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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    Axis Bank Car Loan Interest Rates

    We found 1 Axis Bank Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    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 3783 Users

    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.


    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) 11.50% to 12.50%
    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.

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  • Car Loan Reviews

    • Axis Bank Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have already arranged the money through some other sources like its directly from the car manufacturer finance itself, so I have not taken the personal loan with the Axis bank. The services are really good with the Axis bank and the rate of interest was around 9%, which was not okay for me.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Axis Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Due to some personal reason, I have not taken the car loan with the Axis bank and the customer service was fine one with the Axis bank and the response is also good one with them. In future, I would like to go ahead with the Axis for the car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had not taken the car loan from the Axis bank because I had arranged the funds from my end. I got the rate of interest as around 9% and I was okay with that and the customer service was also fine one with them. There are no drawbacks with them absolutely..
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I do have some other personal reason and that's why I have not taken the car loan with the Axis bank. Customer service and other things are perfect with them. Rate of interest was around 9.7% and the customer service was fine one with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      This bank was good. My experience was brilliant. Service was good. Net banking is very good, I use this online net banking often and they have charge for online fund transfer. Adding beneficiary with this bank it takes around 24 hours Bank Of Baroda is good in their network.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 25, 2017
    • Axis Bank Car Loan
      "RESPONSE SHOULD BE QUICK"
      0.5 3.0/5 "Satisfactory"
      Due to the rate of interest , I had not taken the car loan with the Axis bank they have set a high rate of interest when compare to other resources I had postponed my car loan plan for now and they have contacted me later after 2 days again, I had check some other source whether my application has been sent to the bank or not, later the next day I received a call from the bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 24, 2017
    • Axis Bank Car Loan
      "Better "
      0.5 2.5/5 "Just OK"
      Due to rate of interest and less capitalization for the car, I had not taken the car loan with the Axis bank. Response was a fine one with the Axis bank. I would like to suggest that they need to provide the maximum capitalization for the car loan which is around 80% to 90%.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Loan amount I had applied in Axis banks for about less than 10 laks and I received proper response from them, but I have not availed the loan from them. I wanted car to use it for travel purposes and I have not got the approval for that So planning to take the car loan during the next month.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2017
    • Axis Bank Car Loan
      "No Proper Followups fromt the Bank"
      0.5 4.0/5 "Great!"
      My experience with Axis bank is quite good and the rate of interest for the car loan is ok. But then, I am not happy with the customer service because there was no proper followup from the bank, I had to followup with them to get the process done. One guy from the bank collected my documents but post which no calls nothing from them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 20, 2017
    • Axis Bank Car Loan
      "AXIS should provide loan at on road value"
      0.5 4.0/5 "Great!"
      I personally feel AXIS bank interest rate was high when compared with other banks, AXIS offered me 9.25% of interest on car loans but other banks are giving lower interest rate, AXIS giving loan only ex showroom value not at on road price. Thereby, I didn't take car loan from AXIS bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 19, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Axis bank gave me a call and explained me about the product very clearly. The customer support and the response part is really good in concern to my car loan application. The rate of interest is nominal with Axis bank. I have postponed my plan to Diwali, that was the reason, I haven't got the loan with Axis bank. Overall the service is very good with axis bank.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • Axis Bank Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a car loan with Axis bank. I applied for 4,66,000 but I received 4,60,000, so I have to check with the bank for rest of the money. Interest rate is 9.15% which is normal for the personal loan I believe. Their customer service is good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 18, 2017
    • Axis Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      AXIS is very good, they have collected the documents immediately and they done the fast verification to disburse the amount on time. AXIS have sanctioned 100% loan, I have purchased TATA HEXA with lower rate of interest. I am very much satisfied with their service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2017
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had not decided to take car loan right now, I planning to take it later. Due to my personal reason I had dropped the plan for purchasing the car. AXIS response is good, I got call from their end and confirmed my decision. Their loan process is also really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2017
    • Axis Bank Car Loan
      "Very good "
      0.5 5.0/5 "Blown Away!"
      Axis bank car loan process went smooth. There was no issue with the documentation process. Within 10 to 15 days axis bank has disbursed my car loan. The rate of interest is high when compared with nationalized banks. Overall the service is good with axis bank.
      Was this review helpful? 0
      , noida
      Reviewed on May 17, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Easily I got car loan from Axis bank. I never felt any hassles while processing the loan with them. The way of their response and customer service is good. They had some rate of interest but dont remember. This was also taken in 2011 and the loan amount was 2.7 laks and the EMI was around 6k for 5 years the loan process same day eveing i purchased the car.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 16, 2017
    • Axis Bank Car Loan
      "Hassle Free process"
      0.5 5.0/5 "Blown Away!"
      AXIS gave me good experience on car loan, interest rate is also as per the market it was around 10.25%, I applied the loan amount of Rs. 4 lakhs, entire amount got credited in my account. My loan not yet closed its running without any issues, I am very much happy with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
    • Axis Bank Car Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      AXIS Interest rate is good, I got lesser interest rate what they committed. Process went smooth, initially they have called me and discussed about the loan process and disbursed the amount through DD. I got 100% loan amount on car value, I am satisfied with AXIS service.
      Was this review helpful? 0
      , noida
      Reviewed on May 15, 2017
    • Axis Bank Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Interest rate is 9 % but it is just ok because in the beginning I was informed with the lowest interest rate around 8% later it was changed to 9%. Customer support was better, sometimes I received good support and sometimes they did not answer my call.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 15, 2017
    • Axis Bank Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Axis bank provided a good service for the car loan but hey collected 6 cheque leaves from me acutally which is not required. So I had to visit the bank for 2 - 3 times to get back my cheque, at last I had to cancel my cheque. They had quoted an interest rate as per the bank policy. I had checked with few more banks but comparatively Axis bank is good in terms of interest rate, which was around 9%.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 15, 2017
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