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Axis Bank Car Loan Interest Rate

Axis Bank Car Loan Interest Rate Apr 2021

Last Updated 07th Apr 2021

Axis Bank New Car Loan interest rate starts from 8.70% . These are Fixed rate loans and are one of the best car loan rates in India. Rate of interest vary by borrower occupation, loan amount and loan tenure.

Features New Car Loan Used Car Loan
Loan Tenure Upto 7 years Not Available
Lowest EMI ₹ 1,594 per lakh ₹ 0 per lakh
Loan Amount Upto 100% of on-road price Not Available
Prepayment Charges 5% of outstanding principal Not Available

High eligibility of up to 100% of the on-road price on select models

Apply for Car Loan @ 8.70%* Get Call from Banker

Axis Bank Car Loan

Axis Bank gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from Axis Bank are:

  • High eligibility of up to 100% of the on-road price on select models
  • Special Offers for Axis Salary Account Holders, priority banking and wealth banking
  • Earn Axis eDGE rewards for completing transactions

Axis Bank Car Loan Interest Rate

Axis Bank Car Loan interest rate depends upon following factors -

  • Loan amount: Generally banks offer lower interest rates for higher amount. Axis Bank offers 100% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Car Loan interest rate Axis Bank 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 vehicle loan. So, higher company category leads to low Axis Bank car loan rate.
  • 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 past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: Axis Bank vehicle 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

The following table depicts the various eligibility criteria for availing a vehicle loan.

Eligibility Criteria Eligibility Details
Age 26 years - 70 years
Minimum Annual Income Salaried: ₹ 3.50 Lakhs
Self Employed Professionals: ₹ 3.50 Lakhs
Self Employed Businessmen: ₹ 3.50 Lakhs
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 100% of on-road price

Car loan eligibility 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 auto 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 ₹ 3.50 .

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from Axis Bank. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers best Axis Bank car loan interest 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 vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: Axis Bank auto loan amount depends upon your income. Axis Bank gives 100% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service and check your Axis Bank car loan status online and avial multiple benefits.

Axis Bank Car Loan Calculator

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 ₹ 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.
Axis Bank EMI Car Loan Calculator
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and vehicle loan tenure here and check the EMI amount using the vehicle loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your vehicle loan agent.

Illustration

You can calculate the monthly payment (EMI) yourself using the following equation

E= P. r. (1+r)n/[(1+r) n -1]

Where,

  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for ₹ 7,00,000 to be paid back over 5 years at an interest rate of 8.70%. Your monthly payments for this loan after applying the above formula would be ₹ 14,429 for 5 years.

Axis Bank Auto Loan Fee and Charges

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 vehicle loan after paying 1 EMI with prepayment 5% of outstanding principal.

Processing Fee - Axis Bank asks for a processing fee of Min. ₹ 3,500 and Max. ₹ 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
  • You can avail additional top-up car loan from Axis Bank, subject to your eligibility

Documents required for Axis Bank Car Loan

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car

Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, 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 pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

FAQs

What is car loan interest rate offered by Axis Bank ?

As per current interest rates, Axis Bank car loan interest rates are in the range of 8.70%to 10.95%.

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

Lowest EMI per lakh is ₹ 1,282 for Axis Bank for a loan availed at an interest rate of 8.70% and for a tenure of 7 years.

What is the maximum tenure of Axis Bank car loan?

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

How much processing fee is charged by Axis Bank on car loan?

Axis Bank charges a processing fee of Min.₹ 3,500 and Max. ₹ 5,500 with applicable service tax.

How much car loan I can borrow from Axis Bank?

Axis Bank offers you 100% of on-road price of 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 car loan from Axis Bank with prepayment 5% of outstanding principal.

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 higher loan amount.


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
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