If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • loading

    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
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Axis Bank Car Loan Interest Rates is Rated as "Great!" by 3931 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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.


    Apply for Car Loan Online

    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, service tax 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, service tax 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.

    Perfect Car Loan Deals for you

    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.

     Loading your search... Loading your search...
  • Car Loan Reviews

    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      Due to personal reasons I postponed the car loan plan with Axis bank. I am treated very well by Axis Bank executive as I have got the best service and response from them pertaining to the car loan application which is being submitted.The rates applied was 9% and the loan amount I tried to opt is 4 lakhs.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Due to my personal reason, I have not taken the car loan with the Axis bank. Interest rate with the Axis bank haven't discussed about this. Customer service with the Axis bank and they have done the follow on timely basis, also they have done the things in good manner.I have applied for three to five lakh loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Due to personal reasons I could not proceed with Axis bank for the car loan. I got a proper response and follow up from the bank checking about my requirement. The loan amount I have applied for 4.5 lakh In all it was a smooth experience.No hassle faced.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My experience was very great with respect to AXIS bank in terms of car loan and the interest rate wasn't shared, even their customer service was good and they contacted me regularly. But the bank has denied to process the loan because I was not having the local proof, therefore they were not in a position to accept that.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      Axis bank charges very high interest rate in concern to the car loan product, that was the reason , I haven't got the loan with Axis. In the other hand they gave good response and better follow up on my car loan application. But for sure will not recommend this loan to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      I found that the rate of interest is very high with Axis bank for the car loan. Hence I did not process my car loan application which was submitted already with Axis bank. But the response part and customer service was good with the bank on my loan application.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I haven't got the car loan with axis bank, because I have dropped the plan of getting it and The axis bank customer service and response part is very nice and they have made a good follow up in concern to my car loan application the loan amount I have applied for twelve lakhs.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      I do not know the reason for why the Axis bank is rejected my car loan. I did not receive a single call or message from Axis bank as a response for my loan application. Though I maintain prompt transactions and I have very good payment history. Axis bank should have communicated to me before rejecting my loan application. Still I did not receive any reasons from the bank. This is not way to provide the financial service to the people. The bank has to be improved in customer satisfaction.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The axis bank customer service and response part is very nice and they have made a good follow up in concern to my car loan application. Axis have not asked any documents to proceed with the loan Since I have salary account with them .The rate of interest is 9%, when compared with other banks
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Axis bank promptly contacted me when I applied for the car loan. But, simultaneously I was trying for home loan top up. Hence I had received home loan top up so I just closed the car loan process. But the bank was good in responding and there were no issues as such with the bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "Be Customer Oriented"
      0.5 1.0/5 "Really Bad"
      I approached Axis bank for the car loan through online source. When I was approaching them I was informed that the loan will be sanctioned but after which the bank informed me that the credit score is not sufficient to provide the loan. Also there is no proper response from Axis bank, they made me to hold the line for 35 to 40 minutes, then they said they cannot provide the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • Axis Bank Car Loan
      "Delayed Response"
      0.5 4.0/5 "Great!"
      On my car loan application, I approached Axis bank. At that time the bank did not respond me for the loan on time so I went a head with the other bank. After which Axis bank contacted me for the loan but I did not take the loan from them. I received delayed response from Axis.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Axis Bank Car Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      Already I had taken the car loan from Axis bank last time. Again I applied for the loan with Axis bank. The bank provided very good response on my loan application then they processed it in a good way. I did not face any hassles with the bank during the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      I was looking to buy a commercial vehicle and since bank said I am not eleigble for this loan bank did not offer the car loan for this purpose, I could not go ahead for this loan. The response was on time and the interest rate and processing charges no idea about it. I cannot comment nor recommendable as I had not used their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2017
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      After I applied for a car loan with Axis Bank I was contacted and I was informed about the details for the loan I dropped my car loan plan for time being. I am not at all happy with the bank as there is no response from them there rate of interest is very high compare to other banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 20, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The axis bank customer service and response part is very nice and they have made a good follow up in concern to my car loan application. Axis have asked very less documents to proceed with the loan. The rate of interest is less, when compared with other banks. I would say axis gave very good service my loan got sanction from bank but the showroom people said the car which your opting for it the rate has been increased so I dropped the plan
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 20, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Happy that I had got a very good response from Axis bank with respect to my car loan application. Recently, I had applied for the car loan with them. Customer service is good and they promptly provided the information in regards to my car loan But I did not further proceed with that as HDFC bank has approved my car loan faster than AXIS Bank, as I do have a good track record with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Axis Bank Car Loan
      "Interest rate it should be reduced"
      0.5 5.0/5 "Blown Away!"
      Everything was transparent in AXIS, one of the my friend was working with AXIS. He have moved my application to loan department. Hence the process completed quickly. I have taken the loan amount of Rs. 4 lakhs with the interest rate of 15% it is higher because its was reused car. I have purchased Maruthi Suzuki swift dezire car.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 19, 2017
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I got a proper response from Axis bank, I got a very good service from the bank on my loan application but unfortunately I could not proceed further for the loan because I had postponed the plan . I told the bank executive that I would opt for it, if I am interested again, I informed them. Also the loan amount what I had applied was for 4 lakhs approximately.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jun 17, 2017
    • Axis Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      AXIS car loan process was good, they gave quick response on my application the loan amount I have applied for 4.5 lakhs approximately. I actually applied for commercial car, but the bankers end they informed me that loans will be provided only for private purposes no further discussion on ROI.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 15, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.