Getting a personal loan against your assets is a very common practice. One of the securities you can use is your vehicle. … Most lenders offer loan up to 70-85% of the determined value of the car. Once the loan application is approved, the lender will own your car and you cannot sell it before the loan is repaid.
Beside above, can I finance a 10 year old car?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car. But, banks are far from the last option when it comes to auto lending.
Moreover, can I prepay my auto loan?
Most lenders allow their borrowers to pay ahead and complete their loans early. If you recently got a windfall of cash, such as a tax refund, stimulus check, or bonus, and you’d like to pay ahead on your car loan, it wouldn’t hurt to look over your auto loan contract to make sure you won’t suffer prepayment penalties.
Can we do prepayment of car loan?
Prepayment in car loan
If you come into sudden inflow of cash, you can make partial or full prepayment of your car loan before the end of its tenure. Banks charge a prepayment fee for prepaying the car loan before its tenure. The prepayment fee is a small percentage of the outstanding principal amount of the car loan.
Can you finance a used car for 7 years?
There’s no right or wrong length to finance a used car. The loan term that’s right for you can be as short as 24 months or as long as 84 months – it all comes down to your current financial situation and future plans for the vehicle.
How can I check my Axis Bank car loan?
How do I keep track of my Axis Bank Car Loan?
- By calling our Call Centre. To find the toll-free number click here.
- Write to us at online : www.axisbank.com/support.
- In person at any Axis Bank Loan Centre. To find the one closest to you, please click here.
How much car loan can I get on 40000 salary?
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.
How much interest is a car loan?
Compare Best Car Loan Interest Rates in India for 2021
| Bank Name | Car Loan Interest Rates |
|---|---|
| Axis Bank Car Loan | 7.45% p.a. onwards |
| Federal Bank Car Loan | 8.50% p.a. onwards |
| SBI Car Loan | 7.20% p.a. onwards |
| ICICI Bank Car Loan | 7.90% p.a. onwards |
How much loan can I get on 40000 salary?
Multiplier Method
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
What is foreclosure charges for car loan at Axis Bank?
Axis Bank’s New Car Loan offers a loan amount up to 100% of the on-road price of the car.
| Sr. no | Type | Charges |
|---|---|---|
| 6 | Penal Interest | 2% per month |
| 7 | Loan Cancellation / Re-booking | Rs. 550/- per case |
| 8 | Foreclosure/Part Payment Closure | 5% of the Principal Outstanding |
| 9 | Stamp Duty | At actuals |
What is minimum salary for car loan?
| Salaried Applicants | |
|---|---|
| Minimum Age | 21 years at the time of loan application |
| Maximum Age | 60 years when the loan tenure ends |
| Job Stability | Should have worked continuously for 2 years and at least 1 year with the current employer |
| Minimum Annual Income | Rs.3 lakh |
What is pre approved car loan in Axis Bank?
If you have an existing car loan with Axis Bank, you may have a pre-qualified offer for 24×7 Car Loan Top Up, which can be availed without visiting the bank branch. Use it to furbish your vehicle and transform it into your dream car or for any other requirement that you may have.
Which bank provides loan for second hand car?
Top Lenders Offering Pre-Owned Car Loans
| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| ICICI Bank | 12.00% – 14.50% | 5 years |
| State Bank of India | 9.75% – 13.25% | 5 years |
| Tata Capital | Starts from 15% | 5 years |
| HDFC Bank | 13.75% – 16.00% (Rack Interest) | 7 years |