Axis Bank Car Loan

BankBazaar.com is an avant-garde loan comparison website which provides accurate and reliable information on probable car loan options, through an uncomplicated interface, that is focused on bringing both the pros and cons of the associated car loan plan. Applying for a car loan with Bankbazaar.com is advantageous due to the following reasons :

1. One Stop Destination for Multiple Products - Bankbazaar offers multiple choices of car loans, based on your specific requirements. Customers interested in Axis Bank car loan can go through all related information and products, offers, etc available for this loan.
2. Lowest Interest Rates- BankBazaar.com is associated with market leaders like HDFC Bank, Axis Bank,ICICI Bank and many others who help us obtain the lowest interest rates on personal, car or home loans for you. By applying through Bankbazaar.com for your Axis Bank car loan, you can avail special interest rates and offers on your car loan that is not available anywhere else.
3. Instant Quotes- By filling up a simple online form, the customer can help us evaluate the perfect loan options for him/her. For Axis Bank Car loan, based on information provided, BankBazaar.com will provide you all the information related to the amount of car loan that can be availed, interest rates and schemes that can be looked into and so on.
4. Simple Online Comparison- In order to justify your decision to avail Axis Bank car loan you can compare loans from different Banks against each other for your specific suitability- rate of interest, EMI, processing fees,customer feedback, etc. With Bankbazzar.com, customers get to make wise, informed decisions.
5. Transparent Procedures - Bankbazaar.com isn’t a mediator, a promoter/dealer or agent of any bank. Our assessment of the available car loan options and plans is always impartial and objective, so that customers can make informed decisions.
6. Privacy- Personal information is treated with high regard and kept very confidential. The information you provide is only shared with your chosen lender, and never shared with a third party for any reason whatsoever.

Top banks in India like HDFC, ICICI and Axis Bank swear by the Bankbazaar.com name. Our steadfastly reliable online technology has been assiduously adopted by these lenders to provide their customers the best loan experience on their own websites.

Applying for an Axis Bank car loan on Bankbazaar.com is a simple and quick process. The step by step procedure is as follows -

• On Bankbazaar.com’s homepage, select Car Loan from the various loan options on offer. It turns up results from popular loaning banks (with regards to the loan option selected) and the user friendly ‘Get Quote’ and ‘Explore’ buttons. Clicking on either of these will open up a simple interface with a couple of questions. Provide the requisite information and respond to the various uncomplicated prompts. Choosing Axis Bank directly from this menu will allow you to properly check the features and benefits associated with the Bank. The ‘Apply Now’ option takes this step further.
• Once you have made up your mind to avail Axis Bank car loan, select the car loan option and quote offered by the bank by clicking on it.
• After the submission of the online application, you will receive an instant e-approval from Bankbazaar.com. This application is next transferred to your chosen bank from wherein a customer support executive will get in touch with you within a short duration of time. The status of your application can be tracked through email and sms as well.

Availing services provided by Bankbazaar.com helps save your time, money and efforts, while assuring you the best loan options that is tailor made for your exclusive requirements.

The eligibility criteria for new car loans at Axis Bank is as follows:

• Salaried individuals aged 21 to 70 years (at loan maturity) with an annual income of Rs.2,40,000 p.a. for all approved models of cars. The applicant must have minimum 1 year of continuous employment. The applicant's income eligibility is based on the latest salary slip and Form 16.
• Self-employed non-individuals with a minimum net annual business income of Rs.1,80,000 p.a. for select models of cars and Rs.2 lakh p.a. for others. The applicant must have minimum 3 years of employment in the same field of business. The applicant's income eligibility is based on the Income Tax Returns (ITR) and audited financials of last 2 years.
• Self-employed individuals aged 18 to 75 years (at loan maturity) with an annual income of Rs.1,80,000 p.a. for select models of cars and Rs.2 lakh p.a. for others. The applicant must have minimum 3 years of employment in the same field of business. The applicant's income eligibility is based on the Income Tax Returns (ITR) and audited financials of last 2 years.
• Priority banking, wealth banking and privee banking customers with a vintage of 6 months and an Average Quarterly Balance (AQB) of Rs.1 lakh for the last 2 quarters are eligible for a maximum new car loan amount of 3 times the AQB in the last 2 quarters.
• Customers with a salary account at Axis Bank for the last 3 months.
• Salary customers who work with Public Limited Companies, Private Limited companies or MNCs are eligible for new car loans. Permanent employees of state or central government, public sector undertakings, reputed schools or colleges are also eligible for new car loans at Axis Bank.

To find out how much your car loan will cost you on a monthly basis, use the Car Loan EMI Calculator. Enter the chosen loan amount, loan tenure, interest rate, and processing fee in the tool, and get instant results. You can check your eligibility for the chosen loan amount with the instant and accurate calculations given by the EMI calculator.

Through Bankbazaar.com, calculation of the EMI on Axis Bank car loan is a simple and quick process. Our Car Loan EMI Calculator tool is designed to calculate the applicable EMI on your car loan and the total interest due, in a matter of seconds. Simply, follow the steps listed below-

Go to Finance tools and select car loan emi calculator. After that, fill in details required such as loan amount that you wish to borrow can be entered using the slider or the edit box, tenure of loan, interest rate and processing fee. The calculator will then work out the exact pattern of your loan repayment.

By entering the four fields, you can see the monthly EMI which you have to pay to Axis Bank in order to pay off your car loan. Based on your eligibility BankBazaar will show you car loan offers from Axis Bank. You can then select the offer and apply online.

Axis Bank customers have to shell out relatively high foreclosure charges if they wish to pre-close their loan before the determined date.

• 5% of the principal outstanding loan amount if they are making a foreclosure after 180 from the commencement of the loan.
• 10% of the principal outstanding loan amount if they are making a foreclosure before 180 from the commencement of the loan.

For the verification process, customers will have to submit the following documents.

• Salaried individuals can submit either their Aadhaar card, PAN card, Passport, Voter’s ID card or Driving License, or latest salary slip and Form 16 for identification proof and Aadhaar card, Passport, Voter’s ID card, Telephone bill, Electricity Bill or Life Insurance policy for address proof.
• Self-employed individuals can submit either their Aadhaar card, PAN card, Passport, Voter’s ID card or Driving License or latest Income Tax Return form for identification proof and Aadhaar card, Passport, Voter’s ID card,
• For self-employed individuals from a Public Limited Company, they have to submit either an audited balance sheet, profit or loss account of the past year or the company ITR form for the last two years as proof of income. For address proof, customers can submit either their telephone bill, electricity bill, establishment certificate, SSI registered certificate or sales tax certificate.Telephone bill, Electricity Bill or Life Insurance policy for address proof.
• For self-employed individuals from partnership firms, they have to submit either an audited balance sheet, profit or loss account of the past year or the company ITR form for the last two years as proof of income. For address proof, customers can submit either their telephone bill, electricity bill, establishment certificate, SSI registered certificate or sales tax certificate.
• For self-employed individuals from a Private Limited Company, they have to submit either an audited balance sheet, profit or loss account of the past year or the company ITR form for the last two years as proof of income. For address proof, customers can submit either their telephone bill, electricity bill, establishment certificate, SSI registered certificate or sales tax certificate.

If you’re new to availing a car loan from Axis Bank, make sure you follow the below listed tips or guidelines.

• Plan your finances for the month.
• Choose a car within your budget.
• Make sure that your credit score is optimum before applying for the loan - anything above 750 is good. The higher your credit score the lower will be the interest rate added to your loan.
• Keep the tenure short - especially for a car loan as the value of your car depreciates as the years go by.
• Take an insurance policy against your car loan - to cover the loan liability in case of an eventuality.
• Ensure that your debt-to-income ratio does not surpass 40% of your monthly net income.
• Make a down payment north of 20% of the total loan amount. This too will reduce the interest rate significantly.
• Never miss an EMI payment. If you do, immediately speak to the bank and make an adjustment.

1. How can I find my Axis Bank Car Loan Status online?

   Axis Bank car loan customers can track applications made on Bankbazaar.com through SMS alerts and mails. Axis Bank car loan status can also be checked online through the Axis Bank portal.

2. Where can I find the Axis Bank Car Loan Application Form?

   Customers can apply for a car loan online through the Bankbazaar website or the Axis Bank website using the online Axis Bank car loan application form.

3. Is it possible to check the Axis Bank Car Loan Statement Online?

   Yes, borrowers can get their car loan statements through the Axis Bank online banking portal.

4. Can I make part - prepayment and if so what are the Axis Bank Car Loan Prepayment Charges ( Pre Closure Charges)?

   Yes, you can make a part-prepayment towards your Auto Loan. Part payment Charges are 10 % of the part payment amount up to 180 days from date of disbursement and after 180 days 5% charge would be levied from date of disbursement.

5. How do I contact Customer care for more details on Axis Bank Car Loan?

   Our dedicated and qualified team of customer care executives are available at xxxxxxxxxx and will be happy to assist customers with any queries regarding Axis Bank car loans.

6. What are the documents required for availing a car loan through Axis Bank ?

   List of documents required are :

   • Proof of Age
   • Identity proof
   • Duly filled application form
   • Photograph of applicant
   • Proof of residence
   • Income proof
   • Latest Bank statement
   • Signature verification proof
   • Rate List or Pro-forma Invoice

   Post Sanction / Pre Disbursement Documentations required are :

   • The duly signed Loan Agreement along with RTO set.
   • Request for Standing Instruction (SI) or ECS form or post dated cheques (PDCs). Security Cheques are required for SI and ECS.
   • Margin money receipt.
7. How to apply for an Axis Bank Car Loan?

   You can use any of the following methods to apply for a car loan from Axis Bank.

   • You can apply online on the Axis Bank website.

   • You can visit any Axis Bank Loan Center. A list of the centers is available on the Axis Bank Website.

   • You can also call the customer care center on the Axis Bank toll free lines.

   • Axis Bank also provides an SMS service. Send “Car” to XXXXXXX to start the process.

8. What is the minimum loan amount I can get from Axis Bank?

   Axis Bank offers a minimum of Rs. 1 lakh to purchase a car.

9. 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.

10. What is the minimum loan tenure?

    Axis Bank offers car loans with repayment tenures starting from 12 months.

11. What is the maximum loan tenure?

    Axis Bank offers car loans with flexible repayment tenures that can be extended to a maximum period of 60 months.

12. What is the interest rate on Axis Bank Auto Loan?

    Axis Bank charges 11.00% - 12.00% as interest. The interest rates offered are fixed.

13. Are there any processing fees on Axis Bank Car Loans?

    Yes, Axis Bank levies processing fees within the bracket of Rs. 3,500 to Rs. 5,500 which is inclusive of tax. You also need to pay Rs. 300 as documentation charges. Processing fees are kept transparent and to a minimum.

14. What are the charges for late payment?

    Axis Bank will charge 2% per month for late payments.

15. Can I preclose my car loan?

    Yes, you are allowed to foreclose your car loan. You can submit a request for preclosure at any Axis Bank Loan center.

16. Are there any foreclosure fees on the car loan from Axis Bank?

    Yes, Axis Bank will levy 5% of the outstanding principal amount + GST.

17. Does Axis Bank allow part payments on the car loan?

    Yes, you can make part payments on your car loan but this will be allowed only twice in a loan calendar year. You can make only one part payment in the loan calendar month. The minimum amount needs to be equal to one EMI. The maximum part payment allowed is 25% of the principal balance in one year.

18. Are there any charges for part payment?

    Yes, 5% of the Part Payment amount plus GST will be charged as part payment fees.

19. What is the penalty for bounced cheque?

    Rs. 500 is charged per bounced cheque.

20. How do I repay the loan? What are the options to pay EMIs?

    You can make payments towards your loan EMIs in the following ways.

    Post-dated cheques - You can handover post dated cheques to the nearest Axis Bank Loan Center. Only non-Axis Bank account cheques will be accepted. This option is available only in non-ECS locations. Subsequent sets of post dated cheques should be submitted on time.

    Electronic Clearing Service (ECS) - This service is available for customers to make payments from non-Axis Bank accounts. EMIs will automatically be deducted from the account on the EMI Due Date.

    Standing Instructions - Axis Bank customers who hold a savings, current or salary account can use this option. Non-Axis Bank customers can choose to open a savings account to avail of this facility. The EMI amount will automatically be deducted from this account, so make sure it is sufficiently funded by the due date.

21. Can I check the status of my loan application online?

    Yes, you can visit the Axis Bank website to check your loan status. Select loans and click on “Have/Applied for an Axis Bank Loan”. You can then click on “Check your loan status online”. Fill in your Application ID and click on “Enquiry” to know the status of your car loan.

22. Where can I get a Car Loan Application form?

    You can visit an Axis Bank Loan center to procure this form. You can also get a sample copy of all car loan application forms online on the Axis Bank website. Select Products > Loans > Car Loans > How to apply.

23. For what kind of vehicles does Axis Bank provide car loans?

    You can avail of car loans from Axis Bank to finance passenger cars, sports utility vehicles (SUVs), and multi-utility vehicles (MUVs) that are purchased for personal use and available in India.

24. 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.

25. How long does the car loan process take?

    Axis Bank takes up to 30 working days to make a decision and convey this information to you. This time period is calculated from the date of receipt of your application form which is complete and all documentation required. If the form is incomplete, or the documents needed for a proper appraisal has not been submitted by the customer, this period could be extended.

26. What security is acceptable to Axis Bank to get a car loan?

    In the case of Axis Bank Auto Loans, the car itself will serve as security. You need to hypothecate the vehicle to the bank for the period of the loan. No other collateral is needed.

27. How do I remove the hypothecation on the vehicle after I have repaid the loan?

    After you have repaid your loan, Axis Bank will guide you through the process of removing the hypothecation. Axis Bank will provide you with the following documents.

    • No Objection Certificate (NOC) will be issued for the Regional Transport Office (RTO) and the Auto Insurance Company.

    • No Objection Certificate issued by Axis Bank.

    • Original Form 35.

    You need to approach your Regional Transport Office (RTO) and submit these documents. A fee for the hypothecation removal from the Registration Certificate will be charged.

28. How do I change my email address in my car loan account?

    You can change or update your address in the car loan account by calling the Axis Bank toll free numbers. Simply inform them to make the change. Alternatively, you can send an email to loans@axisbank.com from your registered email ID.

29. How do I change my phone number in my Axis Bank Car Loan Account?

    You can change your phone number following the same procedure as changing your email ID. You can call the Axis Bank toll free numbers and inform them to make the change. Alternatively, you can send an email to loans@axisbank.com from your registered email ID.

30. How do I contact the Axis Bank Customer Care for car loan queries?

    You can call the following number toll free to contact the Axis Bank customer service.

    1800 233 5577

    1800 209 5577

    1800 103 5577

    You can also email them at loans@axisbank.com.

31. How I track my loan progress or repayment schedule?

    You can track your loan account by placing a request for Statement of Account or Repayment Schedule. You can also request for an interest certificate. Contact the customer care via phone or email to place this request. You can also visit an Axis bank Loan Center to get this information.

32. What is the income requirements for Axis Bank Car Loan?

    • For salaried individuals, you need to be earning at least Rs. 2.4 lakhs per annum.

    • Self employed individuals should be earning at least Rs. 2 lakhs per annum. This is reduced to Rs. 1.8 lakhs on selected models.

    • Self-employed non individuals should be earning at least Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for others.

    • Under the special schemes for Priority/Wealth/Privee Customers, a minimum Average Quarterly Balance of Rs. 1 lakh for the last 2 quarters completed is required.

33. What are the documents required for a Axis Bank car loan application?

    You need to submit the following documents along with your car loan application.

    • Application form

    • Photograph

    • ID proof

    • Age proof

    • Address proof

    • Income proof

    • Signature verification proof

    • Bank statement

    • Pro-forma Invoice or Rate List

34. Are there documents required to be submitted after the loan is sanctioned?

    Yes, you need to submit the following documents post sanction and before disbursement.

    • Duly signed loan agreement along with RTO set.

    • Margin money receipt.

    • Payment documents - Request for Standing Instruction, ECS Form, Post-dated Cheques.

    • 3 post dated Security Cheques are required for SI and ECS.

35. Do I need my CIBIL score to apply for an Axis Bank Car Loan?

    Since a car loan is a secured loan, your CIBIL score might not be absolutely required. But CIBIL scores help get your loan approved and fetch you good interest rates. You can purchase your score on the CIBIL website for Rs. 500. Banks usually prefer a score of 750 and above.

36. 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, Rs. 1,000 will be charged for cancellations. Additional charges can include stamp duty charges and interest accumulation.

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