The table below shows a comparative study of the interest rates, loan amount, loan tenure, and processing fee of the four loan schemes offered by the bank.
|Car Loan Type||Interest Rate||Loan Amount||Loan tenure||Processing Fee|
|Axis Bank New Car Loan||9.15% to 11.50% p.a.||Rs.1 lakh to 100% of the on-road price of the car||12 months to 96 months||Rs.3,500 to Rs.5,500|
|Axis Bank Pre-Owned Car Loan||14.90% to 17% p.a.||Rs.1 lakh to 85% of the car’s value||12 months to 60 months||Rs.6,000 or 1% of the borrowed loan amount|
|Axis Bank Loan against Car||14.90% to 17% p.a.||Minimum Rs.1 lakh to 50% of the original value of the car||12 months to 60 months||Rs.6,000 or 1% of the borrowed loan amount|
|Axis Bank Balance Transfer and Top Up Car Loan||14.90% to 17% p.a.||Rs.1 lakh to 150% of the original loan amount||12 months to 60 months||1% of the loan amount|
The interest rate for the New Car Loan ranges from 9.25% to 11.5% p.a. and is comparatively lower than that of the other car loan schemes offered by Axis Bank. The interest range for Pre-owned Car Loan, Loan against Car, and Balance Transfer and Top-Up Car Loan is from 14.90% to 17% p.a.
The interest rate offered to you by Axis Bank depends on many factors, some of which are mentioned below:
Any new customer who fulfils the eligibility criteria laid down by the bank can apply for any of the car loan schemes offered by Axis Bank. The bank also offers pre-approved loans to existing customers with excellent interest rates, minimal documentation, and faster processing. Usually, pre-approved loans are offered to existing auto loan customers of the bank.
A few documents that you may have to submit to avail a car loan from Axis Bank are as follows:
Further, after your loan is sanctioned and disbursed, you may have to submit the following documents:
The EMI payable by the borrower is determined by several factors, some of which are mentioned below:
Yes, you can make a part-prepayment towards your car loan.
A few channels through which you can apply for a car loan from Axis Bank are as follows:
It is easy to apply for a car loan online since you can complete the application process from anywhere and at any time. The process is also completely secure, and your details will not be shared with other parties.
The maximum loan amount you can get from Axis Bank to buy a car will depend on your eligibility criteria. The bank will also take into consideration the finance requirements, your income, and repayment capacity.
Yes, you are allowed to pre-close your car loan. You can submit a request for preclosure at any Axis Bank loan centre.
The loan application form will be available at all branches of the lender. If you wish to apply for a car loan online, you will need to fill up and submit the online application form.
After you have submitted your loan application and required documents, Axis Bank follows the procedure below.
Axis Bank processes car loan applications in a timely manner, provided that you have submitted all the required documents. If the application form is incomplete or the documents needed for a proper appraisal have not been submitted by the customer, the lender may take longer to process your loan.
In the case of Axis Bank Auto Loans, the car will serve as security. You need to hypothecate the vehicle to the bank for the period of the loan. No other collateral is needed.
Since a car loan is a secured loan, your credit score might not be required. However, credit scores help get your loan approved and fetch you a good interest rate.
Yes, you are allowed to make a cancellation on your loan application. However, the bank may levy a penalty for the same.
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