• Axis Bank Car Loan

    Table of Contents



    Axis Bank Car Loan Fees & Charges

    Given below are the fees and charges applicable on your Axis Bank car loan:

    Charges New Car Loan Pre-owned Car Loan
    Processing fee Rs.3,500 to Rs.5,500 1% of the loan amount or Rs.6,000, whichever is lower
    Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
    Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
    Penal Interest 2% per month 2% per month
    Part Payment charges 5% of the paid amount 5% of the paid amount
    Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
    Documentation Charge Rs.500 per instance Rs.500 per instance
    Issuance of Credit Report Rs.50 per instance Rs.50 per instance
    Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
    Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
    Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
    Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
    Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
    Stamp Duty At actuals At actuals

    Axis Bank Car Loan Eligibility

    Salaried individual

    • The applicant must be at least 21 years of age, and the maximum age of eligibility being 70 years.
    • Net annual salary of Rs.2.4 lakh p.a.
    • The applicant must be employed for a minimum of 1 year.
    • The income eligibility criteria will depend on the Form 16 and the salary slip submitted.

    Self-employed individuals

    • The minimum age of the applicant must be 18 years and the maximum age being 75 years.
    • The minimum net annual business must be Rs.18 lakh for selected car models, while for other models, the minimum net annual business income must be Rs.2 lakh.
    • The applicant must be employed for a minimum of 3 years.
    • The income eligibility criteria will depend on the latest income tax returns.

    Self-employed non individuals

    • The minimum net annual business must be Rs.18 lakh for selected car models, while for other models, the minimum net annual business income must be Rs.2 lakh.
    • The applicant must be employed for a minimum of 3 years.
    • The applicant will have to furnish IT returns for at least 2 years along with the audited financials of 2 years along with the calculated income.

    Priority customers

    • Customers with a vintage of 6 months.
    • The applicant must have an Average Quarterly Balance of Rs.1 lakh for the last 2 quarters.
    • The maximum loan amount that can be availed must be equivalent to 3 times the Average Quarterly Balance for the last 2 quarters.

    Factors affecting Axis Bank Car Loan eligibility

    Some of the factors that affect Axis Bank Car Loan eligibility are given below:

    • Income: You will have to earn a minimum salary on a monthly basis in order to be eligible for the car loan scheme offered by Axis Bank. Higher your income, better are your chances of availing a car loan from Axis Bank.
    • Market fluctuation: Fluctuation in market also determines the interest rate that will be charged on your loan amount. The rate of interest may be higher if the inflation is high, and similarly can be lower if the inflation rate is lower. Hence, always check how the market is performing before availing a car loan.
    • Loan amount: The loan amount will determine the rate of interest levied. Higher the loan amount, higher will be the rate of interest.
    • Repayment tenure: The repayment tenure plays a role in the lender determining the rate of interest charged on the loan amount. Higher the repayment tenure, higher will be the interest rate charged and vice versa.
    • Income-to-debt ratio: The lender checks the income-to-debt ratio before deciding whether they should approve your car loan or not. The income-to-debt ratio is nothing but the ratio of your income to the debt you own. Hence, in order to avail a car loan at a lower interest rate, you must ensure that your income-to-debt ratio is low.
    • Relationship with your bank: Your relationship with the lender will also determine the rate of interest levied on the loan amount. It is always recommended that the applicant avails a car loan from the bank where he/she holds a bank account. The bank finds it easier to provide loan to a person who has been a customer of the bank for a very long time. Hence, there is a very good chance that the applicant will get a car loan at a lower interest rate.

    Car Loan Schemes offered by Axis Bank

    The car loan schemes offered by Axis Bank are:

    • Axis Bank New Car Loan scheme: This scheme is suitable for those who wish to purchase a new car for themselves. The minimum loan amount that an individual can avail is Rs.1 lakh with the repayment tenure being up to 8 years.
    • Axis Bank Pre-Owned Car Loan scheme: Customers who wish to purchase a pre-owned car for themselves can avail this car loan from Axis Bank. The minimum loan amount that one can avail is Rs.1 lakh with the repayment tenure going up to 5 years.
    • Loan against car scheme: If you are in an urgent need of money, you can avail this scheme where you can offer your vehicle as a collateral in exchange for loan. The loan amount offered by the lender starts at Rs.10 lakh and up to 50% of the original value of the car.

    How to Calculate EMI on Axis Car Loan

    Before you avail a car loan from Axis, you may want to know how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the Axis Bank Car Loan EMI , you will be able to budget your monthly expenses better.

    You can calculate the EMI for your car loan by using the below-given formula:

    E = P*r*[(1+r) ^n/((1+r) ^n-1)]

    In the above formula, E denotes the EMI, P the principal amount, r the interest rate and n the number of years or tenure of the loan.

    You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

    Axis Car Loan EMI Calculator

    Comparison for Car Loan Interest Rates of Top Banks with Lowest EMI for 7 Years

    Name of the Bank Interest Rate (p.a.) EMI
    State Bank of India 8.50% to 11.95% Rs.1,584
    HDFC Bank 8.25% to 14.01% Rs.1,571
    Axis Bank 9.05% to 11.30% Rs.1,611
    ICICI Bank 9.30% - 12.85% Rs.1,624
    Canara Bank 7.75% - 10.30% Rs.1,546
    Punjab National Bank 7.8% - 8.05% Rs.1,549
    Central Bank of India 7.65% - 7.70% Rs.1,541

    How to apply for Axis Bank Car Loan

    There are basically two ways through which you can apply for an Axis Bank car loan:

    1. Through BankBazaar: You can visit the official website of BankBazaar and follow the process given below to apply for a car loan scheme of your choice:
      1. Visit the BankBazaar’s official website.
      2. Click on the ‘Loans’ tab, and under it click on ‘Car Loan’s.
      3. You will be directed to a separate page where you will be shown the list of car loans offered by various banks including SBI.
      4. You can click on ‘Explore’ to know more in detail regarding the features and benefits of the car loan scheme.
      5. Once you are sure that the car loan scheme offered by SBI is suitable for you, you can click on ‘Apply Now’.
    2. Through the bank’s official channel: You can visit the official website of Axis Bank and under the car loan scheme, apply for a car loan. You will have to upload the required documents as asked by the bank. The documents submitted by you will be verified and if they are found to be correct, the lender will disburse the loan amount into your bank account.

    Documents Required for Axis Bank Car Loan

    Given below is the set of documents to be submitted according to the profession the applicant belongs to. One of the eligible documents can be submitted for each category.

    Salaried applicants

    Category Documents Required
    Proof of Identity
    • Driving Licence
    • PAN
    • Voter ID
    • Aadhaar Card
    • Passport
    Proof of Address
    • Driving Licence
    • Voter ID
    • Aadhaar Card
    • Passport
    Proof of Age
    • Driving Licence
    • PAN
    • Passport
    • Birth Certificate
    Proof of Signature
    • Passport
    • PAN
    • Bankers Verification
    Proof of Income Latest Form 16 and Salary Slips
    Bank Statement Bank statement of previous 3 months
    Employment Continuity Proof
    • Letter of Appointment
    • Relieving letter
    • ITR of Form 16
    • Salary Slip with Date of Joining
    • Work Experience Certificate

    Self-employed professionals

    Category Documents Required
    Proof of Identity
    • Driving Licence
    • PAN
    • Voter ID
    • Aadhaar Card
    • Passport
    Proof of Address
    • Driving Licence
    • Voter ID
    • Aadhaar Card
    • Passport
    Proof of Age
    • Driving Licence
    • PAN
    • Passport
    • Birth Certificate
    Proof of Signature
    • Passport
    • PAN
    • Bankers Verification
    Proof of Income
    • Latest ITR
    Bank Statement Bank statement of previous 3 months
    Employment Continuity Proof
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    Business Proof
    • Electricity Bill
    • Telephone Bill
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    • Registered Lease Document with other utility bills

    Partnership Firms/Societies/Trusts

    Category Documents Required
    Proof of Identity
    • Copy of Partnership Deed
    • Copy of Society Deed
    • Copy of Trust Deed
    Proof of Address
    • Electricity Bill
    • Telephone Bill
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    • Registered Lease Document with other utility bills
    Proof of Income
    • P&L Account and ITR for previous 2 years
    • Audited Balance Sheet
    Bank Statement Bank statement of previous 3 months
    Business Continuity Proof
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    Additional documents
    • Authority Letter/PAN cards

    Limited/Private Limited Companies

    Category Documents Required
    Proof of Identity
    • Copy of Latest MOA
    • Copy of Incorporation
    • Copy of Latest AOA
    Proof of Address
    • Electricity Bill
    • Telephone Bill
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    • Registered Lease Document with other utility bills
    Proof of Income
    • P&L Account and ITR for previous 2 years
    • Audited Balance Sheet
    Bank Statement Bank statement of previous 3 months
    Business Continuity Proof
    • Shop & Establishment Act Certificate
    • Sales Tax or VAT Certificate
    • SSI or MSME Registration Certificate
    • Current Account Statement
    Additional documents
    • Certificate of Commencement of Business for Ltd. Co.
    • Board Resolution
    • List of Directors and Shareholding Partners
    • PAN Card

    FAQs

    1. Does Axis Bank allow part-payments?
    2. Yes, you can make a part-prepayment towards your car loan.

    3. How to apply for an Axis Bank Car Loan?
    4. A few channels through which you can apply for a car loan from Axis Bank are as follows:

      • Through the official website of the lender
      • Through a trusted third-party financial services website like BankBazaar
      • By directly visiting the nearest branch of the lender
      • It is easy to apply for a car loan online since you can complete the application process from anywhere and at any time. The process is completely secure, and your details will not be shared with other parties.
    5. What is the maximum loan amount I can get with the help of an Axis Bank Car Loan?
    6. The maximum loan amount you can get from Axis Bank to buy a car will depend on your car loan eligibility criteria. The bank will also take into consideration the finance requirements, your income, and repayment capacity. A minimum of Rs.1 lakh and a maximum amount equal to 100% of the on-road price of the car can be availed.

    7. Can I foreclose my car loan?
    8. Yes, you are allowed to pre-close your car loan. You can submit a request for foreclose at any Axis Bank loan centre.

    9. Where can I get a car loan application form?
    10. The loan application form will be available at all branches of the lender. If you wish to apply for a car loan online, you will need to fill up and submit the online application form.

    11. What is the process of loan verification?
    12. After you have submitted your loan application and required documents, Axis Bank follows the procedure below:

      • Processing and approval of the application form
      • Verification of documentation
      • Sanctioning the loan
      • Disbursement of the loan
    13. How long does the car loan process take?
    14. Axis Bank processes car loan applications in a timely manner, provided that you have submitted all the required documents. If the application form is incomplete or the documents needed for a proper appraisal have not been submitted by the customer, the lender may take longer to process the loan.

    15. What security is acceptable to Axis Bank to get a car loan?
    16. In the case of Axis Bank car loan, the car will serve as security. You need to hypothecate the vehicle to the bank for the period of the loan. No other collateral is needed.

    17. Do I need my credit score to apply for a car loan from Axis Bank?
    18. Since a car loan is a secured loan, your credit score might not be required. However, credit scores help get your loan approved and fetch you a good interest rate.

    19. Can I cancel my loan application before it is sanctioned or disbursed?
    20. Yes, you are allowed to make a cancellation on your loan application. However, the bank may levy a penalty for the same.

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    Axis Bank Car Loan Reviews

    • Axis Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
      Was this review helpful? 11
      , kolkata
      Reviewed on Mar 21, 2020
    • Axis Bank
      Axis Bank Car Loan
      "Excellent service "
      0.5 5.0/5 "Blown Away!"
      My car loan journey started with Axis bank which was availed directly.The vehicle name is Maruti Ertiga and this loan is still active .The rate of interest and the processing fee was nominal .This loan was sanctioned on time without anydelay .I am paying the premium on EMI basis and there is no delay charges .
      Was this review helpful? 7
      , bangalore
      Reviewed on Mar 10, 2020
    • Axis Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan directly through Axis bank .The rate of interest and the processing fee was very less at that time .This loan was sanctioned on time based on my requirement .The car name is Maruti wagon R and i am paying the premium on EMI basis and if pay the premium on delay basis no extra charges for that.
      Was this review helpful? 0
      , jaipur
      Reviewed on Mar 02, 2020
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through Axis bank.The vehicle name is Maruti wagon R and the rate of interest and the processing fee was very low compared to others .Everything was good to me so far.This loan was sanctioned on time without any delay .The process was smooth and satisfied .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2020
    • Axis Bank Car Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken a car loan from AXIS Bank and the loan amount was Rs. 9L. Standard rate of interest and i am paying Rs. 16k with the tenure of 5 years. I have made a down payment of Rs. 2.50L and i have purchase car model Mahendra. I given all my documents to the showroom itself.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 14, 2020
    • Axis Bank Car Loan
      "Convenient Loan"
      0.5 5.0/5 "Blown Away!"
      Dealer from the car showroom offered me a car loan from Axis bank. Documentation process was fine and they have provided me a nominal interest rates. I have selected the duration of 5 years and i pay the EMI amount of Rs. 16000. The EMI amount is automatically deducted from my account directly.
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 13, 2020
    • Axis Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Based on my eligibility, they have provided me a pre-approved car loan from AXIS bank and the loan amount taken was Rs. 8L. My salary account with this bank even though they have collected all my documents. They have offered me a interest rate of 19% and the processing fee was Rs. 3000. I paid the down payment of Rs. 1.50L.
      Was this review helpful? 1
      , kochi
      Reviewed on Jan 30, 2020
    • Axis Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from Axis bank because in the car showroom one guy recommended me and its a pre- approved loan because I have received the promotional call every day regarding my car loan and they did a follow up on a daily basis. Interest rate was good because it was 8.5%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 20, 2019
    • Axis Bank Car Loan
      "Good bank to apply a car loan "
      0.5 5.0/5 "Blown Away!"
      Rate of interest is very nominal of 9.3% when compare to other bank. I have taken a car loan with AXIS bank on one year before. The loan amount of 5L with tenure period of 5 years. The processing fee is applicable of around 3K. There is option of pre closure and as well part payment. Within 4 days they have sanctioned the loan. EMI amount need to pay is 5700 rupees. The car model is Renault KIWID.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 13, 2019
    • Axis Bank Car Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I am using Axis Bank car loan which was directly taken through Bank.Still this loan is active,The card model was of 2019 and it was Maruti Wagon R,I have got this car loan on exact time frame .Each details about this loan process was clearly shared by the agent.The rate of interest was nominal and so far completed 6 EMI.
      Was this review helpful? 9
      , kochi
      Reviewed on Nov 04, 2019
    • Axis Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had a Pre-approved car loan with AXIS Bank, according to my salary I was eligible for Rs. 7 lakhs and rate of interest is 10% but I took only Rs.3.5 lakhs with the interest rate of 9.5% after insisting them to reduce. I took loan before 1 year and opted for the model Maruthi suzuki Celerio. The documents required was only 3 months salary slip and the Aadhar copy.
      Was this review helpful? 7
      , imphal
      Reviewed on Oct 26, 2019
    • Axis Bank Car Loan
      "They should decrease the charges"
      0.5 4.0/5 "Great!"
      I have selected the car loan from Axis bank since i got the offer. I bought the loan amount of Rs. 2.40 lakhs and the processing fee was a nominal one because its only Rs. 5000. There is no down payment because they cut the one month down payment. The process was smooth when i get the loan.
      Was this review helpful? 8
      , bangalore
      Reviewed on Oct 17, 2019
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with Axis Bank, it was processed by the dealer. The moment, I give the documents they have finished all the process within couple of days and there was no hassle. The interest rate is competitive at that point of time. The loan duration is 5years.
      Was this review helpful? 7
      , chennai
      Reviewed on Oct 17, 2019
    • Axis Bank Car Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have applied for Axis Bank car loan directly through Online .The car model is 2013 it was Maruti Alto 800.I have availed for the loan amount of 2.35 lakhs for the tenure of 5year,The rate of interest was 10.375% it was really nominal and the loan amount on time . I am really satisfied with the service so far .
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 16, 2019
    • Axis Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a car loan with AXIS bank on 2 months before which I got a chance through showroom to apply for a loan. For the amount of 4 lakhs for the tenure period of 5 years. The rate of interest high 11%. They have sanctioned a loan by 10 days. There was processing fee detected for 6 thousands. The car name is Hyundai Centro.
      Was this review helpful? 6
      , saharsa
      Reviewed on Oct 14, 2019
    • Axis Bank Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I made down payment directly to the showroom and the balance amount was borrowed with Axis Bank to purchase the car. The customer service is very good. The rate of interest is lowest among all the banks when I took the loan. Its been 5 to 6 years ago and the experience was very smooth.
      Was this review helpful? 1
      , kanpur
      Reviewed on Oct 12, 2019
    • Axis Bank Car Loan
      "Smooth experience for the car loan"
      0.5 5.0/5 "Blown Away!"
      For purchasing Waganor I have availed car loan from AXIS, I took the loan amount of Rs. 4 lakhs for the loan period of five years. Still my loan is active I used to pay Rs.20,000 per per month as an emi, I think the rate of interest is economic. The process was smooth through the dealer and they disbursed the amount directly to the show room person.
      Was this review helpful? 7
      , patna
      Reviewed on Sep 20, 2019
    • Axis Bank Car Loan
      "Recommendable Loan product"
      0.5 5.0/5 "Blown Away!"
      I took car loan from Axis bank, I got the loan in two visit. The functioning was very smooth, I took the loan amount of Rs.5.5 lakhs for the duration of five years, the interest rate was 8.5% for the duration of five years per annum. The documentation was very easy.
      Was this review helpful? 5
      , noida
      Reviewed on Aug 30, 2019
    • Axis Bank Car Loan
      "Need to drecase charges for preclosure option"
      0.5 5.0/5 "Blown Away!"
      By a showroom I have taken a car loan from AXIS bank on 3 years before, they asked for required documents only to submit. The amount given for 8 lakhs 34 thousands but I was expecting for a 9 lakhs for the tenure period for the tenure period of 7 years. Car model is Maruthi Ciaz. There is an option for a pre closure but charges are high for up to 5%.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Aug 30, 2019
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      On 5 years before I was taken a car loan in AXIS bank which was processed directly to bank. Since it was a pre approval I have not submit any documents for the verification. The amount was sufficient for the duration of 5 years. The rate of interest and processing fee are nominal. I bought a Hyundai car for this loan amount.
      Was this review helpful? 7
      , new delhi
      Reviewed on Aug 03, 2019
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