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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    We found 1 Axis Bank Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
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    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Axis Bank Car Loan Interest Rates is Rated as "Great!" by 4051 Users

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    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.

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  • Car Loan Reviews

    • Axis Bank Car Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I got the quick car loan from axis bank , because they processed the loan within 2 days of time. The customer service and the response is really good with axis bank. The rate of interest is nominal with axis. I am completely happy with the service provided by AXIS also the response provided by them was really good.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Axis bank car loan process just took 3 days of time. They have approved and disbursed my car loan within 4 days of time. The customer service and the response was very good with axis and the rate of interest is nominal with axis bank and it can be compared with other banks too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Below average service "
      0.5 1.0/5 "Really Bad"
      Axis bank doesn't know how to treat the customer they gave a call and spoke to me as if they are doing a favour to me and without completing the call they dropped the call, which again gave me a bitter experience. The customer service and the response need to be improved with Axis bank. They were not ready to listen to the customer query and they were just explaining their terms and conditions on the call.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Axis Bank Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      The car which I am planning to buy it is not available in the market, I have shortlisted MARUTI SUZUKI SWIFT DZIRE ZDI AMT but it was there. That's the reason I have postponed the plan. Bank response was great, AXIS is very much supportive they ready to sanction the vehicle on road price but I denied to process right now.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 13, 2017
    • Axis Bank Car Loan
      "Not Satisfied with the services"
      0.5 1.0/5 "Really Bad"
      I had applied for a car loan with Axis Bank through a online channel. The bank has not contacted me after they received the details. It was a complete zero response. It has not been a good experience. The bank could have acknowledged my details at least to check on my requirement and let me know if the process could happen or not.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • Axis Bank Car Loan
      "Overall good"
      0.5 4.5/5 "Excellent!"
      Since I decided to take the car loan in the second half of the year. I postponed my decision due to personal reasons. I cancelled my application with Axis Bank. The customer support was good and I received a proper response and the interest rate and charges was normal too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • Axis Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from Axis Bank and the bank responded to my details. It was a average experience. I did not go ahead with the loan, because the rate of interest and processing charges was high. Though I am an existing customer there are no better deals.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2017
    • Axis Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Axis Bank has offered me a car loan as well. I got this loan without any issues. The executive contacted me on time and collected my papers and processed the details as well. The interest rate and processing charges was also a good deal. A smooth sail overall.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Jul 13, 2017
    • Axis Bank Car Loan
      "Zero response"
      0.5 1.0/5 "Really Bad"
      I applied through an online channel for the car loan and my details was submitted to Axis Bank. I was told that I would receive a call back in a day. After which I got no calls and in the mean time I went ahead with another bank. It has not been a good experience.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 11, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The axis bank car loan rate of interest is high when compared with other banks, so that was the reason I haven't proceed with axis bank, the customer service and response and the response was good with axis, so axis executive gave a call and explained me about the product, The service which was provided by AXIS Bank was really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2017
    • Axis Bank Car Loan
      "Dissatisfied"
      0.5 1.0/5 "Really Bad"
      Interest rate charged by Axis bank for the car loan is way too high. They are not customer friendly. I had an Idea of applying around six lakhs for the same car loan. On the other hand as the rate of interest is really high, I would re-think to recommend Axis bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I can't provide the required documents for my car loan application, so that was the reason I haven't proceed with the axis bank car loan. The customer service and the response was good with Axis bank. The rate of interest is nominal with axis bank. I would say it was a satisfactory service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 10, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I haven't got the car loan with axis bank. The communication was lacking with Axis bank, so that was the reason I was supposed to go with other banks for my car loan. The rate of interest is nominal with Axis bank. The customer service and the response was good with axis bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 10, 2017
    • Axis Bank Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I didn't get the car loan from Axis bank, because of my dealer helped me to get the loan with HDFC bank. The customer service and the response with Axis bank was good. The rate of interest and the charges was average with Axis bank. I am satisfied with AXIS bank service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 10, 2017
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 3.5/5 "Pretty good"
      It was a nice experience with Axis bank, I had applied for a car loan, I received a prompt reply from them the rate of interest was around 9.25% the loan amount I applied for 10 lakhs and I have received 9.25 lakhs and the EMI is around 18697/- loan got processed with in 4 to 5 days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 09, 2017
    • Axis Bank Car Loan
      "Its Excellent"
      0.5 4.5/5 "Excellent!"
      AXIS gave best offer in the market with zero processing fee with the interest rate of 7.99%. I took the loan amount of 9 lakhs with the tenure of five years. In against Renault dustor. AXIS has locking period of one year for preclosure for car loan.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 07, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      The response part need to be improved with Axis bank. The customer service took too much of time to response to my car loan application, The rate of interest is also in higher level, when compared with market rates. That was the reason I haven't got the car loan with Axis bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 07, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The reason I haven't got the loan with Axis bank, because I got the car loan with State Bank of India with the 100% loan amount with on road price. The customer service and response with axis was good . The rate of interest is high when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 07, 2017
    • Axis Bank Car Loan
      "Very good service"
      0.5 4.5/5 "Excellent!"
      As my salary account is with axis bank, so I choose axis bank to get the car loan. With in 2 days of time axis bank has disbursed my car loan. The requested loan amount has been disbursed and I am happy about the loan amount. The rate of interest is higher than SBI.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 07, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      Axis bank executive told that my salary has not met their eligibility criteria, so that was the reason I can't proceed with axis bank car loan. The customer support and the response was good with axis. The rate of interest is nominal with Axis bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
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