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Compare Axis Bank vs PNB Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.85% - 14.50%
7.55% - 9.10%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
N.A
8.65% - 9.60%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
Min ₹ 3,500, Max ₹ 7,000
Nil
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,662
₹ 14,647
Maximum LTV for New Car
Maximum LTV for New Car
100% of on-road price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
N.A
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5% of outstanding principal
Nil
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
60 Years
65 Years
Minimum Income
Minimum Income
₹ 3.50 lakh
₹ 2.40 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.2/5.0
4.2/5.0
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Compare Car Loan EMI of Axis Bank and PNB

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by PNB at 7.55% for 7 years and Axis Bank at 7.85% for 7 years.

Loan Amount Axis Bank PNB
₹ 1 Lakh ₹ 14,662 ₹ 14,647
₹ 3 Lakh ₹ 43,986 ₹ 43,942
₹ 5 Lakh ₹ 73,310 ₹ 73,237
₹ 10 Lakh ₹ 1,46,620 ₹ 1,46,475

Which Bank is better for Car Loan – PNB or Axis Bank?

PNB offers lower Car Loan EMI at ₹ 14,647 on a Car Loan for 7 years as compared to Axis Bank and with a minimum EMI of ₹ 14,662 for 7 years. Average customer ratings for PNB is currently at 4.2 which makes it a good choice for taking a Vehicle Loan.

How does PNB Car Loan compare with Axis Bank Car Loan?

It is important to do a detailed comparison of PNB and Axis Bank Car Loan on all loan terms and conditions to understand their differences in rates and charges and make a better choice amongst the banks. Some of the conclusion drawn on the comparison between banks are:

  • The lowest Interest rate of PNB Car Loan interest rate is 7.55%, which is lower than the lowest interest rate of Axis Bank Car Loan at 7.85%. Thus, PNB car loan is cheaper in comparison to Axis Bank.
  • If you want to buy a used car, you can opt for PNB as it offers used car loan at a lower interest rate of 8.65%. However, Axis Bank does not offer any loan on used cars.
  • Axis Bank has a maximum processing fee of ₹ 7,000 compared to PNB with processing fees of NIL. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for PNB.
  • Axis Bank offers loan of upto 100% of on-road price for a new car loan, whereas, PNB offers vehicle loan of upto 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - PNB or Axis Bank?

As per the current rates, PNB offers a lower interest rate of 7.55% on Car Loan when compared to Axis Bank which offers a Car Loan at 7.85%.

What is the maximum LTV offered on a Car Loan amongst PNB or Axis Bank?

Banks provide car loans on ex-showroom price & on-road price. Axis Bank provides a higher LTV of upto 100% of on-road price. However, PNB provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About Axis Bank Car Loan

Know More About PNB Car Loan

Compare Axis Bank Car Loan With Other Banks

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Our News - Jun 2022
  • 2022-05-30 : Axis Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on car loans by 40 basis points, and as a result, the lowest car loan interest rates start at 7.85% and go up to 14.50%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Union Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.30% to 8.40% for new cars. In addition, the bank offers car loans for old cars starting at 10.80% to upto 10.90%.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Punjab National Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.05% to 9.10% for new cars. In addition, the bank offers car loans for old cars starting at 8.50% to upto 9%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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