MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Car Loan - Union Bank of India vs Axis Bank

Download Comparison
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.40% - 7.50%
8.65% - 10.90%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
10.40% - 10.50%
Rate Type
Rate Type
Processing Fee
Processing Fee
Max ₹ 1,000
Min ₹ 3,500, Max ₹ 5,500
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,640
₹ 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
50 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil from own sources; 2% in case of loan takeover
5% of outstanding principal
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 3.50 lakh
Customer Ratings
Customer Ratings
Add Bank

Compare EMI of Union Bank of India and Axis Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Union Bank of India at 7.40% for 7 years and Axis Bank at 8.65% for 7 years.

Loan Amount Union Bank of India Axis Bank
₹ 1 Lakh ₹ 14,640 ₹ 14,701
₹ 3 Lakh ₹ 43,921 ₹ 44,102
₹ 5 Lakh ₹ 73,201 ₹ 73,503
₹ 10 Lakh ₹ 1,46,403 ₹ 1,47,006

Which Bank is better for Car Loan – Union Bank of India or Axis Bank?

Union Bank of India offers lower Car Loan EMI at ₹ 14,640 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 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:

  • The lowest Interest rate of Union Bank of India Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of Axis Bank Car Loan at 8.65%. Thus, Union Bank of India car loan is cheaper in comparison to Axis Bank.
  • If you want to buy a used car, you can opt for Union Bank of India as it offers used car loan at a lower interest rate of 10.40%. However, Axis Bank does not offer any loan on used cars.
  • Axis Bank has a maximum processing fee of ₹ 5,500 compared to Union Bank of India with processing fees of ₹ 1,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Union Bank of India.
  • Axis Bank offers loan of upto 100% of on-road price for a new car loan, whereas, Union Bank of India offers vehicle loan of upto 85% of on-road price.

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 7.40% 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 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 Union Bank of India Car Loan

Know More About Axis Bank Car Loan

Compare Union Bank of India Car Loan With Other Banks

Compare Axis Bank Car Loan With Other Banks

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Our News - Jun 2021
  • 2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
  • 2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 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.
*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
Please wait while your information is being processed...