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Axis Bank Car Loan interest rate for new cars begins at 8.70% p.a. and goes up to 10.95%. For Used Car Loans the interest rate begins at 14.45% and goes up to 16.45% p.a. The bank will fund 100% of the on-road price of a new car and up to 85% of the cost of a used car.
Features | New Car Loan Scheme | Used Car Loan Scheme |
---|---|---|
Interest Rates | 8.70% - 10.95% | 14.45% - 16.45% |
Processing Fees | Rs.3,500 – Rs.5,500 | 1% of the total loan amount or Rs.6,000, whichever amount is lower |
Loan Amount | 100% of the on-road price of the vehicle | 85% of the valuation amount of the used car |
Reset | No reset | No reset |
Type of Charge | New Car Loan Scheme | Used Car Loan Scheme |
---|---|---|
Cheque bounce charge per instance | Rs.500 | Rs.500 |
Instrument swap charges per instance | Rs.500 | Rs.500 |
Duplicate repayment schedule issuance charges per instance | Rs.500 | Rs.500 |
Duplicate statement issuance charges per instance | Rs.500 | Rs.500 |
NOC/Duplicate No Dues Certificate per instance | Rs.500 | Rs.500 |
Re-booking/Loan cancellation per instance | Rs.2,500 | Rs.2,500 |
Penal Interest per month | 2% | 2% |
Foreclosure charges | 5% of the principal outstanding amount | 5% of the principal outstanding amount |
Stamp duty | At actuals | At actuals |
Part payment charges | 5% of the part payment amount | 5% of the part payment amount |
Issuance of credit report per instance | Rs.50 | Rs.50 |
Registration certification collection charge per instance | Rs.200 | Rs.200 |
Documentation charges per instance | Rs.500 | Rs.500 |
Published On : 2020-09-02
Axis Bank offers high-value car loans to its customers with minimum funding of Rs.1 lakh. The interest rates offered for new and used car loans range between 8.70% and 16.45%. The interest rate that you are eligible for will be dependent on various factors, some of which have been mentioned below:
The applicant applying for a used car loan should be at least 21 years old.
The maximum loan tenure offered by Axis Bank with respect to used car loans is 5 years.
Axis Bank offers fixed loan tenure to car loan applicants, ranging between 12 months and 96 months.
You are not allowed to enter into transaction of any nature without obtaining a ‘No Objection Certificate’ from Axis Bank. This certificate (NOC) can only be obtained after the entire loan amount has been paid off.
This can be accomplished in the below-mentioned ways:
2 Indian vehicle makers Tata Motors and Mahindra & Mahindra (M&M) are challenging the third position of the biggest passenger vehicle manufacturer in India, by the number of vehicles sold. As per the data released by SIAM (Society of Indian Automobile Manufacturers), Tata Motors is just 1,313 units behind M&M during the period April to August this year in the passenger vehicle segment. The top position in the segment has been retained by Maruti Suzuki India (MSI).
During the above-mentioned period, M&M occupied the third place by selling 1,00,015 units while Tata Motor clocked sales of 98,702 units to secure the fourth position. The sales of Tata Motors rode on models such as the hatchback Tiago and the compact SUV Nexon. Last year in the same period, M&M had sold 90,614 units while Tata Motors had recorded sales of 64,131 units.
25 September 2018
The Ministry of Road Transport and Highways has announced that all the battery operated vehicles will now come with green registration plates. The private vehicles will have white fonts while the commercial vehicles will have yellow font with a green background. This move was made by the government to encourage people to make use of electric vehicles. This was done for easy identification of electric vehicles which will give them special privileges in parking, toll and other such benefits. This is a good move to the electric vehicle industry in India which has been stagnating of late due to high cost of the vehicle and the lack of charging infrastructure across the country.
20 August 2018
Hyundai is planning to release its first sub-4m SUV and have now started testing the same. The car is based on the Carlino concept which was showcased at the Auto Expo held in New Delhi two years back. Test mules of the vehicle have been spotted in the US. The SUV that is yet to be named looks almost like the production version of the boxy and square Carlino concept displayed in the 2016 Auto Expo. The car sports a rectangular grille unlike the hexagonal cascade grille being used in the new Hyundai cars. The car has a square fascia that will definitely bode well with the Indian market. While the interiors of the car could not be found out, it could be noticed the car has a floating tablet-like screen from the spy pictures. No confirmation can be given if that is the infotainment system as there is a possibility it could be testing equipment. It is expected that the cabin will be a mix of the Creta and Grand i10. The car is mostly likely to debut in the global markets in 2019 and will be followed by a release in the Indian market.
27 July 2018
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