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  • Axis Bank Car Loan Interest Rates is Rated as "Great!" by 4372 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
      "Hassle Free Experience"
      0.5 4.0/5 "Great!"
      I closed car loan with AXIS, it was a good experience. I took the loan amount of Rs. 3 lakhs, I done Rs.1.25 lakh of foreclosure with some interest on the principal. They gave me NOC certificate on time. Without any hassles I got my loan and closed it on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 22, 2018
    • Axis Bank Car Loan
      "High charges and need to improve on services"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from Axis Bank. The process is not that easy. I need to sign 60 pages. The rate of interest is also high, it was of 10.5%. The ECS deduction was usually on time. But there was once I faced a problem, though I had funds in my account they did not deduct the ECS and after which they took charges.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 16, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Axis bank,the loan amount is 9.07 lakhs,rate of interest is nominal as compared to other banks.The tenure is for four years.They had processed the loan and had disbursed in two days.They had deducted processing fees of 8000 including insurance charge.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 13, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Axis bank and my loan experience was very good. The process was quite smooth and i received my loan amount within the given time. The loan amount was for Rs 6.5 lakhs with the rate of interest of 8.9% which is less when compared to other banks. I have a tenure period of 5 years and the customer service responded on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 12, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have arranged the required loan amount from other source , so that was the reason I haven't processed with the axis bank car loan. The customer support service was good with the axis bank. The rate of interest of interest was average with the axis bank car loan services.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Service is good "
      0.5 5.0/5 "Blown Away!"
      Within 2 days of time I have got the car loan from the axis bank. The verification and the documentation was done in a prompt way. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Axis bank car loan services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I was getting more attractive interest rates from the other banks, so that was the reason I haven't got the car loan from the Axis bank. The customer support gave me good response in regards to my car loan application, but they couldn't match my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have postponed the car loan plan at present so that was the reason I haven't got the car loan from the axis bank. The customer support and the response was good with the axis bank. They never explained me about the interest rate about the car loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Need Improvement"
      0.5 1.0/5 "Really Bad"
      I haven't got the axis bank car loan because, I was receiving the calls from them in regards to my car loan application. Their executives were calling me to take up the loan , so that was the reason I haven't got the car loan from the axis bank. when customer tells , he don't wants the calls back then they should not disturb.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Need to be transparent"
      0.5 3.0/5 "Satisfactory"
      Initially the Axis bank promised that they will approve the loan amount of Rs,7,00,000 ,but they approved the loan amount Rs,5,40,000, which lead me in disappointing situation, so that was the reason I haven't got the car loan from the Axis bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • Axis Bank Car Loan
      "Need Improvement"
      0.5 1.0/5 "Really Bad"
      The product explanation was not good and they haven't fulfill the requirement and the executive is not up to the mark with the Axis bank. The service part need to be improved with the axis bank. The service has to be in a professional way from the axis bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't got the car loan from the axis bank because the rate of interest which was offered by axis bank was high when compared with others banks, it would be good if they can reduce the interest rate as per the other banks. The customer support was good with the Axis bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • Axis Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have the car loan with the Axis bank and the interest rate is around 9.65% and the customer service is good one for me. Every aspects are better one with the Axis bank. Disbursement also got happens on the immediate manner with the Axis bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The axis bank was prompt in their response part and they have disbursed the car loan within 10days of time. The customer support is good with the axis bank. The requested loan amount has been approved and I am satisfied with it. The rate of interest is average when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have got the car loan from the other bank, so that was the reason I haven't got the car loan from axis bank. The customer support of axis bank gave me average response. They need to be improve with their response part. The rate of interest and the charges are average with the Axis bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • Axis Bank Car Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I have approached AXIS bank for my car loan . The Interest rate was bit high than HDFC bank so I have cancelled and taken with HDFC itself. The customer service and responses was up to the mark. My overall experience was not satisfactory so I would not recommend also.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 06, 2018
    • Axis Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have approached AXIS bank for my car loan. The loan amount was 6.8 lakhs and the rate of Interest was very high than other banks. The tenure period was 7 years . The customer service and responses was up to the mark. My overall experience was very good and this bank is very much recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 06, 2018
    • Axis Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have approached AXIS bank for my car loan . The loan amount I was 7 lakhs and the Interest rate was 8-9% which is average in the market . The customer service and responses was up to the mark. I have not submitted the documents since I have not finalized the card so I have not taken the loan here .My overall experience was very good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 06, 2018
    • Axis Bank Car Loan
      "Car loan from AXIS"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from AXIS bank and the approved loan amount was 6.6 lakhs. The rate of interest was 8.5% with a monthly EMI of 10000. There was some processing fee and charge around 1500.There was Lot of miscommunication regarding the documents, they have not clearly mentioned the documents, and about the insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 01, 2018
    • Axis Bank Car Loan
      "Overall no hassles"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Axis bank. It was not a hassle to get the loan through. The paper work was smooth. I also got a good deal on the interest rate and charges. The after loan services are also good. The customer support team was helpful in the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 31, 2018
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