Axis Bank Car Loan

Axis Bank Car Loan

Axis Bank Car Loan Key Features – Jun 28 2022

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

Axis Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

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:

Car Loan EMI Calculator

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:

  1. 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.
  2. 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.
  3. 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?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager, who will guide you throughout the process.
  3. You can compare different offers from banks and choose the one which suits your needs.
  4. Thus, easily Apply For a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Axis for a loan, you inform them about the amount of loan you need to borrow. Limit your Axis loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking an Axis loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI that you will be able to pay comfortably for the Axis Loan after taking into account other obligations.
  • Calculate your Axis Bank car loan eligibility: Your Axis eligibility is an assessment of your repayment capacity based on your monthly income. Axis Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Axis Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Axis loan eligibility.
  • FOIR based loan amount eligibility: Axis Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The Axis bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Axis or other banks to calculate your fixed obligations.

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:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

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.

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