One of the key products offered by Axis Bank is a car loan. A car loan is a type of secured loan that can be availed to purchase a new or used car. With a car loan from Axis Bank, customers can easily fulfill their dream of owning a car without having to make a lump sum payment.
Axis Bank offers car loans with competitive interest rates and flexible repayment tenures ranging from 1 to 7 years. The bank provides up to 90% of the car's on-road price as a loan, subject to the borrower's credit score and repayment capacity. Axis Bank also offers a hassle-free loan application process with minimal documentation, making it convenient for customers to avail of a car loan.
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Q: What is a car loan?
A: A car loan is a type of secured loan in which a borrower borrows money from a lender to purchase a car. The car serves as collateral for the loan, and the borrower repays the loan amount along with interest in EMIs over a fixed tenure.
Q: What is the maximum loan amount that can be availed for a car loan from Axis Bank?
A: The maximum loan amount that can be availed for a car loan from Axis Bank depends on the borrower's credit score, repayment capacity, and the value of the car being purchased. Generally, lenders offer up to 90% of the car's on-road price as a loan.
Q: What is the loan tenure for a car loan from Axis Bank?
A: The loan tenure for a car loan from Axis Bank can range from 1 year to 7 years, depending on the borrower's repayment capacity and the value of the car being purchased.
Q: What is the interest rate for a car loan from Axis Bank?
A: The interest rate for a car loan from Axis Bank depends on various factors such as the borrower's credit score, repayment capacity, and the value of the car being purchased. Generally, the interest rate for car loans starts from 7.99%.
Q: What are the documents required to apply for a car loan from Axis Bank?
A: The documents required to apply for a car loan from Axis Bank may vary depending on the borrower's employment type and other factors. Generally, you need to submit identity proof, address proof, income proof, bank statements, and other relevant documents related to the car being purchased.
Q: Can I prepay the car loan?
Are there any charges for prepayment? A: Yes, you can prepay the car loan. Axis Bank allows prepayment of the loan without any charges.
Q: Can I take a loan for a used car?
A: Yes, Axis Bank offers loans for used cars as well. However, the loan amount, tenure, and interest rate may vary compared to a new car loan.
Q: Can I negotiate the interest rate for a car loan from Axis Bank?
A: Yes, you can negotiate the interest rate for a car loan from Axis Bank based on your credit score, repayment capacity, and other factors.
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