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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  • Car Loan Reviews

    • Axis Bank Car Loan
      "High on ROI and charges"
      0.5 3.0/5 "Satisfactory"
      The two major blocks in the process of Axis Bank for the car loan is they were sending the documents to the dealer and I had to follow up with them to send it to me again. The other thing is the interest rate was of 8.5% and after the documents was processed, I happened to check it and I found .25% more. I had to make them change it and it went back to 8.5% finally.
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      , bangalore
      Reviewed on Sep 22, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The level of service provided by AXIS Bank was really great. The executives were ready to come for documents pick up any time as per my convinenece. I am unable to recall the processing fee and other charges. The car model which I had chosen is RENAULT KWID RXT OPT. I am not satisfied with the product and that was another reason why I postponed the plan.
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      , chennai
      Reviewed on Sep 22, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got very good response from Axis bank. I approached them for the car loan. The process went good and there was no challenge throughout the process. Customer service is superb and I have postponed the loan from my side and It was a hassles free service I could say.
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      , chennai
      Reviewed on Sep 22, 2017
    • Axis Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I could not proceed ahead for the car loan with Axis Bank as I postponed my plans. The bank was responsive and I got the details on time. The customer services was good. They communicated well. Also when it comes to customer service and response the bank is really good.
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      , ahmedabad
      Reviewed on Sep 22, 2017
    • Axis Bank Car Loan
      "Should be more cusotmer oriented"
      0.5 3.0/5 "Satisfactory"
      I have postponed the plan of taking the car loan with AXIS Bank post GST, in short I have not availed their services. There were some difficulties in understanding their terms also their approach was not good. It would be great if they are more customer oriented in future.
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      , mumbai
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "Needs improvement when it comes to prepayment"
      0.5 1.0/5 "Really Bad"
      Among st several lenders AXIS Bank is by far the best for the car loan as it is financing for commercial vehicles. Axis Bank charges 5% as a prepayment charge which is too high , I would rather prefer nationalized banks for the same as the prepayment charges are low. Total interest rate charged by AXIS bank is 11% however the prepayment interest is 5% which cannot be accepted at all.
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      , mumbai
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "Good car loan"
      0.5 3.0/5 "Satisfactory"
      Axis contacted me twice or thrice for the car loan due to personal commitments I was not in a position to give my consent to them. Even they had called me for documents collection too. The car model which I had chosen is MARUTI SUZUKI ALTO 800 LXI
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      , hyderabad
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "Excellent customer service"
      0.5 5.0/5 "Blown Away!"
      Though I am a staff of Axis bank, the bank treated me as a potential customer . The bank had fulfilled all my requirements I got a discount of 0.25% lesser than the normal interest rate, to top it off even the processing fee is NIL. No idea about prepayment and foreclosure. I had purchased the car model MARUTI SUZUKI SWIFT LXI.
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      , siliguri
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I did not prefer to take the car loan from Axis bank as I have postponed my plan and later in future . They are not customer friendly .The loan I had an Idea of applying around 5 lakhs Due to this high figure of rate I would think to recommend Axis bank
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      , new delhi
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "I am expecting a better"
      0.5 4.0/5 "Great!"
      Frankly speaking I was expecting a better response from AXIS Bank, as I bank with them. Nothing special about them, as no discount was provided on the interest rate or processing fee despite holding an account with them. Even foreclosure charges were much applicable subject to terms and conditions.
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      , nasik
      Reviewed on Sep 20, 2017
    • Axis Bank Car Loan
      "Car loan proces is good"
      0.5 5.0/5 "Blown Away!"
      AXIS bank car loan is good, the part payment option is really good. However foreclosure charges are very high which I dont like about AXIS. The response was not that great the reason being at that time of availing this loan I was told that there was no foreclosure charge however there is a charge for the same.
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      , secunderabad
      Reviewed on Sep 20, 2017
    • Axis Bank Car Loan
      "Its Good"
      0.5 4.5/5 "Excellent!"
      AXIS car loan experience was pretty good, they done fast process and disbursed the amount to the dealer on time. I purchased Maruthi Suzuki Ciaz worth Rs.14.77 lakhs, I paid the down payment around 2.5 lakhs remaining all converted into an, they gave me part payment and foreclosure option as well.
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      , bangalore
      Reviewed on Sep 20, 2017
    • Axis Bank Car Loan
      "Wounderful Experience"
      0.5 4.0/5 "Great!"
      Axis experience was wonderful, they helped to get the disbursement on time to purchase Maruthi suzuki dezire total cost of vehicle around Rs. 6.5 lakhs but I have taken the principal Rs. 4 lakhs only from AXIS for the tenure of five years its good.
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      , noida
      Reviewed on Sep 20, 2017
    • Axis Bank Car Loan
      "Axis bank car loan"
      0.5 4.0/5 "Great!"
      The fact is, AXIS Bank car loan process is very good also the response is very good. I had got some calls and they were kind enough in assisting me. Actually called and confirmed about my requirement just that I dont have any plans presently I had canceled the program me too. Otherwise the rest everything was fine with AXIS.
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      , hyderabad
      Reviewed on Sep 19, 2017
    • Axis Bank Car Loan
      "Hassle free"
      0.5 4.0/5 "Great!"
      I purchased Maruthi Ertiga worth Rs.9.80 lakhs, I took the car loan from AXIS around Rs.7 lakhs remaining amount I paid as a down payment to the showroom. AXIS processed 80% of car loan it has tenure of five years. Axis interest is good and reasonable.
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      , chennai
      Reviewed on Sep 19, 2017
    • Axis Bank Car Loan
      "Satisfied with the overall experience"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Axis Bank for the car loan. The process was good and I got the loan on time. I have no hassles with the after loan services too. The interest rate was around 9% and the processing fees is around 1%. Not too sure on the percentage of loan I got finally.
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      , navi mumbai
      Reviewed on Sep 19, 2017
    • Axis Bank Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      Interest rate with the Axis bank was around 9.05% and the customer service was good one for me with them, also their response is also good. During the time of disbursal the bankers have changed the different rate of interest and tenure, which is not an appreciable one.
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      , bangalore
      Reviewed on Sep 17, 2017
    • Axis Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Service was very nice ,representatives where also helpful and responsible during my loan process I never had any problem with their service . Their interest rate was 8.75 which was comfortable and low compare to other financial service providers , I am very much happy with their service overall service of AXIS was excellent .
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      , bangalore
      Reviewed on Sep 17, 2017
    • Axis Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      AXIS Bank car loan process is very simple and easy. Documentation part was very simple too. They took around hardly 3 days of time to provide the loan. Interest rate offered by them was 8% . Also prepayment options are very much available with AXIS, happy to avail their services
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      , ghaziabad
      Reviewed on Sep 16, 2017
    • Axis Bank Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the car loan with the Axis bank because I have got the better offers with them for the lesser rate of interest. Services are better one with the Axis bank and I would like to go ahead with them in future.
      Was this review helpful? 0
      , noida
      Reviewed on Sep 16, 2017
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    Axis Bank Car Loan Interest Rates is Rated as "Great!" by 4181 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.

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