Buy your dream vehicle this festival season and enjoy lower fees

3 MinsOct 19, 2020

There can be several reasons for owning a vehicle. Whether it be daily office commute, a long weekend drive or an impromptu family trip to a nearby holiday destination, taking that trip is much easier in your own vehicle.

If you are looking to buy your set of dream wheels, do it this festival season. With lenders offering good deals by way of lower fees and faster processing, now is a great time to avail a loan to buy your car or two-wheeler.

quick checklist

Whether you want an entry-level hatchback or you want to upgrade to a sedan, whether your choice is an SUV to take on long drives or a luxury car with premium fittings, Axis Bank offers Auto loans that can be availed fast and at competitive rates. Similarly, if you want a scooter for daily city travel or if you are eyeing a superbike, you can get a good deal with Axis Bank’s two-wheeler loans. Axis Bank’s large network of dealers also means you can scout for good offers on the vehicle of your choice.

Checklist when buying your vehicle:

  • Decide the budget, based on what you can afford to pay. With so many manufacturers offering discounts, it is difficult to miss out an offer or two. Contact your Axis Bank Car Loan Relationship manager to help you choose the best suited vehicle in your budget while you maximize on your savings.

    [Also Read: How you can get the best out of your car loan]

  • Decide if you want to fund the car from your pocket or you want to avail of an auto loan. Axis Bank offers up to 100% on-road funding, which makes it easy to afford the car of your choice. If opting for a loan, ensure that the repayment does not exceed 15% of your income and that you are regular with the repayments.
  • When applying for a loan, check not only the car loan interest rate, but also additional charges such as processing fees. Also check whether it is possible to apply online, how much time it will take for processing your loan application, and so on. For instance, Axis Bank is offering 50% off on processing fees on auto loans, for existing customers till November 30, 2020. For two-wheeler loans, the processing fee is Rs 1500 plus 2% of the loan amount. Take advantage of the lower charges and buy your vehicle in time for Diwali.
  • If a new car is out of your budget, you could consider a pre-owned car. Make sure you buy from a reputed dealer who will certify the car is in good condition. Otherwise, you may end up shelling out more money on repairs. 
  • While buying the car, whether it is new or pre-owned, don’t forget to buy motor insurance. You can buy motor insurance online too, with minimum paperwork and documentation. Axis Bank offers motor insurance in tie-up with leading players such as Bharti Axa General Insurance and Tata AIG General Insurance. A comprehensive motor insurance policy has many benefits. It will pay for any third-party damage in case of an accident, as well as for damage to your vehicle in case of an accident, natural calamity or theft. It will also pay for your hospitalisation charges in case of an accident.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.