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Compare Car Loan - PNB vs Axis Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.55% - 7.80%
8.65% - 10.90%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
8.55% - 8.80%
N.A
Rate Type
Rate Type
Floating
Fixed
Processing Fee
Processing Fee
Nil
Min ₹ 3,500, Max ₹ 5,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,647
₹ 14,701
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
N.A
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
5% of outstanding principal
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 2.40 lakh
₹ 3.50 lakh
Customer Ratings
Customer Ratings
4.2/5.0
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Compare EMI of PNB and Axis Bank Car Loan

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 8.65% for 7 years.

Loan Amount PNB Axis Bank
₹ 1 Lakh ₹ 14,647 ₹ 14,701
₹ 3 Lakh ₹ 43,942 ₹ 44,102
₹ 5 Lakh ₹ 73,237 ₹ 73,503
₹ 10 Lakh ₹ 1,46,475 ₹ 1,47,006

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 ₹ 14,701 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 8.65%. 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 8.55%. However, Axis Bank does not offer any loan on used cars.
  • Axis Bank has a maximum processing fee of ₹ 5,500 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 8.65%.

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

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Know More About Axis Bank Car Loan

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Our News - Jun 2021
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
*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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