If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Axis Bank Car Loan Interest Rates 2019 is Rated as "Great!" by 4429 Users

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    Axis Bank Car Loan Interest Rates 2019

    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.

    Particular Charges
    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.

    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.

    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 Rate 2019

    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

    • 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
      "Hassle free car loan"
      0.5 4.0/5 "Great!"
      They have nice app to check the outstanding balance and this is a user friendly app. They have sanctioned the loan on time and the documentation process was very simple actually the dealer has taken care of everything. The processing fee was very nominal and the interest rates very competitive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • Axis Bank Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have closed AXIS car loan, the paper work was smooth at the time. I paid the all the emi and closed it. Finally I got the NOC letter from the bank. They responded well at the time of taking loan however I approached the bank through the dealer. Interest was almost same as other bank for my first car it was Hyundai I10.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 19, 2019
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      For my Mahindra verito car, AXIS bank sanctioned the loan which I was required for the purchased and they gave me the flexible emi as per my preference. I got the NOC letter from the bank for the car loan. I have taken two car loans from the same bank.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 19, 2019
    • Axis Bank Car Loan
      "Good Car Loan"
      0.5 4.0/5 "Great!"
      Purchased my car loan 4 years back. I have chosen the Axis bank because the rate of interest was less when i compared with others. I have taken a loan amount of Rs. 3.50 lakhs and the tenure period for the loan is 5 years. I have been paying the EMI of Rs. 8000. I have got the loan as per they have promised time.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 07, 2019
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with AXIS bank, the process was smooth and i received my loan amount on time. Customer service was good and they responded on time. Rate of interest was nominal and tenure period for this loan is for 3 years.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 03, 2019
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with AXIS bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 02, 2019
    • Axis Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The experience with this car loan has been quite good where the process took less time. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal. There has not been any additional charges and the processing fee has been nominal as well.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 29, 2018
    • Axis Bank Car Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      The process in getting this loan almost took more than 15 days and i am not happy with their service and the whole process itself has been having a lot of hassle. The interest rate with them has been pretty high when compared with the market rate. It would have been good if they had provided a much better service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 22, 2018
    • Axis Bank Car Loan
      "Good in Need"
      0.5 5.0/5 "Blown Away!"
      I was looking for a Car loan and i went applying with Axis Bank. As i hold a salary account with Axis , it was easy for me to apply. There was no delay and my application was processed instant. When it comes to the interest rates , its reasonable. I am thankful to the services of Axis Bank.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Dec 20, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Axis bank, they have given me sufficient loan amount and there rate of interest they have charged me ,it is nominal and there processing fee they have charged me nominal only, and there service is good, they have given me loan amount on time, there is no hidden charges .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 17, 2018
    • Axis Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with the AXIS BANK where the rate of interest is nominal also the loan amount is good added on that i am using it from past one year. The customer service is helpful by getting the car loan with this bank. I am satisfied with the services of this bank.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 11, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The Car loan experience with them has been really quick and the process has been simple as i was having my salary account with them. The loan amount was sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which they had made so far.
      Was this review helpful? 6
      , chennai
      Reviewed on Dec 10, 2018
    • Axis Bank Car Loan
      "Its excellent service"
      0.5 5.0/5 "Blown Away!"
      Axis bank gave me the best interest rate, My showroom dealer linked with many banks but I approached Axis bank directly because my company got tie up with Axis , Kotak. Therefore Axis bank gave me best corporate interest on the car loan product.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 05, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with AXIS bank for car loan was good, the rate of interest was nominal when compared to other banks. Customer service was good and they followed up on time. The loan amount was sufficient and tenure period for this loan is 5 years.
      Was this review helpful? 1
      , lucknow
      Reviewed on Dec 01, 2018
    • Axis Bank Car Loan
      "Need to reduce ROI"
      0.5 5.0/5 "Blown Away!"
      My experience was good with AXIS bank for car loan, the loan amount was based on my requirement and the rate of interest of 14% was high when compared to others. Customer service was good with AXIS bank and the tenure period for this loan is 2 years.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 30, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had been taken this loan almost four to five months and the services which they had been providing so far had been good. The loan amount whcih they had provided has been sufficient and the interest rate with them has been nominal. There has not been any hidden charges made by them so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 20, 2018
    • Axis Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a good experience i had with the services of them. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal. There has also not been any preclosure charges with them and any other charges as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with AXIS bank for car loan, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good with AXIS bank and the tenure period for this loan is 5 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 16, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Axis bank, i have taken celerio car they have given me sufficient loan amount and there rate of interest they have charged me 12% it is nominal for me and there processing fee they have charged me nominal only.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 14, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my car loan with Axis bank , the call amount they have given me sufficient and i have take my Nissan Renault car from this loan and there rate of interest they have charge me was nominal and the processing fee which they have given me is nominal, and the tenure period they have given me is up to 3 years.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Nov 14, 2018
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