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Compare OBC vs Axis Bank Car Loan

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Interest Rate for New Car Loan
Interest Rate for New Car Loan
6.65% - 7.50%
7.45% - 14.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
7.75% - 8.50%
Rate Type
Rate Type
Processing Fee
Processing Fee
0.25% of loan amount
Min ₹ 3,500, Max ₹ 7,000
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,604
₹ 14,643
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
100% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
70 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5% of outstanding principal
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 1.50 lakh
₹ 3.50 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of OBC and Axis Bank

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by OBC at 6.65% for 7 years and Axis Bank at 7.45% for 7 years.

Loan Amount OBC Axis Bank
₹ 1 Lakh ₹ 14,604 ₹ 14,643
₹ 3 Lakh ₹ 43,812 ₹ 43,928
₹ 5 Lakh ₹ 73,021 ₹ 73,213
₹ 10 Lakh ₹ 1,46,041 ₹ 1,46,427

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

OBC offers lower Car Loan EMI at ₹ 14,604 on a Car Loan for 7 years as compared to Axis Bank and with a minimum EMI of ₹ 14,643 for 7 years. Average customer ratings for OBC is currently at 4.2 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of OBC 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 OBC Car Loan interest rate is 6.65%, which is lower than the lowest interest rate of Axis Bank Car Loan at 7.45%. Thus, OBC car loan is cheaper in comparison to Axis Bank.
  • If you want to buy a used car, you can opt for OBC as it offers used car loan at a lower interest rate of 7.75%. However, Axis Bank does not offer any loan on used cars.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Axis Bank charges a lower processing fee of N.A vs OBC with a processing fee of 0.25% of loan amount.
  • Axis Bank has a maximum processing fee of ₹ 7,000 compared to OBC with processing fees of ₹ 1,500. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for OBC.
  • Axis Bank offers loan of upto 100% of on-road price for a new car loan, whereas, OBC offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, OBC offers a lower interest rate of 6.65% on Car Loan when compared to Axis Bank which offers a Car Loan at 7.45%.

What is the maximum LTV offered on a Car Loan amongst OBC 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, OBC provides the lower LTV 85% of on-road price.

Know all about Car Loan

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Our News - Jan 2022
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-18 : Bank of Maharashtra Decreases Car Loan Interest Rates
    Bank of Maharashtra has decreased car loan rates for new cars by five basis points, and its lowest rates start at 10.80%.
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
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