Axis Bank Car Loan Key Features – Dec 22 2024
| Axis Bank Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to 90% of On Road Price or 100% of Ex-showroom Price |
| Loan Tenure | 1 year to 7 years |
| Lowest EMI / Lac | ₹ 1,526 |
| Minimum Net Monthly Income | ₹ 15,000 |
| Minimum ITR for Self Employed | ₹ 300,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
| Axis Bank car loan Processing Fee | 0.40% of the principal amount |
| Foreclosure Charges | No foreclosure are levied after the first 12 EMIs Up to 2% before the first 12 EMIs |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation |
About Axis Bank Car Loan
Axis Bank was established in 1994 as an Axis Bank financial service provider based in Mumbai. However, the first branch was inaugurated in April 1994 in Ahmedabad by Dr. Manmohan Singh, former Honorable Finance Minister. It works on major financial segments like corporate banking, insurance, finance, mortgage loans, etc.
Axis Bank provides Instant Car loans at attractive interest rates to the consumer for buying their dream car, whether new or secondhand. It is an easily available loan that anyone can procure, even those who have a slightly low credit/CIBIL score.
Advantages of Axis Bank Car Loan
Axis Bank Car Loan Eligibility
| Salaried Individual |
|
| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
Axis Bank Car Loan Interest Rate, Fees, and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
10.80% p.a. to 12.80% p.a. |
| Processing fee | 0.40% of the principal amount | 0.40% of the principal amount |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
| Foreclosure Charges | 5% of the principal outstanding | 5% of the principal outstanding |
| Penal Interest | 2% per month | 2% per month |
| Part Payment charges | 5% of the paid amount | 5% of the paid amount |
| Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
| Documentation Charge | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
| Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
| Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
| Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Axis Bank Processing Fee (Non-Refundable)
The processing fee is non-refundable, and it is paid at the time of availing loan. The processing fee is around 0.5-1 percent. In terms of money, it is almost 10,000 rupees. The interest rates for these loans is
7.35% per annum
. And the maximum tenure is 30 years. So in this way, the loan processing fee is paid, and it is non-refundable.New Car Loan: Pre Owned Car Loan and Loan against Car
Preowned car loans start from 1 lakh rupees, and the value for this pre-owned car loan is 85 percent. You can avail many benefits from the Axis bank car loan. These Loans against car interest rates are also low, and you can easily avail of a preowned car loan in Axis bank. The minimum loan amount you can avail of is 1 lakh rupees.
Axis Bank Preowned Car Loan Other Charges
| S.no | Pre Loan Type | Charges |
| 1. | Cheque Bounce Charges | 500 Rupees |
| 2. | Cheque charges | 500 rupees |
| 3. | Issuance charges | 500 rupees |
| 4. | Duplicate Issuance charges | 500 rupees |
| 5. | No Due Fees | 500 rupees |
| 6. | Penal Interest | 2% |
| 7. | Loan cancellation | 2500 rupees |
| 8. | Foreclosure charges | 5% |
| 9. | Part-payment charges | 5% |
How to Increase Your Eligibility for Axis Bank Car Loan
- Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Axis. This will be an indication of your higher repayment capacity for Axis Car Loan, which will build a sense of confidence in you.
- Keep your credit score in check: If you wish to increase your Eligibility for Car Loan for an Axis Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Axis Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in Axis means that you have a good balance between your earnings and your spendings. This is because before Axis decides to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Axis Car Loan.
- Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for an Axis Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster therefore, the chances of you being eligible for an Axis loan are higher.
Axis Bank Car Loan Customer Care – Toll-Free Number
The toll-free number for Axis Bank is 1-860-419-5555 or 1-860-500-5555. Charges are there based on the place you are talking from. By calling these toll-free numbers, you can know all your doubts related to car loans. And there are different toll-free numbers available for people outside India.
Factors Affecting Axis Bank Car Loan Eligibility
The eligibility for availing of an Axis Bank car will depend on the below-given factors:
- Income: If your income is on the higher side, there is a good chance that your eligibility for an Axis Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Axis Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Axis will be higher if you apply for a lower loan amount as if the loan amount is lower, Axis bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Axis Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Axis. It might give an impression to the bank that you do not possess the ability to pay Your Axis loan.
- Credit score: This is an important factor that every bank, including Axis Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by Axis and most lenders.
- Relationship with the bank: As stated earlier, Axis Bank offers instant car loans to their existing customers, which allows Axis Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Axis Bank Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
| Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
| Signature Proof (Any 1) | Passport Bankers Verification PAN |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
| Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
Axis Bank Car Loan EMI Calculator
The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:
Axis Bank Car Loan Types
Axis Bank offers different types of car loans to its customers. Therefore, you have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car are the scheme for you. You can take Axis Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you wish to buy a used car, you can choose this scheme that offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.
Axis Bank Car Loan Pre Calculated EMI
| Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
| 1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
| 3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
| 5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
| 10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Axis Bank Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager, who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily Apply For a Car Loan through Dialabank and enjoy the best offers.
Tips to decide the right amount of EMI
The Car Loan EMI – EMI Changes in Case of Prepayment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Axis Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Axis Bank gives you two options:
How to Calculate EMI on Axis Bank Car Loan
Before you avail of a car loan from Axis Bank, you may want to know how much you will pay every month. This is simply known as EMIs or equated monthly installments, and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool, wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. Then, the tool will calculate the EMI and display it to you.
Axis Bank Car Loan for Top Selling Cars
Compare Axis Bank Car Loan With Other Banks In India
| Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
| Bank Of Baroda Car Loan | 8.80% – 10.55% | Rs. 1,599 – Rs. 1,689 |
| Canara Bank Car Loan | 8.70% – 9.35% | Rs. 1,594 – Rs. 1,627 |
| Corporation Bank Car Loan | 8.75% – 9.50% | Rs. 1,596 – Rs. 1,634 |
| HDFC Bank Car Loan | 8.50% – 11.25% | Rs. 1,584 – Rs. 1,725 |
| Axis Bank Car Loan | 8.82% – 12.75% | Rs. 1,600 – Rs. 1,806 |
| Union Bank Car Loan | 8.85% – 11.85% | Rs. 1,601 – Rs. 1,757 |
| SBI Car Loan | 8.65% – 9.70% | Rs. 1,609 – Rs. 1,645 |
Other Available Products from Axis Bank
| Axis Bank Personal Loan | Axis Bank Car Loan | Axis Bank Home Loan |
| Axis Bank Credit Card | Axis Bank Two Wheeler Loan | Axis Bank Education Loan |
FAQs for Axis Bank Car Loan
✅ What is an Axis Bank Car loan?
Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.
✅ How can I get a Car Loan from Axis Bank?
To get a car loan or to choose a pre-approved car loan and get the best car loan interest rates. Axis Bank’s new car loan offers from Rs. 1 lakh up to 100% on-road price along with the various advantages that come along. Before applying for a car loan online, make sure you use the calculator to find your EMI.
✅ How does the Axis Bank Car loan work?
Axis bank offers Car loans to customers at an extremely attractive rate of interest, low processing fee, a repayment period of up to 8 years to purchase a new car.
✅ How to Check Axis Bank Car Loan status?
You can check your car loan status in Axis Bank by visiting the nearest branch or by checking the bank’s website.
✅ What is the maximum loan amount that I can avail myself of on a car loan from Axis Bank?
The maximum loan amount from Axis Bank is not available.
✅ What is the loan tenure of Axis Bank Car loan?
The loan tenure of Axis Bank ranges from 1 year to 8 years.
✅ Can I get a 100% Car loan from Axis Bank?
Yes, you can get 100% on a Car Loan from Axis Bank.
✅ Can you prepay your Axis Bank Car Loan?
You can prepay/foreclose your Axis Bank Car Loan at a charge of 5% of the outstanding principal amount.
✅ Does Axis Bank Car Loan charge any Processing Fees?
Axis Bank charges a processing fee of 0.40% of the principal amount.
✅ Can I get an Axis Bank Car Loan if I have a low Credit score?
Axis Bank Car Loan requires you to have a good credit score of 700 or above. However, in some cases, the loan application may be approved in case the credit score is below 700.
✅ What can you keep as Security with Axis Bank to get a Car Loan?
You do not need any other security other than the car.
✅ What is the Axis Bank Car Loan closure procedure?
- Just go to the bank with the documents required for a car loan.
- Write a letter for pre-closure of the Axis Bank Car Loan account.
- Pay the pre-closure charges as per Axis Bank Car Loan.
✅ What are the Axis Bank Car Loan preclosure charges?
Axis Bank Car Loan preclosure charges are up to 2% before the first 12 EMIs after that Nil charges.
✅ What is the Axis Bank Car Loan maximum tenure?
The Axis Bank Car Loan’s maximum tenure is 7 years.
✅ What is the Axis Bank Car Loan minimum tenure?
The Axis Bank Car Loan minimum tenure is 1 year.
✅ What is the Axis Bank Car Loan Rates?
7.35% per annum
is the Minimum Rate of Interest charged by the Bank against the loan.✅ How to Calculate Car Loan Interest in Axis Bank?
You can easily calculate the Interest as well as the EMI of your Loan by using Dialabank’s EMI Calculator.
✅ How much are the Axis Bank No Due Fees?
The Axis Bank No Due Fees is 500 rupees.
