Axis Bank Car Loan

You can now turn your dream of owning a car into reality as it offers offers funds from Rs. 1 Lacs to utmost 100% on-road funding within 5 days of approval and the tenure to repay your loan amount is as long as 8 years. The processing fee charged by the bank is Rs. 3,500 to up to Rs. 5,500 and charges 9.25% to 11.50% per annum as a annual interest rate.


Axis Bank is a good fit for you if?

If You want to avail up to 100% of On-Road Price - Availing loan from Axis Bank could be a good fit for you if you want to avail high amount of funds as this bank provides you funds to purchase your dream car with a minimum of Rs. 1 Lacs to up to 100% on road price funding and you are allowed to repay your loan with a tenure of as long as 8 years.

If You're Axis Salary A/C Holder – Axis bank could be a good fit for you for applying for a car loan if you are a privee banking customer or a axis bank salary Account holder as minimal documentation is required, which means you can easily avail your loan with a pre approved process.

Axis Bank Car Loan at a glance

Annual Interest Rate

9.25%-11.50%

Loan Term

Up to 8 years

Loan Amount

Rs. 1 Lacs - 100% on road price

Time of Funding

Within 5 days of approval

Pre-Payment Charges

5% of the principal outstanding amount

Axis Bank offers loans to help you for buying your dream car. So you can now make your dream come true by availing loans from Axis Bank as it lends fund with a minimum of Rs. 1 Lacs to as high as 100% on road prices within 5 days of approval. If you have any financial problem or want to repay your loan slowly then you can apply for your car loan from Axis Bank as you can repay your loan with a tenure of up to 8 years which is quite a long span of time. The Pre-Payment charges are 5% of the principal outstanding amount which is charged after 180 days from the date of disbursement

Why Choose Axis Bank?

100% on-road funding - No need to pay extra funds from your pocket as Axis Bank offers you loan up to 100% on road price funding on your selected models. So availing loan from this bank is perfectly a good fit for you as it saves your money and provides you funds easily.

No guarantor is required - No need to waste your time on searching for a guarantor for applying loan from Axis Bank as the bank does not require any guarantor. So choosing Axis Bank to buy your dream car could be a good fit for you.

Part payment is allowed - You can choose Axis Bank for availing loan to buy your car as part payment is allowed and it charges 5% as part payment charges which is allowed only after first 6 EMIs from the date of disbursement.

What to watch out for?

High prepayment charges - If you are wishing of availing loan from Axis Bank, then you must know that the bank charges 5% of the outstanding amount allowed after first 6 EMIs which is quite a high amount as compared to other competing banks or financial institutions such as Canara Bank which doesn't charge any prepayment charges.

High processing fee charges - Before applying loan to buy your dream car from Axis Bank, you must know that the bank charges Rs. 3,500 to up to Rs. 5,500 as a processing fee, which is really a high amount as compared to other competing banks such as HDFC Bank which charges 0.4% of the loan amount and State Bank of india which charges Rs. 1,000 for loan amounting up to Rs. 6 Lacs and Rs. 1,500 for applicants who are availing loan amount above Rs, 6 Lacs.

High interest rate on top up loan - If you want to avail loan from Axis Bank, you must know that the rate of interest charged by the bank on top up loans are really very high. It is ranging between 15% to up to 17% per annum.

Compare Axis Bank Car Loans to Other Banks

Bank Name Axis Bank SBI HDFC Bank

Typical APR

9.25%-11.50%

9.20% - 9.25%

9% - 10.25%

Loan Term

Up to 8 years

Maximum 84 months

12 - 84 months

Maximum Lending Amount

Up to 100% on road price

Up to Rs. 5 lacs

Up to Rs. 3 Crores

Processing Fee

Rs. 3,500 - Rs. 5,500

Rs. 1,000 For loan amount upto Rs. 6 Lacs Rs. 1,500 For loan amount above Rs. 6 Lacs

0.4% of the loan amount Minimum Rs. 3,000 Maximum Rs. 10,000

Time to Funding

Within 5 days of approval

Within 5 working days

Within 7 working days of approval

Pre-Closure

5% of the principal outstanding amount after 180 days from the date of disbursement

Nil

3% to 6% of principal outstanding For preclosure within within 1 year from 7th EMI

It's important to compare the banks charges, offerings before you settle on one. Starting from the Axis Bank, it offers funds starting from Rs. 1 Lacs to as high as 100% on road prices as compared to other banks such as State Bank of india which offers funds as high as 84 months and HDFC Bank which offers the highest amount which is as high as Rs. 3 crores. The tenure to repay your loan in Axis Bank is up to 8 Years, maximum 84 months in case of State Bank of india and in case of HDFC Bank, you can repay your loan with a tenure ranging from 12 months to up to maximum of 84 months.

The processing fee charged by Axis bank is ranging from Rs. 3,500 to up to maximum of Rs. 5,500, while in case of State Bank of india, it charges Rs. 1,000 for loan amount up to Rs. 6 Lacs and charges Rs. 1,500 for loan amount above Rs. 6 Lacs. The typical APR charged by Axis Bank is 9.25% to 11.50% per annum, in case of State Bank of India the typical APR is ranging from 9.20% to up to maximum of 9.25% per annum, while in case of HDFC Bank, it is ranging from 9% to up to maximum of 10.25% per annum depending upon the segment of vehicle. Axis Bank chagres 5% of the principal outstanding amount after 180 days from the date of disbursement, and in case of State Bank of India it does not charge any Pre-Closure fee which is a good thing while in case of HDFC, it charges 6% of the principal outstanding for preclosure within 1 year from your 7th EMI and 5% of the principal outstanding for pre-closure within 13-24 months from 1st EMI.

Am I Eligible?

For Salaried Individuals -

  • Age of the applicant should not be less than 21 years at the time of the loan application
  • Age of the applicant should not be more than 75 years old at the time of loan maturity
  • Applicants with minimum income of Rs. 2.4 Lacs per annum
  • Latest salary slip and form number 16
  • Applicant must be working in the same employment for minimum 1 year

For Self-Employed Individuals -

  • Age of the applicant should not be less than 18 years at the time of the loan application
  • AAge of the applicant should not be more than 75 years old at the time of loan maturity
  • Applicants with minimum income of Rs. 2.4 Lacs per annum
  • Minimum net annual income of the applicant must be Rs. 1.8 Lacs for selected models and Rs. 2 Lacs for other models.
  • Latest income tax returns
  • Applicant must be working in the same business for minimum 1 year

Self-Employed Non-Individuals -

  • Minimum net annual income of the applicant must be Rs. 1.8 Lacs for selected models and Rs. 2 Lacs for others
  • Last 2 years income tax returns, audited financials along with computation of income
  • Applicant must be working in the same business for minimum 3 years.

Loan Offerings

Axis Bank New Car Loan

  • Every applicant wants to know about the loan offerings provided by banks to get an overview of the schemes. Axis Bank provides special benefits for wealth banking, priority banking, privee banking customers as well as Axis Bank Salary Account Customers. It offers a minimum of Rs. 1 Lacs to utmost of 100% on road price funding within 5 days of approval and the interest rate is ranging between 9.25% to up to 11.50% per annum.
  • To avail loan from Axis Bank, a salaried applicant must be of 21 years of age at the time of approval of loan and maximum of 70 years of age at the time of loan maturity and the minimum net annual salary of the applicant must be Rs. 2.4 Lacs per annum, and in case of Self-Employed individual, you must be more than 18 years of age at the time of loan approval and must be less than 75 years of age at the time of loan maturity, and your minimum monthly net annual business income should be Rs. 1.8 Lacs for selected models and Rs. 2 Lacs for others, while in case of Self-Employed non individuals, your minimum net annual business annual income should be Rs. 1.8 Lacs for selected models and Rs. 2 Lacs for others.
  • Documents required for Salaried:-
    • Last 6 months Bank statement
    • Signature verification proof
    • Pro-forma invoice or rate list
    • Identity Proof / Age Proof / Residential Proof
    • Last 3 months salary slips as a income proof
    • Income tax return of last 2 financial years
    • Form Number 16
  • Documents required for Self-Employed:-
    • Identity Proof / Age Proof / Residential Proof
    • SLast 3 months salary slips as a income proof
    • Income tax return of last 2 financial years
    • Profit and Loss account of previous 3 financial years certified by Chartered accountant
    • Last 3 months salary slips as a income proof
    • Audited Balance Sheet of last 3 financial years certified by Chartered accountant.

Axis Bank Car Loan Balance Transfer with Top-up Loan

  • Axis Bank offers loan amount for car loan balance transfer and top-up loan equal to up to 150% of the original loan amount. The applicant can avail minimum of Rs. 1 Lacs to as high as Rs. 30 Lacs, with a interest rate ranging from 15% to 17% per annum and you can repay your loan amount within 5 years. The balance transfer and top-up are allowed only if the tenure of existing loan is more than 24 months with a minimum pending tenure of at least 12 months period. The processing fee charged by the bank on these top ups are Rs. 6,000 or 1% of the loan amount, whichever is lower.

Axis Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Axis Bank Bank New Car Loan

9.25% - 11.50% per annum

Axis Bank Car Loan Balance Transfer/Top up

15% - 17% per annum

The applicable interest rate charged by Axis Bank on Car Loans is 9.25 per annum to 11.50% per annum and the interest on Axis Bank car loan balance transfer or top up is 14.50% per annum.

How do I apply for Axis Bank Car Loan?

    At Paisa

      • Click on ''APPLY NOW'' button
      • Fill the necessary details such as
        • Desired Loan Amount
        • Purpose of your loan
        • Your monthly salary
        • Select whether you are salaried or self-employed
        • Your name, email-id, contact no etc.
      • Click on ''SUBMIT

At Axis Bank Branch

    • Walk-in to the nearest branch of Axis Bank along with your KYC documents. Click here to download the application form of Axis Bank Bank Car Loan
    • Fill in the required details and attach your important documents
    • Now, you can submit this application from at any of your nearest branch of Axis Bank

After I Apply?

Check loan status

  • Through Status Tracking Page
    • Click here to go to the status tracking page
    • Enter your reference number and your phone number
    • Now you can click on ''TRACK''
  • Through Customer Care
    • By dialing 1860-4195555 (Toll Free Number for retail banking customers) from your registered phone number. Or, you can dial 1800-103-5577 (Toll Free Number for Agricultural and Rural Areas) and +91-22-67987700 (for Overseas Customers)
    • For English press 1, Press 2 for Hindi, and for other language press 3
    • Press 4 for loan related queries
    • Now wait for the IVR to connect your call to customer care executive

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Rs. 3,500 - Rs. 5,500

Foreclosure Charges

After 6 EMIs from date of disbursement

5% of the principal outstanding amount

Part-Payment Charges

After 6 EMIs from date of disbursement

5% of the part-payment amount

Processing fee on Top up loans

15% to 17%

Penal Interest

2% per month

Swapping Charges

Rs. 500 /- Instance

Documentation charges

Rs. 500 /- Instance

RC collection charges

Rs. 200 /- Instance

EMI Bounce charges

Rs. 500 /- Instance

Duplicate Statement Issuances Charges

Rs. 500 /- Instance

Duplicate Prepayment Schedule Issuance charges

Rs. 500 /- Instance

Duplicate No dues Certificate / NOC

Rs. 500 /- Instance

Loan cancellation or rebooking

Rs. 500 /- Instance

Some key factors must be considered while deciding on a loan provider including their processing fee, documentation charges, late payment penalty, loan cancellation charges etc. So coming to the fees and penalties part, Axis Bank charges a processing fee of Rs. 3,500 to up to Rs. 5,500 and charges a foreclosure fee of 5% of the principal outstanding amount which is allowed only after 180 days from the date of disbursement. The Part-Payment fee is 5% which is charged after 180 days from the date of disbursement. The stamp duty charges are at actuals and the charges 2% per month as a late payment penalty.

Axis Bank charges a fee of Rs. 500 per instance as a Swapping charges and for documentation, it charges Rs. 500 per instance. For registration certificate collection, it charges Rs. 200 per instance and for duplicate no dues certificate / NOC, it charges Rs. 500 Per Instance. It charges Rs. 500 per instance for the registration certificate collection and check bounce or instrument return charges. For duplicate statement issuance and for duplicate prepayment schedule issuance, it charges Rs. 500 per Instance.If you want to cancel your loan or if you want to rebook your loan, the bank charges a fee of Rs. 2,500 per instance and for issuance of credit report, it charges Rs. 50 per instance.

FAQs

What is Marginal Cost Based Lending Rate?

The Marginal Cost Based Lending Rate in Axis Bank is 8.50%