Axis Bank Car Loan interest rates start at just 9.15% p.a. for new cars and 14.90% p.a. for used cars. However, the effective rate of interest on your car loan will be decided by the bank on the basis of a number of factors. These factors include your credit score, your income, the loan repayment period that you choose, and several other related factors.
Axis Bank offers 4 different products under Axis Bank Car Loans. These products are – New Car Loan, Pre-Owned Car Loan, Balance Transfer and Top Up Car Loan, and Loan against Car. Listed below are the interest rates for new and pre-owned car loans from Axis Bank.
|Name of Scheme||Loan Repayment Tenure||Rate of Interest|
|New Car Loan||Up to 36 months||9.15% p.a. to 11.40% p.a.|
|More than 36 months||9.25% p.a. to 11.50% p.a.|
|Pre-Owned Car Loan or Used Car Loan||Up to 36 months||14.90% p.a. to 16.90% p.a.|
|More than 36 months||15.00% p.a. to 17.00% p.a.|
The features of Canara Bank Car Loan can be summed up as follows:
To reduce your payable EMI, you can also consider making pre-payments during the loan tenure. Keep in mind that most lenders charge a pre-payment fee. When you prepay a part of your loan, the outstanding loan balance reduces, which, in turn, reduces the payable EMI. Thus, if you wish to reduce the repayment burden post taking a loan, you can prepay the loan in parts. It is advisable, however, to check your lender’s terms and conditions regarding borrowers making pre-payments.
Various factors determine the interest rates for an Axis Bank car loan. Few of these factors are given below.
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 that is considered by financial institutions and banks while determining the eligibility of an applicant. The higher the credit score, the higher are one’s 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.
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.
Yes, a credit score of 750 is preferable when applying for loans. It is likely that you will be offered the best interest rates since you have a good credit score.
Salaried individuals should earn at least Rs.2.4 lakh p.a. to be eligible to borrow a car loan from Axis Bank. Self-employed individuals should have an income above Rs.2 lakh (Rs.1.8 lakh for select car models).
This will vary based on your eligibility, repayment capacity, and whether you are purchasing a new or pre-owned vehicle. It is advisable to contact the lender for more
No. Yes, if you have a good credit score or have a prior relationship with the lender, you can negotiate for a lower interest rate.
Customers can apply for an Axis Bank car loan in many ways. Customers can visit Axis Bank’s website to apply for the loan or 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. You can also choose to apply for a car loan through BankBazaar.
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 additional security.
Axis Bank offers loans for most types 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.
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