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  • Axis Bank Car Loan Interest Rates is Rated as "Great!" by 4407 Users

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    Axis Bank Car Loan Interest Rates

    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 2018

    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 Rate 2018

    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
      "Process is nice"
      0.5 4.5/5 "Excellent!"
      Axis Bank has also given me the benefit of a car loan. The rate of interest is around 8% and the process to get the loan was easy. I had no difficulty in document submission. The customer services and response is good and they communicated to me on time.
      Was this review helpful? 2
      , vadodara
      Reviewed on Sep 18, 2018
    • Axis Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have taken car loan for the Axis bank . They have provide nominal rate of interest of 10.75 even they have reduced the rate of interest based on the market price where there is no processing fee . They have give tenure period of 4 years . Making the payment through easy monthly installment .
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 04, 2018
    • Axis Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from the AXIS bank for 3.5 Lacs, the interest rate was normal market rate. The processed and sanctioned the application with in 2 days. It was also a very good experience. The customer support was also really helpful during the process.
      Was this review helpful? 4
      , bangalore
      Reviewed on Aug 29, 2018
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with AXIS BANK 2 year back. The loan amount was 3.5 lakhs and the interest rate was very satisfactory . The tenure period was 5 years but i pre closed it in 2 years it self.I was charged 5% for pre closing here and it can be done only after 1 year. I had a smooth process and the loan was approved on time.
      Was this review helpful? 8
      , chennai
      Reviewed on Aug 02, 2018
    • Axis Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a Car lon form the Axis bank for 7 lacs, I got the offers from Axis bank applied for it. The loan was sanctioned with in 2-3 days. The rate of interest was also comparatively low with other banks. It was a good car loan experience with the Axis bank.
      Was this review helpful? 7
      , new delhi
      Reviewed on Jul 27, 2018
    • Axis Bank Car Loan
      "Good car loan services"
      0.5 4.0/5 "Great!"
      I have purchased a Honda car by using the Axis bank car loan. I have taken this loan 5 years back. Its easy to get a loan from Axis bank. I have taken the loan amount of Rs. 3.5 lakhs and they have sanctioned the same amount. They have offered me a interest rate of 8.75% which is a floating interest rate. They have charged something around 10000 as a processing fee. I have closed the loan before the tenure. They have not charging anything for the pre-closure. I have chosen the tenure of 5 years and i have closed around 2.5 years itself.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jul 23, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with AXIS bank and my experience was very good, the loan amount was for Rs 3 lakhs out of which i paid Rs 2.15 lakhs and remaining 80000 is left out. The rate of interest of 11% is nominal rate and it is a new car. Customer support was good and they followed up on time.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 12, 2018
    • Axis Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with AXIS Bank 11 years back. The loan amount was 54 lakhs and the interest rate was satisfactory and the tenure period was 84 months. I had a good experience here . The documentation was really easy and there was no delay in disbursing or sanction the loan. Their processing fee was also quite nominal so its recommendable.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan had been very good and they had made the process smooth and easy. The interest rate which they had offered had been good and it was less compared with the market rate.The loan amount had been good and the staff responses had been very good and there has not been any hassle during the process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 07, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with them and i had chosen to go with them since the interest rate with them has been less when compared with the other banks. The loan amount which they had given has been satisfactory and there has not been any issues faced with the banking services of them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jun 30, 2018
    • Axis Bank Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      I have closed this loan earlier what i have taken and now later before 6 months i have taken another loan. The rate of interest is 8.35% and it is a like normal. The loan amount is satisfactory that what they have provided. Documentation is fast and also the service is very good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 30, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with them was not been that great since because the process in getting the loan has taken more time than usual. The interest rate with them has been high as well. The loan amount which they had provided had been good and the customer support also had been helpful at times and overall it had been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 29, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      It has been an excellent experience with them and the loan amount which they had given has been satisfactory as well. The interest rate with them has been okay and the process in getting the loan has been good. There has not been any issues faced with the banking services of them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 27, 2018
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan was taken with AXIS Bank 4 years back. The loan amount was 5 lakhs and the interest rate was satisfactory .The customer service and responses was good. The process was very quick and they have taken very less time for the process. The have approve the loan on time,.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 23, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got car loan from Axis bank , their rate of interest is quiet high of 14% and am not satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 5 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 19, 2018
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a car loan from the Axis bank. The loan was processed with in2 days. I applied for the loan at the car dealer. I pay an EMI of 12000 per month. There were processing charges . Overall it has been a quick loan experience with the Axis bank. Their interest rate was nominal when comparing to other banks.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 11, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Axis bank and my experience was good, the loan amount was for Rs 4-5 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 30, 2018
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The overall experience with them so far had been very good and they had provided with a good interest rate as well. It took nearly 4-5 days in getting the loan amount and it has been quite satisfactory with the loan amount as well. There has been no issues so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 30, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with AXIS bank and the loan experience was good, the loan amount was for Rs 8 lakhs with nominal interest rate when compared to other banks. My loan was approved based on the on-road price. Customer service was good and the tenure period for this loan is 3 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 28, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      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. The tenure period for this car loan is 5 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 23, 2018
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