Axis Bank offers four car loan schemes at interest rates as low as 9.15% p.a. going up to 17% p.a. The Axis Bank New Car Loan can be availed to finance 100% of your dream car with loan tenure options from 1 year to 8 years. Axis Bank offers separate loans for new cars and used cars. It also offers a loan scheme wherein you can pledge your car and get 50% of its value that can be used for any personal expenditures.
The table below shows a comparative study of the interest rates, loan amount, loan tenure, and processing fee of the four loan schemes offered by the bank.
Car Loan Type
Interest Rate
Loan Amount
Loan tenure
Processing Fee
Axis Bank New Car Loan
9.15% to 11.50% p.a.
Rs.1 lakh to 100% of the on-road price of the car
12 months to 96 months
Rs.3,500 to Rs.5,500
Axis Bank Pre-Owned Car Loan
14.90% to 17% p.a.
Rs.1 lakh to 85% of the car’s value
12 months to 60 months
Rs.6,000 or 1% of the borrowed loan amount
Axis Bank Loan against Car
14.90% to 17% p.a.
Minimum Rs.1 lakh to 50% of the original value of the car
12 months to 60 months
Rs.6,000 or 1% of the borrowed loan amount
Axis Bank Balance Transfer and Top Up Car Loan
14.90% to 17% p.a.
Rs.1 lakh to 150% of the original loan amount
12 months to 60 months
1% of the loan amount
Axis Bank Car Loan Schemes
Axis Bank New Car Loan: This loan scheme can help you finance up to 100% of the on-road price of a brand-new car. The loan tenure options are varied and flexible. Special benefits are provided for priority banking.
Axis Bank Pre-Owned Car Loan: This scheme allows you to buy a pre-owned car by financing up to 85% of the value of the car. The application and approval processes are quick. Complete transfer support is provided.
Axis Bank Loan against Car: You can choose to provide your car as security to get a loan to take care of your personal financial commitments. It’s a cash loan facility and privileged customers can get pre-approved offers too.
Axis Bank Balance Transfer and Top-Up Car Loan: You can use this loan scheme to finance 150% of the value of the car you wish to buy. You can use the loan amount provided to meet any financial need you may have. Special benefits are provided to priority bankers.
Axis Bank Car Loan Interest Rate
The interest rate for the New Car Loan ranges from 9.25% to 11.5% p.a. and is comparatively lower than that of the other car loan schemes offered by Axis Bank. The interest range for Pre-owned Car Loan, Loan against Car, and Balance Transfer and Top-Up Car Loan is from 14.90% to 17% p.a.
The interest rate offered to you by Axis Bank depends on many factors, some of which are mentioned below:
Value of the car
Loan amount chosen
Loan tenure chosen
MCLR fixed by the bank
Loan scheme chosen
Repayment capacity of the applicant
Axis Bank Eligibility for Car Loan
The loan applicant should be at least 18 to 21 years old
Salaried as well as self-employed individuals can apply for the loan
The minimum income requirement of Rs.1.8 lakh to Rs.4.4 lakh p.a., depending on the profession, should be fulfilled
Salaried individuals should have worked for at least 1 year and self-employed individuals for at least 3 years in the same line of business
Government employees can also apply for the loan
Axis Bank Car Loans for Existing Bank Customers and New Customers
Any new customer who fulfils the eligibility criteria laid down by the bank can apply for any of the car loan schemes offered by Axis Bank. The bank also offers pre-approved loans to existing customers with excellent interest rates, minimal documentation, and faster processing. Usually, pre-approved loans are offered to existing auto loan customers of the bank.
Documents Required to Apply for Axis Bank Car Loan
A few documents that you may have to submit to avail a car loan from Axis Bank are as follows:
Duly-filled and signed application form
Proof of age
Proof of identity
Photographs
Proof of residence
Income proof
Signature verification proof
Pro-forma invoice/Rate list
Bank statements
Car valuation report
RC copy (applicable only in case of refinance)
Further, after your loan is sanctioned and disbursed, you may have to submit the following documents:
The EMI payable by the borrower is determined by several factors, some of which are mentioned below:
Loan amount: A part of the loan amount needs to be returned each month. If the loan amount is high, the EMI will also be high because a larger amount will have to be paid.
Interest rate: Along with the loan amount, an additional amount is required to be paid each month. This amount is determined by the interest rate. Hence, higher the interest rate, higher the EMI.
Loan tenure: If you wish to repay the loan as soon as possible, you will have to pay larger chunks of the principal loan amount. Thus, the EMI will be higher if you choose a shorter loan amount.
FAQs
Does Axis Bank allow part-payments?
Yes, you can make a part-prepayment towards your car loan.
How to apply for an Axis Bank Car Loan?
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 also completely secure, and your details will not be shared with other parties.
What is the maximum loan amount I can get with an Axis Bank Car Loan?
The maximum loan amount you can get from Axis Bank to buy a car will depend on your eligibility criteria. The bank will also take into consideration the finance requirements, your income, and repayment capacity.
Can I pre-close my car loan?
Yes, you are allowed to pre-close your car loan. You can submit a request for preclosure at any Axis Bank loan centre.
Where can I get a car loan application form?
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.
What is the process of loan verification?
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
How long does the car loan process take?
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 your loan.
What security is acceptable to Axis Bank to get a car loan?
In the case of Axis Bank Auto Loans, 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.
Do I need my credit score to apply for a car loan from Axis Bank?
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.
Can I cancel my loan application before it is sanctioned or disbursed?
Yes, you are allowed to make a cancellation on your loan application. However, the bank may levy a penalty for the same.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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
Audi may avoid huge grilles in future cars
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
Freestyle Update for Ford Figo Sedan
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 Exits China Due to Rise in SUV Demand
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
A 10% Market Share Estimated by Volvo Car
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
'Circle Elite' scheme introduced by Mercedes-Benz for the Mercedes Owners
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
Maruti Suzuki’s Car Sales up by over 30%
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
Porsche purchased 10% stake of Rimac Automobili and Croatian technology
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
Discounts up to Rs.10 lakh on Select Audi Cars
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
Volkswagen aims to break the record for electric cars driving up Pikes Peak
Volkswagen has decided to take up the challenge to break the record for electric cars driving up the famous Pikes Peak. The carmaker plans to use the I.D. R super sports car which has 2 electric engines that produce 680 bhp power and 650 Nm torque. The sports car weighs 1,100 kg. The Pikes Peak hill challenge will take place on 24 June 2018 at Colorado Springs in the United States. The I.D. R has a top speed of 100 kmph in under 2.25 seconds. The power is stored in lithium-ion batteries. Therefore, in order to recover energy, when the car brakes are applied, the electric engines will convert the braking energy into electricity and feed it to the battery.
The I.D. R will have to climb 1,440 vertical metres above 2,862 metres, cruise 156 corners on asphalt road of the peak in one attempt to break a record of 8:57.118 minutes. The external factors include the weather and Pikes Peak is known to have weather below-freezing point temperature at the end of June.
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I took a Car loan from the AXIS BANK . The loan application process is very fast with in few days the loan amount was credited to the account. Overall th whole process was quick and hassle free. The tenure period is sufficient and loan amount is satisfactory .
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SABIR SHARIEFF
, bangalore
Reviewed on Jun 12, 2019
I have taken the car loan with the AXIS BANK where the documentation process was simple and easy to get the loan also the loan amount given with this bank was good also i am using it since from last 5-6 years. The rate of interest given with this loan was nominal also the customer support is good.
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DUVURU VASUDEVAN
, chennai
Reviewed on May 31, 2019
I have applied for Car loan directly with Bank 4.6lakhs for the tenure of 5 years ,The model is 2013 ,car name is Maruti Suzuki swift I have got the loan amount on time The ,rate of interest and processing fee was not sure since taken long back and closed the loan and it was 12% interest rate .
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1
MOHAMMED SHAFI SYED BASHA MANAGOLI
, bangalore
Reviewed on May 29, 2019
I had taken a Car loan from Axis Bank recently and the experience has been really good. The process in getting the loan did not took much time and they offered me with a good interest rate, They did not made any sort of extra charges and i am satisfied.
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1
WILSON BONIE JAYAKUMAR WILSON
, chennai
Reviewed on May 22, 2019
I had taken my Car loan from AXIS Bank a long time back and the experience has been okay. The process had not taken much time but the interest rate with them had been quite high when compared with the market rate. Their customer support team was pretty much helpful and they had always been responsive.
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MADUGULA RAVI SHANKAR
, hyderabad
Reviewed on May 14, 2019
I have taken Tractor loan from long time, the loan amount was sufficient, the rate of interest they have charged me was nominal, they have charged me up to 15.5% even their processing fee they have charged me minimal, the loan came on time, so far i did not face any issue in getting loan, still this loan is running.
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1
GUNASEKARAN DHARMARAJAN
, chennai
Reviewed on May 14, 2019
I have been holding my car loan with Axis bank,they have given me sufficient loan amount as per the car price and their rate of interest they have charged me was nominal for me and their processing fee they have charged me nominal only. They gave loan on time, so far i did not face any issue, still this loan is running.
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MAHENDRA DATTATRAYA VAISHAMPAYAN
, mumbai
Reviewed on May 13, 2019
I have applied for the car loan with the AXIS BANK where the documentation process was simple and easy to get the card added on that i got the loan on time without any issues. I got the loan on time also the rate of interest was nominal and convenient to get the loan.
I have been holding my car loan with Axis bank for while,they have given me sufficient loan , i got loan within 2 hours their process is too instant and good and the rate of interest they charged in this loan was nominal and their service was good.
I took one four wheeler loan from AXIS bank last seven month bank , I have mahindra bolero , 2018 model , and my loan amount is 8L , and tenure is 3 years , rate of interest is high 9.35, and EMI amount is 25k, processing fee is also high I paid 7500k, their customer service is not good , I am not satisfied with this loan ,
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MANORANJAN MISHRA
, mumbai
Reviewed on May 03, 2019
I had taken a Car loan from AXIS BANK a while back and the experience i had with them has been good. The process did not took much time and the loan amount was good as well. The interest rate with them had been nominal and the charges which they had made also had not been high. Their customer care services has also been good where they had made some follow ups.
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UMASHANKAR KUMAR
, mumbai
Reviewed on May 03, 2019
I have taken a Car loan in Axis Bank and I had preclosed the loan before 3 months. The charges are reasonable. I made down payment of 20% and remaining has been provided by the bank on a very right time. The customer service is excellent. The documentation process was very very simple.
I had taken my Car loan from AXIS BANK two months back and the experience i had with them was good. The interest rate has been nominal and the charges which they had made has also not been high. Their customer support team had been helpful and they where responsive.
My car loan is running with Axis bank they gave me good interest, I took the loan before four years to purchase the Honda grand I 10. I took the loan amount of Rs. 6.5 lakhs for the duration of five years, I am very satisfied with the bank process.
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SOUMYA RANJAN
, hyderabad
Reviewed on Apr 23, 2019
I have taken one four wheeler , muruti suzaki zxi 2018 model , my loan amount is approx 6L and rate of interest is 9.44% little high , and tenure is 5 years , EMI amount is 12K approx last one years above I took this loan , and their allover service is good , I am satisfied with this loan ,
When applied for the Car Loan the rate of interest and the processing fee was high .The loan got sanctioned on time ,it was sufficient .I have applied for 3lakhs for the tenure of 3years .The Car model was Maruti Swift .I have closed the loan and applied the loan through the agent .The agent gave all the required details of the loan clearly .
I was holding Axis bank car loan previously, the loan amount was sufficient they have given me loan on based on the vehicle price, the rate of interest they have charged me up to 8.75% which was nominal, they had charged me low processing fee , now i have closed this loan.
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RAMANA KUMAR KOPPALA
, hyderabad
Reviewed on Apr 19, 2019
Axis bank processed my car loan within 10 days of time . They taken my quotation and considered all the parameters before sanctioning the car loan . Even they given me correct interest rate and processing fees . Because of them , I taken a new Maruti WagonR .
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PRABHAKAR RAMCHANDRAIH
, bangalore
Reviewed on Apr 16, 2019
The experience i had with the Car loan from AXIS BANK has been good & the loan amount has been sufficient. The process had went well & the loan amount was disbursed on time. The interest rate was nominal & there was no hidden charges made by them.
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1
NARSINGRAO VAGRAM
, secunderabad
Reviewed on Apr 09, 2019
The experience i had with the Car loan from AXIS BANK has been good & the loan amount has been sufficient. The process had went well & the loan amount was disbursed on time. The interest rate was nominal & there was no hidden charges made by them.
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NARSINGRAO VAGRAM
, secunderabad
Reviewed on Apr 09, 2019
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