You can opt for either of these:
- Standing Instructions (SI) can be used if you have a savings account, salary account, or current account with Axis Bank. Your EMI will be automatically debited from the account you specify.
- National Automated Clearing House (NACH)/ECS mandate can be used if you do not have an account with Axis Bank and would like your EMIs to be debited automatically at the end of the monthly cycle.
- Post-Dated Cheques for your Car Loan EMI is also an option if you do not hold an account with Axis Bank and for non-ECS locations.
Opting for SI or NACH/ECS mode is preferable as it is faster and less prone to errors than PDCs.In case if you skip your EMI…
Remember, skipping EMIs does not reflect well on your creditworthiness and could impact your credit score. Hence, in the interest of your financial wellbeing, borrow wisely and as far as possible do not skip your
Yet, in case of insufficient balance or any other reason you skip your EMI, the bank will caution you and may charge a late payment penalty. As a result of skipping the EMI, the tenure of the loan would increase
(assuming EMIs remaining the same).
Note that persistent skipping inflicts the risk of default, and in such a case, your car hypothecated to the bank as collateral for the Car Loan, may get seized. Hence, always make it a point to repay the Car Loan
EMI on time.
And in case if you partially prepay the Car Loan…
Part-prepayments of Car Loan is possible but subject to part payment charges.
Likewise, foreclosure of the loan, i.e. paying all the outstanding dues of your Car Loan, is also possible by submitting a foreclosure request to the bank. Foreclosure again is subject to charges.
Apply for an Axis Bank New Car Loan and make your dream of owning a car come true.
Broadly there are three ways you can apply:
- Visiting any Axis Bank Loan centre in person;
- By calling Axis Bank call centre numbers; or
- Applying online
Applying for a Car Loan online is by far the best and comfortable it can be done from anywhere- home, office, café, on-the-go…and can be done any time.
All you got to do is enter your name, e-mail id, mobile number, state, city, captcha code, and accept the disclaimer policy before you click on the ‘Submit’ button. Soon you will receive a call from
one of the Axis Bank representatives, who will explain the details about your car loan.
Live your dream drive in your dream car today!