About Axis Bank New Car Loan

Axis bank was established in 1994 . It is the 3rd largest sector bank in India which offers wide range of products to the customers across the country. With it's transparent, flexible and cost effective loan processing, it is listed as the top 5 car financing company in India. One can get a new car loan online at attractive interest rates. The bank provides many schemes on car loans and also provide tools to compare the interest rates. So, you can choose the best car loan scheme by uisng these tools.

Axis Bank Interest Rates for Car Loans

Features and Eligibility Axis Bank New Car Loan Scheme
axis bank car loan interest rate 8.60%-11.50%
Loan Amount 1 lakh Min
Lowest EMI per Lakh Rs. 1,478
Maximum Repayment Tenure 8 years
Age (years) Between 21 years and 70 years
Foreclosure Charges 5% of outstanding principal

Eligibility Criteria for Axis Bank Car Loan

Axis Bank Car loan Hyderabad can be availed by individuals- self and salaried employees. The following are Requirements for Axis car loan eligibility:

Salaried Individuals Self-employed Individuals
The applicant age should be above 21 years old The applicant age should be above 18 years old
At the time of car loan maturity, the applicant's age should be below 70 years old At the time of car loan maturity, the applicant's age should be below 75 years old
Net salary should be Rs 2.4 lakh per year Net salary should be Rs 2 lakh per year
Income eligibility will be based on the latest salary slip and form 16 Income eligibility will be based on the latest ITR
Applicant should have a one year of continuity in employment Applicant should be in present business for minimum 3 years

How to Apply Axis Bank New Car Loan

To apply for a new car loan, you can visit an official website of Axis bank and give a call back request for filling the application form with your personal details such as name, email ID, gender, address and mobile number. A bank agent will call you for your car loan application process. The loan will be approved only if all the details are correct. Based on your eligibility, you can get a loan amount.

Axis Bank Car Loan EMI Calculator

By using Axis bank car loan EMI calculator, you will get an idea about how much money you have to pay for your new car loan. Just enter the values such as loan tenure, loan amount, processing fee, and interest rate in tool to calculate car loan EMI. You can also check the eligibility for your car loan amount with instant calculations.

Car loan EMI calculation is simple and quick in LoanOnMind. Our EMI calculator will help you to calculate car loan applicable EMI and the total interest rate within a second. You can follow these simple steps to calculate car loan EMI

Go to EMI calculator page and enter the values such as loan amount, interest rate, loan tenure and processing fee to calculate your monthly EMI within a second.

The car loan EMI caluculator is the easy method to caluculate your Equated Monthly Instalments for your required loan amount. Do you want to check the EMI for Axis Bank car loan, use below EMI caluculator:

Why Does Credit Score Matters?

Interest rate and car cost are the important factors to consider when you are taking a car loan. You need to check your income levels and debt to income ratio should not exceed 30 to 50%. This ratio will help you to repay your loan easily.

Your credit score is another important factor to consider when you are taking a loan. This score will be given by the credit bureau based 3 factors,

1) How to manage your previous loans

2) Your existing loans

3) Your financial status

A good credit score will helpful for you to avail a car loan. If you have a credit score above 700, you can get a car loan at lower interest rate and save a lot of money in every month.

Documents Required for Axis Bank Car Loan

  • For salaried employees, submit PAN card, Aadhar card, Voter ID, Passport or salary slip and form 16 for identification proof or driving license, telephone bill or life insurance bill or electricity bill for address proof.

  • For Self employee, submit PAN card, voter ID, Aadhar card, Passport, latest income tax retutns or driving license for identity proof and voter ID, passport or Aadhar card for address proof.

  • For self employed individuals from a public ltd. company, they need to submit a last year profit & loss account, audited balance sheet or last 2 years company ITR form as icome proof. Submit electricity bill or telephone bill for address proof.

  • For self employed professionals from a Private Ltd. Company, they need to submit last 1 year profit or loss account or audited balance sheet or last 2 years company ITR form as income proof. And established certificate, electricity bill, telephone bill, sales tax certificate or SSI registered certificate as address proof.

  • For self employed professionals from partnership firms, they need to submit last year profit or loss account, audited balance sheet or last 2 years company ITR form as income proof. Establishment certificate, Sales tax returns or SSI registered certificate or telephone bill or electricity bill as address proof.

Additional Charges and Fees of Axis Bank Car Loan

Axis bank new car loan offers the car loan amount up to 100% on road price of a car. The charges of new car loans are transparent and minimum. Check out the new car loan of axis bank below.

Instrument Return/ Cheque bounce charge - Rs. 500/- per instance

Instrument/ Cheque swap charges - Rs. 500/- per instance

Duplicate repayment schedule issuance charges - Rs. 500/- per instance

Duplicate issuance charges - Rs. 500/- per instance

NOC/ Duplicate no due certificate - Rs. 500 per instance

Loan rebooking/ Cancellation - Rs. 2500/- per instance

Penal Interest - 2% per month

Part payment charges - Charges 5% after 180 days from disbursement date, part payment amount is 10% after 180 days from disbursement date

Credit report issuance - Rs. 50/- per instance

Registration certification collection charge - Rs. 200/-

Documentation charges - Rs. 500/-

Tips on Axis Bank New Car Loan

If you are planning to purchase a new car, then axis bank new car loan is the best option. If you are a new to get a new car loan from Axis bank, follow these tips and guidelines.

  • Plan the finances for a month.

  • Choose a new car within your budget.

  • Your credit score will be optimum before applying for a new car loan. If you have higher credit score, low interest rate will be added to your loan.

  • Choose short loan tenure period.

  • Take the best insurance policy for your new car loan.

  • Make sure that your debt to income ratio didn't surpass 40% of your annual income.

  • Pay 20% down payment for your total loan amount. This will reduce the interest rate.

  • Pay EMI regularly. If you skip it, you can contact the bank agent immediately.

Features and Benefits of an Axis Bank Car Loan

Are you buying a car? Axis bank new car loan offers car loans from Rs. 1,00,000 up to 100% on road cost with attractive interest rates. Before applying for a car loan, use EMI calculator to get your monthly payable EMI. Apply for a car loan and get your dream car to your home.

  • The interest rate for new car loans are starting from 11% per year.

  • Get up to 95% ex showroom cost on selected car models.

  • The processing fee for the wealth banking, priority banking and private banking customers is Rs. 1000. No income documents will be submitted for documentation.

  • Channel one current account holders, club 50 account holders at Axis bank can benefit special scheme.

  • Axis bank customers are also get special scheme from Axis bank.

  • Self employed professionals, Trusts, HUF, proprietorship firms, private limited companies, public limited companies, proprietorships, societies can apply for car loans at Axis bank.

  • Enjoy attractive new car loan Interest Rates.

  • Minimal Documentation and quick processing.

  • Door step service

  • Car loans for new and used cars

  • Caluculate the car loan value easily.

  • Easy loans (without income documents) for existing loanonmind customers with good repayment records for 12 months or more.

Axis Bank Customer Care Number for Car Loan

Axis Bank is providing 24/7 customer service to their customers. The customers can contact axis bank customer service at any time to resolve any problems regarding car loans. Axis bank loan customer care number is 1860-419-5555/ 1860-500-5555

For car loan services or to know the axis bank loan application status, you can contact the axis bank between 9:00 a.m. to 9:00 p.m. on Monday to Saturday.

FAQs on Axis Bank New Car Loan

What is the best way to apply for an Axis Bank new car loan?

You can apply for axis bank new car loan in the following ways

  • Apply online

  • At any Axis bank loan center

  • By calling to the Axis bank call center.

What is the minimum amount can I get from Axis bank?

At axis bank car loan offers new car loans from Rs. 1 lakh onwards. The loan amount will be decided on the following factors:

  • Your eligibility

  • Income

  • Repayment capacity

What is the loan tenure for which I can avail a new car loan?

We offers tenure of 7 years.

What type of cars does Axis bank finance?

Axis bank offers car loans for all type of cars. Terms and conditions apply on specific models.

What is the process of a car loan does the bank follows?

Once we receive an application form along with identity proof, income proof, invoice and so on, the following steps will take place,

1. Application approval

2. Documentation

3. Loan sanction

4. Loan disbursement

Axis bank takes its decision within 30 working days from the date of application completion. After that accept the all required documents from the customers.

Can I sell my car before repay the entire loan amount?

Without NOC (No Obligation Certificate, you can't enter a transaction with any seller. The NOC will be get after loan completion or foreclosure.

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