If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Axis Bank Car Loan Interest Rates is Rated as "Great!" by 4243 Users

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    Axis Bank Car Loan Interest Rates

    Overview about Axis Bank Car Loan

    Quick, easy and hassle-free, with a plethora of benefits - this describes the Axis Bank Car Loan. This loan is flexible, great for those who are just looking to purchase a car and offers transparency in the entire process. Axis Bank also offers flexibility in terms of loan tenure which can be extended for up to seven years and can be availed easily with minimal documentation and accompanying procedures. The Axis Bank Car Loan is procured on the basis of the applicant’s income, occupation and age.


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    Axis Bank Car Loan Interest Rates 2017

    A primary concern while applying for loans is the interest rate. The tenure, applicant’s income, and other factors also plays an important role. Loans upward of Rs. 1,00,000 are available with tenures ranging from 1 to 7 years. These loans come with minimum documentation, hence minimum hassle, and affordable rates of interest.

    Axis Bank Car Loan Rates table

    Rate of Interest(fixed) 9% to 11.50%
    Processing Fee Rs. 3500 - Rs. 5500
    Loan Amount Above Rs. 1 lakh
    Loan Tenure 12 months to 60 months
    Documentation Charges Rs. 300
    Late repayment Penalty For every month, 2% is charged
    Part Payment Charges 5% of the part payment amount. In addition to this, GST is also charged. This is allowed twice in the loan calendar year and once in the loan calendar month.
    Foreclosure charges 5% of the outstanding principal. In addition to this, GST is charged.

    How to Calculate Interest Rate on my Axis Bank Car Loan

    Equated Monthly Installments or EMIs is the amount that is repaid to the banks. After procuring the loan amount, applicants need to repay it through EMIs. EMIs consist of both the principal amount and the rate of interest that is charged by Axis Bank. With the progress in the duration of the loan, there is an increase in the principal amount whereas the interest amount decreases.

    The formula for calculating the EMI on a car loan is -

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

    In the above formula, E is the Monthly EMI, r is the rate of interest per month, n is the number of years.

    For an amount of Rs. 1,00,000 at an interest rate of 11.50% with a loan tenure of 1 year, the total payment would be around Rs. 1,05,329 out of which the interest will be around Rs. 5,329.

    For example, the below table will illustrate the amortization for a car loan loan of Rs. 7,00,000 for a period of 3 years at an interest rate of 11.50% from Axis Bank (starting from August 2015)

    Year Total Payment Balance Principal Amount Interest Portion
    2015 68592 644229 55771 12822
    2016 274369 433045 211184 63185
    2017 274369 196253 236792 37577
    2018 205777 0 196253 9523

    The amount of principal that is paid increases with the tenure and the interest rate decreases until the loan is repaid completely.

    Factors affecting Axis Bank Car Loan Interest Rates 2017

    Various factors determine the interest rates for an Axis Bank car loan. These in turn determine the amount that is given as a loan to the prospective customer, along with the EMI to be paid. Few of these factors are given below.

    • Tenure - An important factor that is considered is the tenure that the customer has chosen for the loan repayment. Usually, most prefer longer tenures as it reduces the EMI amount that is to be paid, however, customers need to note that longer tenures usually result in a higher interest rate that is to be paid, hence shorter tenures are advised.
    • Income - The applicant’s income is another very important factor that is considered. Eligibility criteria differs for different categories of employed individuals, such as if the applicant is self-employed then the minimum income requirement varies as compared to that of a salaried individual.
    • CIBIL Scores - The score generated by the Credit Information Report called the TransUnion Score is an important criterion for financial institutions and bankers while determining a person’s eligibility for a certain loan. Creditors/lenders usually prefer providing loans to those whose scores are more than 750.
    • A previously established relationship with the bank - This is an added benefit as customers with a prior relationship with the bank may avail greater discounts.

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    How CIBIL scores affect Axis Bank Car Loan Interest rates 2017

    CIBIL or Credit Information Bureau India Limited provides, maintains and summarizes the person’s loan payments and credit history and generates a score called the CIBIL TransUnion Score which is a 3 digit number that ranges from 300 to 900. This score is an important factor considered by financial institutions and banks while determining the eligibility and accepting the loan request. The higher the scores, higher are the chances of procuring loans at a reasonable interest rate. Those with higher CIBIL scores are also seen as a lower risk category and hence can avail loans more easily as compared to those with low CIBIL scores.

    FAQ’s about Axis Bank Car Loan Interest Rates 2017

    • How can one apply for an Axis Bank Car loan?

      Customers can apply for an Axis Bank car loan in many ways. The simplest choice would be to visit the Axis Bank website and apply for it, or customers can also visit the nearest Axis Bank Loan Center and apply personally. Other options would be to either call the Axis Bank Call Centre or via SMS.

    • Are there any collaterals that need to be provided while procuring a car loan from Axis Bank?

      Since the vehicle itself will be the collateral and hypothecated to Axis Bank for the entire tenure of the loan, there is no need for an additional security.

    • What is the minimum loan amount that can be procured through the Axis Bank Car Loan?

      A minimum amount of Rs. 1,00,000 is the loan offered. The loan amount that is offered is based on a variety of factors such as income of the applicant, capacity to repay among other factors.

    • What kind of vehicles does Axis Bank provide loans for?

      Axis Bank offers loans for most type of passenger vehicles, sports-utility vehicles and multi-utility vehicles which are purchased for personal use.

    • Can a customer sell his/her car before repaying the entire loan?

      Customers cannot sell their vehicle until they receive a No Objection Certificate or NOC certificate from the loaning bank. This document is only given after all the dues have been cleared.

    Car Loan Reviews

    • Axis Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from Axis bank, i have not taken the loan because it was kept on hold for personal reason. The customer service was good and responsive, they followed up on regular intervals. I am not sure with the rate of interest but it was satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 21, 2017
    • Axis Bank Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from Axis Bank, i have not taken the loan because i postponed my plan to get the car loan. When it comes to customer service, it was good and they were responsive, they followed up on regular intervals. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 21, 2017
    • Axis Bank Car Loan
      "Needs to improve"
      0.5 3.5/5 "Pretty good"
      I have applied for the car loan from Axis Bank, i did not take the car loan because i postponed my plan to get the loan. When it comes to customer service, it was good and i need to approach them twice or thrice to get to know more information. My only suggestion is there should be negotiation in the rate of interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 21, 2017
    • Axis Bank Car Loan
      "SHOULD BE IMPROVED "
      0.5 2.0/5 "Expected more"
      The AXIS Bank called me within a week asking about the application . The bank executive took all the documents required for the process and then they rejected the application . The customer service was not up to the mark should be improved . The rate of interest was also high something around 10.15% . The reason they told me was , my credit score was real low so only they cancelled . I am not happy at all with the experience .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 21, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have approached AXIS bank for my car loan. The rate of interest was 10.5% which is bit high than other banks. The customer service and responses was up to the mark. I have cancelled the loan plan since there is no requirement as of now so postponed it.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 21, 2017
    • Axis Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      I am totally confused with AXIS bank service they use to call me from different numbers ,I use to get followups from different numbers from different staffs of AXIS bank ,there is no proper response from AXIS bank for my car loan service still I would say the service of AXIS bank for my car loan service is good.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 20, 2017
    • Axis Bank Car Loan
      "Good and Customer friendly"
      0.5 5.0/5 "Blown Away!"
      I took the car loan amount of Rs.5.12 lakhs to purchase WAGON R VXI AMT, On road price of the car was around Rs. 6 lakhs but I took the loan in the ex show room price for the tenure of five years with better interest rate. Overall I am satisfied with them.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 20, 2017
    • Axis Bank Car Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Due to my personal reasons I did not proceed ahead with Axis Bank for the car loan and I also taken a second hand car. The bank was quick to respond to me and inform me the details. They also offered me a good deal on the interest rate and processing charges.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 20, 2017
    • Axis Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      The service of AXIS bank for my car loan service is good I use to get regular followups from the customer service also they use to update me regarding the loan process and even the rate of interest is fine 8.75 which is good compare to others in the market ,I will say the service of AXIS is good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 20, 2017
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The service that I received from AXIS bank for my car loan service is excellent, the interest rate they offered is also fine which is 8.9 compared to others in the market . Therefore the customer service that I received from AXIS bank for my car loan service is exemplary.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 20, 2017
    • Axis Bank Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I postponed my plan of buying a car now so i have cancelled the process. Customer service was good from the AXIS bank end . They contacted me on time and delivered the proper information for the process . The rate of interest was also nominal like other banks, they quoted me 9%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 19, 2017
    • Axis Bank Car Loan
      "Unhappy with the services"
      0.5 4.0/5 "Great!"
      I received a response from Axis Bank and the services was not that satisfactory to me as the bank was not willing to give the appropriate details for the car loan. The interest rate was around 10% and it was very high. The processing charges was also high. I was not happy with the process.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • Axis Bank Car Loan
      "Response is good"
      0.5 5.0/5 "Blown Away!"
      Axis Bank contacted me on time for the car loan and the details was conveyed clearly. I did not go ahead as I postponed the plan. The services was good and the communication was also clear. The interest rate and processing fees was normal. It was around 9%.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • Axis Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I postponed my plan of buying a car now for the next year so i canceled the process. Customer service was good from the AXIS bank end . they contacted me on time and delivered the proper information for the process . the rate of interest was also minimal for the other banks and the processing fee was a bit high something around rs 2.5K i liked the process over all .
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was prompt with Axis bank. The rate of interest is low with the Axis bank when compared with others. They just took 4 days to disburse my loan amount. The customer support was prompt from Axis bank , I would say I am satisfied with the axis bank car loan services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have approached AXIS bank for my car loan since my salary account is here. The customer service and responses was excellent. I have not faced any trouble with AXIS bank's service till date. The rate of interest was 8.6% which was average for 5-7 lakhs loan amount but I have cancelled my application because the plan was postponed. My overall experience was excellent here.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "It is the best"
      0.5 5.0/5 "Blown Away!"
      Much appreciable, as AXIS bank did not charge any processing fee for the car loan . They had given a waiver on the interest rate . They came to my office took all my documents and again for agreement signing. I can repay the amount when ever I want I guess there is no charge for the same.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Axis Bank and the bank is excellent in the process. They are very good in interacting with the customer and they were decent as well while I foreclosed my loan. I am not concerned about the interest rate and charges as long as I get the best of services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "satisfactory"
      0.5 4.0/5 "Great!"
      I have applied for my car loan with AXIS bank.The customer service and responsiveness satisfactory . The rate of interest was between 8-9% which was average in the market. I have dropped the plan now and postponed to next year so cancelled my application here. My overall experience was satisfactory ,.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "average"
      0.5 3.0/5 "Satisfactory"
      I have applied for my car loan with AXIS bank. I have not received any calls from the bank end so I did not proceed with the loan process . I have no idea about the rate of interest also. The customer service and responses was also not satisfactory . My overall was average and Its recommendable If they to Improve the customer service.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 17, 2017
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