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.
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.
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.
Click Here: Axis Bank Car Loan Customer Care
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.
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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.
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.
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.
Axis Bank offers loans for most type of passenger vehicles, sports-utility vehicles and multi-utility vehicles which are purchased for personal use.
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.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
2 Indian vehicle makers Tata Motors and Mahindra & Mahindra (M&M) are challenging the third position of the biggest passenger vehicle manufacturer in India, by the number of vehicles sold. As per the data released by SIAM (Society of Indian Automobile Manufacturers), Tata Motors is just 1,313 units behind M&M during the period April to August this year in the passenger vehicle segment. The top position in the segment has been retained by Maruti Suzuki India (MSI).
During the above-mentioned period, M&M occupied the third place by selling 1,00,015 units while Tata Motor clocked sales of 98,702 units to secure the fourth position. The sales of Tata Motors rode on models such as the hatchback Tiago and the compact SUV Nexon. Last year in the same period, M&M had sold 90,614 units while Tata Motors had recorded sales of 64,131 units.
25 September 2018
The Ministry of Road Transport and Highways has announced that all the battery operated vehicles will now come with green registration plates. The private vehicles will have white fonts while the commercial vehicles will have yellow font with a green background. This move was made by the government to encourage people to make use of electric vehicles. This was done for easy identification of electric vehicles which will give them special privileges in parking, toll and other such benefits. This is a good move to the electric vehicle industry in India which has been stagnating of late due to high cost of the vehicle and the lack of charging infrastructure across the country.
20 August 2018
Hyundai is planning to release its first sub-4m SUV and have now started testing the same. The car is based on the Carlino concept which was showcased at the Auto Expo held in New Delhi two years back. Test mules of the vehicle have been spotted in the US. The SUV that is yet to be named looks almost like the production version of the boxy and square Carlino concept displayed in the 2016 Auto Expo. The car sports a rectangular grille unlike the hexagonal cascade grille being used in the new Hyundai cars. The car has a square fascia that will definitely bode well with the Indian market. While the interiors of the car could not be found out, it could be noticed the car has a floating tablet-like screen from the spy pictures. No confirmation can be given if that is the infotainment system as there is a possibility it could be testing equipment. It is expected that the cabin will be a mix of the Creta and Grand i10. The car is mostly likely to debut in the global markets in 2019 and will be followed by a release in the Indian market.
27 July 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
