MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Menu

Axis Bank Car Loan

Axis Bank Auto Loan

Last Updated 07th Apr 2021

Features and Eligibility Axis Bank New Car Loan Scheme
Rate of Interest 8.70% Fixed
Loan Amount Eligibility 100% of on-road price
Lowest EMI per Lakh ₹ 1,594
Apply for Car Loan @ 8.70%*

Axis Bank Car Loan

Factors Affecting Axis Bank Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Axis Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Axis Bank offers 100% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Axis Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Axis Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - Axis Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low Axis Bank Car loan interest rate.
  • Loan Tenure - Axis Bank car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, Axis Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Axis Bank Car Loan Eligibility

Eligibility of car loan in Axis Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Axis Bank offers car loan to those who are atleast 26 years old at the time of loan approval and maximum 70 years at the time of loan maturity.
  • Income: Axis Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Axis Bank asks for net annual income of minimum Rs. 3.50 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Axis Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Axis Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Axis Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: Axis Bank gives you a car loan depending upon your income. Axis Bank gives you 100% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase Axis Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Axis Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Axis Bank Car Loan EMI

Car Loan EMI of Axis Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Axis Bank is Rs. 1,594 per lakh loan amount at lowest car loan interest rate of 8.70%. Car Loan EMI of Axis Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Axis Bank Car Loan

Car loan Axis Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Axis Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Axis Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Axis Bank allows prepayment of car loan after paying 1 EMI’s with 5% of outstanding principal
  • Processing Fee - Axis Bank asks for a processing fee Min. Rs. 3,500 and Max. Rs. 5,500 with applicable service tax

Axis Bank Car Loan Top up, Balance Transfer

  • Axis Bank offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Axis Bank
  • You can avail additional top-up car loan from Axis Bank, subject to your eligibility

FAQs

How much interest is charged by Axis Bank on car loan?

Axis Bank car loan interest rates today are 8.70% to 10.95%.

What is the lowest EMI per lakh on Axis Bank car loan?

If you apply for a car loan from Axis Bank, your lowest EMI per lakh will be Rs. 1593.72.

What is the maximum tenure of Axis Bank car loan?

You can repay your car loan from Axis Bank in a flexible period of 7 years.

How much car loan can I borrow from Axis Bank?

Axis Bank offers you 100% of on-road price of the car as loan.

Is age an eligibility factor to get car loan from Axis Bank?

Yes, age is an important eligibility factor to get Axis Bank car loan as you should be at least 26 years old at loan approval time and 70 years old at loan maturity time.

Are there any prepayment charges on Axis Bank car loan?

You can take a car loan from Axis Bank with 5% of outstanding principal prepayment charges.

Can I add my spouse's income while applying for car loan from Axis Bank ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of Axis Bank with other banks

Axis Bank Car Loan in India

Axis Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0522-2230857
Ahmedabad 079-26563232
Ambala 0172-2620489
Anand 079-26563232
Aurangabad Bihar 022-25260501
Bangalore 080-25317830
Bhilai 1800-209-5577
Bhilwara 1800-209-5577
Bhiwadi 022-25260501
Bhopal 0755-2579009
Bhubaneswar Cuttack 0674-2572955
Bikaner 1800-209-5577
Chandigarh 0172-2620489
Chennai 044-28123888
Cochin 1800-209-5577
Coimbatore 044-28123888
Dehradun 1800-209-5577
Delhi 011-23736555
Durg 1800-209-5577
Faridabad 0124-2309447
Gandhinagar 079-26563232
Ghaziabad 0522-2230857
Goa 022-25260501
Greater Noida 011-23736555
Gurgaon 0124-2309447
Guwahati 0361-2341818
Gwalior 0755-2579009
Hyderabad 040-23418888
Indore 0755-2579009
Jabalpur 0755-2579009
Jaipur 0141-2228866
Jalandhar 0172-2620489
Jodhpur 1800-209-5577
Kanpur 0522-2230857
Karnal 0124-2309447
Kolhapur 022-25260501
Kolkata 033-22839971
Kota 1800-209-5577
Kozhikode 0471-2558588
Lucknow 0522-2230857
Ludhiana 0172-2620489
Madurai 044-28123888
Meerut 0522-2230857
Mehsana 079-26563232
Mohali Sas Nagar 0172-2620489
Mumbai 022-25260501
Mussoorie 1800-209-5577
Nagpur 022-25260501
Nashik 1800-209-5577
Noida 011-23736555
Noida Extn 011-23736555
Panipat 0124-2309447
Patna 0612-2205810
Pondicherry 1800-209-5577
Pune 022-25260501
Raipur 1800-209-5577
Rajkot 079-26563232
Ranchi 1800-209-5577
Rohtak 0124-2309447
Roorkee 1800-209-5577
Salem 044-28123888
Shimla 0177-2627711
Sonipat 0124-2309447
Surat 079-26563232
Trichy 044-28123888
Udaipur 1800-209-5577
Vadodara 079-26563232
Varanasi 0522-2230857
Vijaywada 1800-209-5577
Vizag 1800-209-5577

Axis Bank Car Loan Reviews 4.2/5  by 3 customers
MyLoanCare Service
4/5.0
Banks Service
4.3/5.0
Shiv Machaiah, Bangalore
Reviewed on 16th Mar 2018
5 / 5 stars
Axis Bank Car Loan Availed in Jan 2017

My Loan Care person was quite helpful and gave information in detail. Read more...

Khushbu Gupta, Kota
Reviewed on 12th May 2017
4.5 / 5 stars
Axis Bank Car Loan Availed in Apr-18

I have an ongoing loan with Axis which is running absolutely fine.Read more...

Mayur Chabbra, Agra
3 / 5 stars
Axis Bank Car Loan Availed in Jul-17

No pre closure option, otherwise good service.Read more...

Axis Bank Car Loan News - Apr 2021
  • 2021-03-05 : Axis Bank launches WhatsApp banking
    Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
  • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
    Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
  • 2020-10-23 : Axis Bank announced festive benefits
    Axis Bank announced Dil se Open Celebrations that will offer deals and discounts on more than 1 lakh branded products on purchase through Axis Bank credit and debit cards. Further, the bank is also offering some key benefits to customers who are in need of a loan, offering home loans starting at 6.90% as well as car loans at 7.99% and up to 100% road funding.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...