Compare Axis Bank vs Union Bank of India Car Loan
| Bank | ||
|---|---|---|
| Interest Rate for New Car Loan | Interest Rate for New Car Loan 8.20% - 11.40% |
7.80% - 8.90% |
| Interest Rate for Used Car Loan | Interest Rate for Used Car Loan N.A |
11.30% - 11.40% |
| Rate Type | Rate Type Fixed |
Floating |
| Processing Fee | Processing Fee Min ₹ 3,500, Max ₹ 7,000 |
Max ₹ 1,000 |
| Lowest EMI per ₹ 1 lakh | Lowest EMI per ₹ 1 lakh ₹ 14,679 |
₹ 14,660 |
| 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 |
50 % of market value |
| Maximum Tenure | Maximum Tenure 7 Years |
7 Years |
| Prepayment Charges | Prepayment Charges 5% of outstanding principal |
Nil from own sources; 2% in case of loan takeover |
| Minimum Age | Minimum Age 21 Years |
18 Years |
| Maximum Age | Maximum Age 60 Years |
65 Years |
| Minimum Income | Minimum Income ₹ 3.50 lakh |
|
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) 4.2/5.0 |
4.2/5.0 |
Compare Car Loan EMI of Axis Bank and Union Bank of India
Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Union Bank of India at 7.80% for 7 years and Axis Bank at 8.20% for 7 years.
| Loan Amount | Axis Bank | Union Bank of India |
|---|---|---|
| ₹ 1 Lakh | ₹ 14,679 | ₹ 14,660 |
| ₹ 3 Lakh | ₹ 44,037 | ₹ 43,979 |
| ₹ 5 Lakh | ₹ 73,394 | ₹ 73,298 |
| ₹ 10 Lakh | ₹ 1,46,788 | ₹ 1,46,595 |
Which Bank is better for Car Loan – Union Bank of India or Axis Bank?
Union Bank of India offers lower Car Loan EMI at ₹ 14,660 on a Car Loan for 7 years as compared to Axis Bank and with a minimum EMI of ₹ 14,679 for 7 years. Average customer ratings for Union Bank of India is currently at 4.2 which makes it a good choice for taking a Vehicle Loan.
How does Union Bank of India Car Loan compare with Axis Bank Car Loan?
It is important to do a detailed comparison of Union Bank of India 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:
Which bank offers a lower interest rate on Car Loan - Union Bank of India or Axis Bank?
As per the current rates, Union Bank of India offers a lower interest rate of 7.80% on Car Loan when compared to Axis Bank which offers a Car Loan at 8.20%.
What is the maximum LTV offered on a Car Loan amongst Union Bank of India 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, Union Bank of India provides the lower LTV 85% of on-road price.
Know all about Car Loan
Know More About Axis Bank Car Loan
Know More About Union Bank of India Car Loan
Compare Axis Bank Car Loan With Other Banks
Compare Union Bank of India Car Loan With Other Banks
- 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%.
