lakh (at min rate) | ★ ₹2,052 | ₹2,090 |
Total cost ★ Interest + processing on a standard scenario | ★ ₹1,84,794on ₹8 L / 5y | ₹2,03,404on ₹8 L / 5y |
Max loan amount | ₹1 Cr | ₹1 Cr |
Tenure | 1 – 7 years | 1 – 7 years |
Age range | 23–65 yrs | 21–65 yrs |
Min salary / month Salaried | ₹25,000 | ₹25,000 |
Min income / year Self-employed | ₹3,00,000 | ₹3,00,000 |
Min CIBIL score | 700 | 700 |
Employment types | Salaried, Self employed, Professional | Salaried, Self employed, Professional |
Disbursal time | 1–3 working days; pre-approved instant | 2–3 working days |
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