6 June 2019 – RBI reduces repo rate to 5.75% by 25 bps
Axis Bank Car Loan interest rate for new cars begins at 9.05% p.a. and goes up to 11.30%. For Used Car Loans the interest rate begins at 14.8% and goes up to 16.80% 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||9.05% - 11.30%||14.80% - 16.80%|
|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.250||Rs.500|
|Duplicate statement issuance charges per instance||Rs.250||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|
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 9.05% and 16%. 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:
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