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Axis Bank offers car loan schemes at interest rates ranging from 8.80% p.a. to 11.05% p.a. for new car loans.
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 |
Salaried individual
Self-employed individuals
Self-employed non individuals
Priority customers
Some of the factors that affect Axis Bank Car Loan eligibility are given below:
The car loan schemes offered by Axis Bank are:
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.
Name of the Bank | Interest Rate (p.a.) |
---|---|
State Bank of India | 7.75% to 11.20% |
HDFC Bank | 8.80% to 10.00% (Rack Interest) |
Axis Bank | 8.80% to 11.05% |
ICICI Bank | 9.85% - 14.50% |
Canara Bank | 7.35% - 9.90% |
Punjab National Bank | 8.30% - 10.80% |
Central Bank of India | Starts from 7.25% |
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.
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.
Category | Documents Required |
---|---|
Proof of Identity |
|
Proof of Address |
|
Proof of Age |
|
Proof of Signature |
|
Proof of Income | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of previous 3 months |
Employment Continuity Proof |
|
Category | Documents Required |
---|---|
Proof of Identity |
|
Proof of Address |
|
Proof of Age |
|
Proof of Signature |
|
Proof of Income |
|
Bank Statement | Bank statement of previous 3 months |
Employment Continuity Proof |
|
Business Proof |
|
Category | Documents Required |
---|---|
Proof of Identity |
|
Proof of Address |
|
Proof of Income |
|
Bank Statement | Bank statement of previous 3 months |
Business Continuity Proof |
|
Additional documents |
|
Category | Documents Required |
---|---|
Proof of Identity |
|
Proof of Address |
|
Proof of Income |
|
Bank Statement | Bank statement of previous 3 months |
Business Continuity Proof |
|
Additional documents |
|
Yes, you can make a part-prepayment towards your car loan.
A few channels through which you can apply for a car loan from Axis Bank are as follows:
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.
Yes, you are allowed to pre-close your car loan. You can submit a request for foreclose at any Axis Bank loan centre.
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.
After you have submitted your loan application and required documents, Axis Bank follows the procedure below:
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.
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.
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.
Yes, you are allowed to make a cancellation on your loan application. However, the bank may levy a penalty for the same.
The Maruti Suzuki Vitara Brezza has become one of the most important vehicles for the automaker in the Indian market. Reportedly, the car has sold out more than 4.5 lakh units in just 41 months. Till the end of July, the number of units sold in India stood at 4,55,284.
Since its launch in July 2016, the Vitara Brezza has been a class leader in the Utility Vehicle (UV) market. Following the Vitara Brezza is the Hyundai Creta at the second spot. October 2018 has been the best month for the vehicle so far with the highest-ever monthly sales of 15,082 units. However, in July 2019, the tables have turned, and it has recorded one of the lowest sales of just 5,302 units. Nevertheless, the Vitara Brezza has been a game changer for Maruti Suzuki and has helped the automaker climb up the UV market ladder. At present, Maruti Suzuki holds about 25.46% of shares in the UV market. Mahindra & Mahindra is following Maruti very closely at 24.75%. The Vitara Brezza is powered by a diesel engine which is mated with a 5-speed manual transmission setup or an AMT setup. Reportedly, the automaker is working on a petrol variant of the car.
27 August 2019
The next-gen Maruti Suzuki is all set for its launch in the Indian car market. The car will be available for purchase on 23 January 2019. The facelift version of the Wagon R will come with a wider and slightly longer body, yet not deviating too much from its original dimensions.
The 2019 Wagon R bears very little resemblance to the previous versions of the hatchback. The front of the car is constructed similarly to that of an SUV. Additionally, the car comes with taller headlights, a matte black finish on the grille and lower bumper and a floating roof.
Under the hood, the car will be powered with a 1.2-litre, 4-cylinder engine. This will most definitely mean higher power output and torque than its predecessors. The car will also come in CNG variants and with automatic transmission options as well. The pricing for the new Wagon R is estimated to be around Rs.4.5 lakh to 6.5 lakh and will compete with the likes of the new Hyundai Santro.
4 January 2019
One of the trademarks of Audi has been the ‘singleframe grille’ which is trapezoidal in shape. However, the design team at Audi seem to be rethinking this design element. It could result in the grille being removed altogether. The grilles could also be retained but with the frames painted in a different color to make the grilles look either bigger or smaller. The border between the grille and frame could also be melded together for a new look.
6 December 2018
The Ka Urban Warrior sedan concept based on the Ford Aspire has been revealed by Ford. The vehicle is in the production-ready formal and is basically a stretched version of the Figo Aspire that is available to customers in India. The family sedan concept has a few design changes similar to those on the Figo Freestyle hatchback. The Ford Figo Urban Warrior Concept sedan has headlamps that feature black accents, wheel boxes with black frames, as well as a grey grille in the front. The wheels are 15 inches and feature a pearlescent grey finish. Some of the other design elements include a red colour scheme with black accents. They height of the ride has increased and it also has faux skid plates at the front as well as the rear end. No mention has been made of the price of the vehicle just yet, but the company has confirmed that the sedan will be available for purchase in Brazil starting next year.
4 December 2018
Suzuki Motors have exited the Chinese market due to the shift in consumer buying preference from hatchbacks to SUVs and sedans. The Japanese carmaker will transfer their 50% stake to Chongqing Changan Automobile Co. once the legal proceedings have been completed.
Suzuki, however, still continues to be the most dominant in the Indian car market through their subsidiary, Maruti Suzuki. The car makers plan to boost their sales to 5 million units per year by 2030.
7 September 2018
The right arm of the Swedish motor company, Volvo Car India has been reported to have been aiming for a 10% market share in the near future. Volvo Car India will evidently achieve this target by the year 2020.
The company has grown tremendously over the last few years having achieved a 28% growth in the year 2017 and 33% in the year 2018. The company’s public relations and corporate communications manager said that Volvo Car India as an automobile organisation has shown drastic improvements and the company is confident about profiting a 10% market share by the year 2020. The manager went on to state that Volvo Car India currently holds presence in more than 21 cities, and it has been reported to have more than 20 dealer partners and in the current scenario, it has more than 23 showrooms.
He also said that the company’s Kolkata dealer, that goes by the name Kolkata Sanwaria Automobile Private Limited is presently taking care of the needs of people in the cities of Jamshedpur, Ranchi, and so on. Volvo Car India has been focusing on bringing its presence to the smaller towns and cities of India.
1 August 2018
Mercedes-Benz has introduced its new 'Circle Elite' program as a special privilege for the Mercedes-Benz owners. This special programme designed for the Mercedes owners gives them access to multiple benefits and entitles them to a number of exclusive services. Fine dining experiences at discounts, getting access to luxury properties in India, global travel assistance and medical assistance along with visa acquisition advice and other customised services that are necessary while traveling are some of the special benefits and privileges that the Mercedes owners get entitled to through this scheme. The benefits of this programme also include purchase of luxury items, lifestyle products, and electronic goods at selected stores. Moreover, owners who are like playing golf can get complimentary golf lessons as well. The new owners of Mercedes who purchased their car in 2018 will automatically get enrolled to this program, however, the older customers can get entitled to these services by calling the company executives through a hotline number or through the official website.
30 July 2018
According to statistics for June 2018, Maruti Suzuki has recorded a 36.3% increase in car sales. The car manufacturer sold over 1.44 lakh units in June. Domestic sales increased by 45.5% from June 2017 with over 1.35 lakh units sold.
There was a 15.1% growth in the sale of mini segment cars which increased from 25,524 units in June 2017 to 29,381 units in June 2018. Sale of compact segment cars increased by 76.7% with 71,570 units sold in June 2018 as compared to the 40,496 units sold in June 2017.
Midsize sedans recorded a 60% decrease in sales as compared to the number of units sold in June 2017. Utility vehicles have also recorded an increase in sales by 39.2%.
Exports of Maruti Suzuki vehicles have dropped by 29% since the last year as compared to June 2017.
2 July 2018
Giving a major boost to the electric car industry, Porsche has purchased a 10% stake in Rimac Automobili and Croatian technology. The deputy chairman of the executive board for finance and IT at Porsche, Lutz Meschke, the approaches and ideas of Rimac being very promising they have entered into a development partnership with the company to generate further prospects.
Porsche has laid its trust on the remarkable credentials of Rimac that it has shown in the electric mobility sector by designing fully electric super-sports cars such as Concept One and C Two together with the core vehicle systems. As a matter of fact, Rimac had displayed its latest version of the C Two, a two-seater electric hypercar which can reach a peak speed of up to 256 miles per hour or around 400 km per hour in the Geneva Motor Show in March 2018.
25 June 2018
Audi has announced that it would offer its customers attractive discounts on select cars. The discounts would be applicable on the original price of A3, A6, and Q3 models, with discounts ranging from Rs.2.74 lakh to Rs.9.70 lakh.
Easy EMIs would be made available for those choosing to buy these models in 2018 and they can begin paying the EMIs in 2019.
According to the Head of Audi India, Rahil Ansari, part of Audi’s strategy for 2018 is customer centricity. He also stated that tax rates and high import charges should not be a reason why potential customers choose not to make a purchase.
In addition to the discount offered on these models, Audi also plans to offer other sales and after sales benefits. One of these benefits includes a 57% buyback assurance through the Audi Choice program.
29 May 2018
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