Axis Bank, the third largest private sector bank, is a prominent name in car loan space with a wide range of customized products suiting the varied tastes of the consumers across the country. The flexible, transparent and cost-effective loan processing have allowed the bank to be listed among the top five car financing company in India. Axis Bank's share stands at 9% in a fragmented car loan market full of large, mid and small financing companies, including both banks and non-banking finance companies (NBFCs). The attractive interest rates and flexible repayment options only add to the bank's growing list of car loan customers, which include salaried, self-employed businessmen and professionals, etc. The bank endeavours to offer competitive interest rates on car loan despite the variation in rates induced by the fluctuation in the market.
When you look at the presence of the bank, it has around 3,000 branches and over 12,000 ATMs across India. All these make for a pleasant and bumpy-free ride via Axis Bank Car Loan.
|Interest Rate||9.50%-12% p.a. (Monthly Reducing Balance) (for new cars)
14.50%-16.25% p.a. (Monthly Reducing Balance) (for old cars)
|Loan to Value (LTV)||Upto 85% of on-road price, or 95% of ex-showroom price on select car models
Upto 80% of the valuation amount for used cars
|Loan Tenure||1-7 years for new cars
1-5 years for used cars
|Processing Fee||₹ 3,500-5,500|
|Foreclosure Charges||5% of the principal outstanding + service tax as applicable|
|Part-payment Charges||5% of the part payment amount + service tax as applicable|
Maximum Loan to Value Ratio- You are in for a maximum finance at Axis Bank, which offers a loan amount of upto 85% of the on-road price, which is a sum of ex-showroom price, registration charges, road tax, costs of insurance and accessories, if any. On select car models, the loan amount disbursal can be equivalent to 95% of the ex-showroom price. When you buy a used car, the extent of finance is upto 80% of the valuation amount, which will be set by the bank-appointed valuer in the valuation report. With such a higher loan amount, the sum of down payment, which you need to make while buying a car, reduces substantially and thus makes it easy for you to own a car.
Lucrative Interest Rates- In addition to the loan amount, the attractive interest rates of 9.50%-12% per annum (p.a.) are just the fuel you need to get started with Axis Bank to buy a new car. Used car loans do come at a higher interest rate of 14.50%-16.25% p.a. But when you look at the rates available in the market, it is competitive. With such competitive interest rate offers, the interest and overall outgo reduce substantially over the loan tenure.
Extended Loan Tenure- The car loan is available for a tenure of 1-7 years in the case of new cars. While you have 5 years to pay off the loan availed to buy a used car model. With a longer tenure, the amount of EMI reduces substantially and makes it easy for you to pay the monthly installments.
Exclusive Benefits- There are special benefits for wealth banking, priority banking, and privy banking customers willing to avail a car loan from Axis Bank. Customers, holding a salary account with the bank, are also likely to get exclusive benefits on the bank's car loan offer. The benefits could be lower interest rates than the normal ones, along with a concession on processing fee or other charges.
eDGE Loyalty Rewards- You can also get reward points if you opt to take a car loan from Axis Bank.
|Age||Minimum age at the time of application- 21 years
Maximum age at maturity-70 years
|Minimum age at the time of application- 18 years
Maximum age at maturity-75 years
|Income||Annual net salary should be a minimum of ₹ 2.4 lacs||A minimum annual business income of ₹ 1.8 lacs-2 lacs is required|
|Job Stability/Business Status||A minimum work experience of 1 year with the existing employer is needed||A vigil of atleast 3 years in the same line of business is required|
The attractive car loan schemes of Axis Bank can make you run all the way to the showroom and transact with the dealer. But before doing the same, be sure of the loan amount that you can get from the bank. You can know the same by using Axis Bank Car Loan Eligibility Calculator, which first calculates the sum of per lakh EMI on the basis of maximum loan tenure and interest rate. Check out below the calculation of per lakh EMI.
Amount- ₹ 1,00,000
Loan Tenure-7 Years
Interest Rate-9.50%-12% p.a.
Per Lakh EMI- ₹ 1,634-1,765
Subsequently, the bank will start analyzing your income and savings to decide the loan amount, which gets calculated based on per lakh EMI amount.
For example- Your income and savings are ₹ 33,000 and ₹ 15,000, respectively. Then, the bank will put the amount of savings along with per lakh EMI into the calculator before ascertaining the indicative loan amount. You can go through the formula below to calculate the expected loan amount.
Loan amount eligibility
- ₹ 1,00,000 x savings/per lakh EMI
- ₹ 1,00,000 x 15,000/1,634 =₹ 9.18 lakhs (Approx.)
- ₹ 1,00,000 x 15,000/1,765 =₹ 8.50 lakhs (Approx.)
With a loan amount of around ₹ 8.50 lakhs-9.18 lakhs, you can bring home from a list of cars like Volkswagen Vento, Honda City, Mahindra XUV500 and others.
The car loan interest rate calculator or to say EMI calculator will help you calculate the indicative EMIs payable towards a loan. Based on the loan amount, rate of interest and the overall loan tenure, the calculator brings forth the EMIs, which are a sum of interest and principal amount to be paid by a borrower over the loan term. Suppose you are planning to avail a 7-year car loan of ₹ 3,00,000 from Axis Bank and want to calculate the EMIs? Look at the table below.
|Loan Amount (In ₹)||Tenure (In Years)||Interest Rate (In % p.a.)||EMI (In ₹)||Total Interest Outgo (In ₹)||Total Payment (Principal +Interest) (In ₹)|
|Age Proof||PAN Card/Passport/Voter ID, Aadhaar Card/School or College Leaving Certificate||PAN Card/Passport/Voter ID, Aadhaar Card/School or College Leaving Certificate|
|Identity Proof||PAN Card/Passport/Voter ID, Aadhaar Card/Driving License||PAN Card/Passport/Voter ID, Aadhaar Card/Driving License|
|Residence Proof||Passport/Voter ID/Electricity Bill/Telephone Bill/Life Insurance Policy||Passport/Voter ID/Electricity Bill/Telephone Bill/Life Insurance Policy|
|Income Proof||Salary Slip of Last 3-6 Months, Form 16 of Last 2 Years||ITR of Last 3 Years Profit & Loss A/C Statement and Audited Balance Sheet for Last 3 Years|
|Signature Verification Proof||PAN Card/Passport/Aadhaar Card/Any Other Documents Supporting Signature Proof||PAN Card/Passport/Aadhaar Card/Any Other Documents Supporting Signature Proof|
|Bank Statement||Bank Statement of Last 3-6 Months||Bank Statement of Last 3-6 Months|
You can either go online or offline to submit your application for a car loan at Axis Bank. The choice is yours, but the convenient one is the former option as you can visit the official website of the bank anywhere, anytime. You need to visit the car loan page and click 'Apply Online'. As soon as you click it, you will be directed to a page asking you to fill in both personal and professional details. Mention the details correctly and submit your application along with relevant documents, which are stated above. If you find the online process as inconvenient, you can then visit any nearest branch of the bank to submit your application.
Subsequent to the submission of application, Axis Bank will thoroughly investigate the details by sending an executive to your office and residence. The approval for a loan will happen only after the details are found to be true. Based on the eligibility, you can get a suitable loan amount.
Few days after you submit your car loan application, you could think of the application status. And if the loan disbursal gets delayed, then you should know where your application is lying. Is it in the preliminary stage or at the final one? A question that will keep coming into your mind post application. You can know all that by enquiring from the branch where you have submitted your application or go online.
Post the car loan disbursal and the payment of EMIs, there comes a time when you would think of the statement to keep a track of the repayment. It is indeed vital to access the statement, which can give you a detail of not only the EMIs but also the interest and the outstanding balance of the loan each year. In addition, you can also see late payment charges if you have defaulted on the payment. You can access the statement by visiting the branches of Axis Bank. Also if you are existing customer of the bank and have an Internet banking facility, you can log in to the same and get the statement.
Any query related to car loan? Dial the toll-free number-1800 233 5577 or 1800 209 5577 or 1800 103 5577 of Axis Bank and resolve the query on anything, be it the application, loan disbursal, car loan status or EMI.