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 4332 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
      "WONDERFUL SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with AXIS Bank as i took car loan from there . The bank gave me a full approval on the amount i asked for . The Customer service is good fromthe bank side . The amount got Disbursed in a week time . The Rate of interest was 8.5% they charged and the processing fee was 2K they took . It bank provided me Pre closure option with no charges .
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 08, 2017
    • Axis Bank Car Loan
      "Good One"
      0.5 4.0/5 "Great!"
      I canceled the application from my side it was over all a good experience with AXIS Bank . The Customer service was good from axis bank as i applied for a car loan . I was getting a better option from hdfc bank side . I wanted a fast approval and the process was a kind of slow . As form my side The time limit was less so i did not opt for it .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 02, 2017
    • Axis Bank Car Loan
      "Car loan with AXIS"
      0.5 5.0/5 "Blown Away!"
      Since i have not fixed with the car ,i could not able to process the loan application with bankbazaar. In future if i am planning to get a car loan then i can definitely consider AXIS bank. The bank is really approachable for car loan.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Dec 01, 2017
    • Axis Bank Car Loan
      "GOOD"
      0.5 1.5/5 "Bad"
      It was not a good experience i had AXIS Bank for my car loan process . The customer service i received was ok but it could have been more better . The bank did not give me a full approval only the 85 to 90% was approved .the Rate of interest was 9% they charged me . The processing fee was there was nominal . The money got Disbursed within 24 hours . The bank took Pre closure charges of 5% for closing the loan .
      Was this review helpful? 0
      , surat
      Reviewed on Nov 28, 2017
    • Axis Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Axis Bank is excellent with the car loan process and they have processed my loan on time and there are no high charges on the interest rate. Being a corporate customer the bank has offered me the best of deals always and the after loan services are also good.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 27, 2017
    • Axis Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have applied for a car loan with AXIS but later i had taken the loan from Kotak mahindra so that i have closed the loan with Axis bank. The customer service and response with the bank is perfectly fine. Other than that i dont have any other issue with the bank.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 25, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      AXIS car loan service was fine,the customer support was awesome also the interest rate was good but I was with some personal issues so I was unable to process further with my loan process with axis it was totally a average service from axis car loan service.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 25, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Axis car loan service was a very good experience for me they offered me with higher interest rate which compare to other banks in the market. The customer service was prompt with axis car loan service,I never find any difficulty with axis car loan service.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a awesome experience from axis for my car loan service they took only one day to process the loan request. The customer service was amazing they fulfilled my requirements as I expected I got a loan amount of 9 lakhs and the interest rate they quoted me was superb compare to others in the market.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Axis car loan service was good but I feel the interest rate they offered me was little high compare to others in the market and I got a better offer with a better interest rate. The customer service was very supportive I use to get regular followups regarding my loan process it was a average service from axis for my car loan service.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good service from axis for my car loan service the interest rate they quoted me was little high compare to others in the market. The customer service was good with axis bank service it was totally a wonderful experience with axis for my car loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      The service was good with axis for my car loan service the interest rate they offered me was 9 % which was high compare to other banks in the market it was the main reasons for the cancellation of my loan process the customer service was prompt it was a nice experience with axis for my car loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the car loan with the Axis bank and the rate of interest is around 9.65%, also the customer service is good one for me. I would like to say that they need to improve on it because they have not provided the insurance copy for this.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      AXIS car loan service was good the customer service was good the interest rate they offered me was 10 % which was comfortable for me ,I had some personal issues so I was unable to process further so I postponed the plan temporarily it was totally a good experience with axis for my car loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • Axis Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with Axis Bank before 1.5 years. They have given proper response. The executive came to my place to collect the documents. They had offered me 3.2L with a duration of 3 years. The rate of interest is nominal like other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • Axis Bank Car Loan
      "High on ROI"
      0.5 3.0/5 "Satisfactory"
      There was a response on time from Axis Bank. They contacted me and informed me the details for the car loan. But I went ahead with another bank because the rate of interest and processing charges was on the higher side. Else the response was on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from Axis bank, my loan application was closed because the rate of interest was way high when compared to all other banks. When it comes to customer service, it was good, they responded on time and gave all the correct information. There was also regular follow ups done.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 20, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from Axis bank, my loan application was closed because i do not require car loan as of now. The customer service part was good and they responded on time. Regular follow ups were done and there was no delay. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from Axis bank, my loan application was closed because i have taken a car loan from other bank. When it comes to customer service, it was good, they responded on time, the only issue was with the preclosure charges. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • Axis Bank Car Loan
      "Fast approval"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Axis bank. They are providing good service and giving the best offers. They charged 5 % for pre closure which they didn't inform to me. It was on time and the process was very easy. Documentation process is very simple. The representative was very kind and helpful.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2017
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