My experience with Axis BAnk - i10 Sportz Loan

Hi All,

Just want to share my experience with Axis Bank Car Loan.. I booked my i-10 on Wednesday, 12th Aug from Advaith and I was sure in my mind that I will apply loan with SBI Bank Only. but Advaith Finance guys told me to apply with SBT (A SBI group Bank) as SBT is faster than SBI  Rates are same as SBI Since I want my Car before 24th Aug Aug I trusted him and said ok for SBT.

On Friday , 14th Aug, I went to Advaith Hyuandai with all my documents  to apply loan with SBT, Advaith guy had to accompany me to the bank,  and then advaith guy casually told me that I can also think of applying loan with Axis Bank he assured me best of the Interest rates, faster approval and disbursment. I did my maths and found Axis bank loan rates working out at par with SBI. I said ok to him with an apprehension in my mind. I filled form gave all the documents I did not go to bank even once.

on 14th Aug itself all verifications were completed by Axis bank except my office verifictaion which got completed on 17th Aug the Monday. I was happy with the speed of the process, 

On Tuesday 18th Aug I was informed by Advaith finance guy that Axis bank has approved my loan and I need to sign agreement and give PDCs, I went to Advaith Hyuandi on Wednesday 19th Aug Morning and Axis bank guy was also available there, I completed the formalities and also paid my Down payment.

Today on Thursdau, 20th Aug I have got confirmation from Dealer that they have received the loan disbursment from Axis Bank. without me going to bank even once. and I am again assured by  the dealer, that registration will be completed Tomorrow and I am all set to get Car on Sunday the 23rd.

All in All I am very happy with the services of Axis Bank and Advaith Hyuandai. No followups no visiting Banks and it all happened so smoothly.

Axis Bank interest rate which I could get is 9.25% fixed for 3 years NO PROCESSING FEES. I took Loan of Rs. 2,50,000/- and EMI is Rs.7918.

i am also planning to buy an i 10 sportz before eid which is next month,

what are the document requried for axis bank.

Axis bank is really doing good compared to other banks in terms of interest rates. All you have to do is to bargain on interest.

I submitted following :

1.- Address proof - Rental agreement / Company HR letter / Telephone bill

2. - 2 years Form 16

3. - PAN card

4. - 6 months bank  account statement where your salary is credited.

5. - 6 photos.

if you are not salaried, the documentation may be vary 

Can you let me know at what price did you get the car(both ex-showroom and on road) and did the dealer provide any accessories with the car as an offer.

This is because i am planning to buy i10 Magna and a am confused to go for Axis bank or SBI. But the dealer that i spoke to was telling me that axis is giving loan at 10.5%

Is the difference in rate because you are at bangalore and i am at Hyd or depends on the Dealer.

@ Vikas,

Thanks for sharing your experience.

I took delivery of my i20 from Advaith motors on 14th Aug. However before this I really struggled with SBI for loan. I got the loan approved but when I was about to get loan disbursement, SBI guys went on strike and I was in danger of loosing auspicious day for taking delivery of my i20. Then Mr. Pravin of Advaith motors suggested me to go for Axis bank. To my surprise, Axis bank approved the loan in less than 48 hours and disbursement happened on 3^rd day. (The day SBI strike was supposed to be over). I am also quite happy and hugely surprised with Axis bank service. Axis bank terms and condition like advance EMI, pre-closure charges etc are not as good as SBI but this can be ignored for customer service they provide.

In fact I had questioned Advaith finance, why they do not recommend Axis back for first instance? May be, they want everyone to go through painful process of applying loan through SBI –

@pankaj Agarwal,

10.5% rate seems too high, I dont think difference will be so high between bangalore and Hyd. You may want to bargain with Axis Bank and see if they offer good rates. and if they dont reduce rates go for SBI.

i-10 sportz Ex-showroom - 4.98 lakh

Cash discount - 20K

I got below accessories free:

remote locking, mud flap, mats,car cover, sunfilm, freshner. Teflon coating.

@Sujit,  youare right that Axis bank do charge on Preclosure whereas SBI you can Preclose loan without any penalty after half term but I am NOT too worried about the preclosure clause of Axis bank, as when I will have movey to prepay, I will prepay my housing loan which is @ higer rate and have no preclosure penalty,, I worked out this aspect when I did maths and finalized Axis Bank

Regards,

Vikas Agarwal

Hi

Thanks will have a look at axis for loan

i have also approach axisbank as they are giving me 3.84l @9.6% fixed rate for 5 years on i 10 sportz

Any idea on part payment clause (Can we pay in between some amount to reduce th tenure) ?

I think the preclosure of total car loan they are charging is 5% on principal oustanding.