5 MinsDecember 20, 2019
Are you looking to upgrade from your first hatchback to a sedan? Or are you looking to replace your family sedan with an SUV? Maybe you are eyeing a high-end or premium car, but feel constrained by your budget. The solution in all these cases
is Axis Bank’s Smart Buyback Car Loan, which allows a seamless and convenient way to own your dream car with a host of benefits. Let us see how.
Axis Bank has partnered with CarDekho to offer Smart Buyback car loan. The loan has an in-built option of a buyback scheme for the car and also offers up to 40% lower Equated Monthly Instalments.
This will not only ease the strain on your monthly budget but also allow you to upgrade to a premium car.
How it works
Smart Buyback Car Loan has a balloon or structured EMI Scheme where all EMIs are the same except the last EMI which can be anywhere from 45-67% of the loan amount. The buyback value is calculated based on the car model, tenure and mileage chosen
by the customer. It is mentioned upfront at the time of availing the loan and is guaranteed by Car Dekho in partnership with Axis Bank. The customer will be given a loan of 100% ex-showroom value. At the end of the tenure, the customer can
choose to return, retain or upgrade their vehicle as per the conditions of the sale.
Smart Buyback Car Loan offers the customer 100% ex-showroom funding of the vehicles with two tenure options: 3 years and 4 years. Under these tenure options, there are mileage options to choose from, which determine the Buyback Value guaranteed
to the customer. The model of the car also determines the Buyback Value to some extent.
Let us understand this with an example. Ayush wishes to purchase a Hyundai Creta priced at Rs 9, 99,990 ex-showroom. He avails a car loan for three years and the mileage option of 30,000 km. If Ayush were to opt for the Smart Buyback Car Loan
his EMI would be approximately Rs 19,000 along with a buyback guaranteed upfront, as compared to a traditionally financed loan where he would have to pay an EMI of Rs 32,000.
The customer can get a two-fold benefit, saving costs if buying the same car at approximately 40% lower EMI or upgrade to the next segment by paying the same EMI same as pre-empted.
[Also Read: Car Loan at Best Interest Rates]
For instance, using a traditional car loan Ayush would have been able to purchase a Hyundai i10, which is a hatchback, for an EMI of Rs 19,000. But by opting for a Smart Buyback Car Loan, he can purchase a Hyundai Creta, which is a premium sedan,
for an EMI of Rs 19,000. This is because of the Smart Buyback Car Loan. At the end of the tenure, he can choose to either retain the car by paying the loan outstanding; return the car to CarDekho and waive the last EMI or upgrade to a better
car by taking another loan once the current loan is closed.
Features of Smart Buyback Car Loan
• LTV 100% ex-showroom value
• Minimum loan amount is Rs. 1 lakh
• Up to 40% lower EMI as compared to traditional car loan
Benefits of Smart Buyback Car Loan
1. Upgrade to your dream car with up to 40% lower EMI
2. Assured buyback value with up to 67% return committed upfront at the time of availing the loan *
3. End of tenure option: Choose to upgrade, retain or return* your vehicle
4. Easily calculate Car Loan value with the EMI and buyback value against a traditional loan
*Buyback guaranteed by CarDekho LoEMI
The Smart Buyback Car Loan has been launched for a wide range of car models of petrol and diesel varieties. Currently, it is available in Delhi & NCR Region and will be extended to other metro cities soon. Click here to apply now.
It is a good option for:
• Salaried/ Self-Employed individuals
• A smart buyer who is not willing to park a lump sum amount or bear the burden of a big loan
• Systematically achieving your life goals as planned
For more information or to apply call on 1800 419 7878.
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. Prices mentioned are indicative