Owning a car, whether new or used, brings freedom and convenience. If you’ve financed your vehicle with a Used Car Loan, keeping track of your loan statement is crucial for effective financial planning. Read on to know more!
Why it’s essential to access your Used Car Loan statement
- Monitor outstanding balance: Stay informed about the remaining loan amount, enabling better financial planning.
- Track payments: Ensure all your payments are correctly recorded, maintaining an accurate payment history.
- Verify Car Loan interest rate charged: Confirm the interest rate applied to your loan, ensuring you are not overcharged.
- Identify any discrepancies: Spot and address any errors or unauthorised transactions promptly, safeguarding your financial health.
How to get your Used Car Loan statement
Online banking portal
1. Log in to your Axis Bank online banking account
2. Navigate to the 'Loans' section
3. Select your Used Car Loan account
4. Choose the option to view or download your loan statement
Mobile banking app
1. Open the Axis Bank mobile app
2. Log in with your credentials
3. Go to the 'Loans' section
4. Select your Used Car Loan account
5. Tap on the option to view or download the statement
Customer service
1. Call Axis Bank’s customer service number
2. Provide the necessary loan details
3. Request your Used Car Loan statement
Visiting the bank branch
1. Go to your nearest Axis Bank branch
2. Provide your loan account details
3. Request a printout of your Used Car Loan statement
Understanding your Used Car Loan statement
Your Used Car Loan statement includes various details that are important for managing your loan:
- Loan account number: This unique identifier helps track your specific loan account, ensuring all transactions are accurately recorded.
- Payment due date: This indicates the date by which your next payment is due, helping you avoid late fees and maintain a good credit score.
- Outstanding balance: This represents the remaining amount you need to repay, enabling you to plan your finances and repayments effectively.
- Car Loan interest rate: This is the interest rate applied to your loan, which is crucial for understanding your total interest cost over the loan tenure.
- EMI breakdown: It provides a detailed division of each Equated Monthly Instalment (EMI) into principal and interest components, offering insights into how much of your payment goes towards reducing the principal versus interest.
- Payment history: This is a comprehensive record of all payments made to date, helping you verify that all transactions are correctly accounted for and identify any discrepancies promptly.
Also Read: Understanding 6 key differences between New Car and Used Car Loans
Wrapping up
Keeping track of your Used Car Loan statement is vital for effective loan management. By regularly reviewing your statement, you can stay on top of your loan, plan better and ensure a smooth loan repayment journey.
Axis Bank offers a comprehensive Used Car Loan with several benefits designed to make your car buying experience seamless and stress-free. With a minimum loan amount of ₹1,00,000, you can ensure you have the necessary funds to purchase a reliable pre-owned car. The bank provides complete transfer support, simplifying the process of transferring ownership and documentation.
With a maximum tenure of 5 years, you have flexible repayment options tailored to your financial situation. Additionally, competitive interest rates ensure affordable EMIs, making your car purchase financially manageable. Partner with Axis Bank for to bring your dream car home!
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.
