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Compare Car Loan - Federal Bank vs Axis Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
8.50% - 8.50%
8.65% - 10.90%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
13.80% - 13.80%
N.A
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
Min ₹ 1,500, Max ₹ 2,500
Min ₹ 3,500, Max ₹ 5,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,693
₹ 14,701
Maximum LTV for New Car
Maximum LTV for New Car
95% of ex-showroom price
100% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
75 % of depreciated value
N.A
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
2%
5% of outstanding principal
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
60 Years
60 Years
Minimum Income
Minimum Income
₹ 0.90 lakh
₹ 3.50 lakh
Customer Ratings
Customer Ratings
4.2/5.0
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Compare EMI of Federal Bank and Axis Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Federal Bank at 8.50% for 7 years and Axis Bank at 8.65% for 7 years.

Loan Amount Federal Bank Axis Bank
₹ 1 Lakh ₹ 14,693 ₹ 14,701
₹ 3 Lakh ₹ 44,080 ₹ 44,102
₹ 5 Lakh ₹ 73,467 ₹ 73,503
₹ 10 Lakh ₹ 1,46,933 ₹ 1,47,006

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

Federal Bank offers lower Car Loan EMI at ₹ 14,693 on a Car Loan for 7 years as compared to Axis Bank and with a minimum EMI of ₹ 14,701 for 7 years. Average customer ratings for Federal Bank is currently at 4.2 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Federal Bank 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 Federal Bank Car Loan interest rate is 8.50%, which is lower than the lowest interest rate of Axis Bank Car Loan at 8.65%. Thus, Federal Bank car loan is cheaper in comparison to Axis Bank.
  • If you want to buy a used car, you can opt for Federal Bank as it offers used car loan at a lower interest rate of 13.80%. However, Axis Bank does not offer any loan on used cars.
  • Axis Bank has a maximum processing fee of ₹ 5,500 compared to Federal Bank with processing fees of ₹ 2,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Federal Bank.
  • Axis Bank offers loan of upto 100% of on-road price for a new car loan, whereas, Federal Bank offers vehicle loan of upto 95% of ex-showroom price.

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

As per the current rates, Federal Bank offers a lower interest rate of 8.50% on Car Loan when compared to Axis Bank which offers a Car Loan at 8.65%.

What is the maximum LTV offered on a Car Loan amongst Federal Bank 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, Federal Bank provides the lower LTV 95% of ex-showroom price.

Know all about Car Loan

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Know More About Axis Bank Car Loan

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*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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