Axis Bank Car Loans

Axis Bank is the third-largest private-sector banking institution in India. Its headquarters are located in Mumbai. Axis Bank has an impressive network of over 3,500 domestic branches and 13,900 ATMs across the country. This boasts the dominance of Axis Bank in the banking industry. The bank also offers products like like credit cards, home loans, personal loans, and much more.

The bank also has a significant presence abroad, with overseas branches in Singapore, Hong Kong, Dubai, Shanghai, and Colombo, and representative offices in Dubai, Abu Dhabi, Dhaka, and Sharjah. Axis Bank offers an impressive array of financial products and services to individual customers, large corporations, MSME, agricultural enterprises, and retail businesses.

Cars have grown more important in the lives of Indians in today’s age, and have become a necessity rather than an indulgence. With the advent of cab services like Ola and Uber, cars have even become a source of livelihood for many people. Axis Bank acknowledges this need and offers affordable car loan deals to help customers buy their dream vehicle.

The loan tenures are optimally designed, and the amount depends on the on-road cost of the vehicle. If you can't afford to keep paying, you could even transfer the loan to someone else! mymoneykarma provides you with all the information that you need about Axis Bank car loans.

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Features of Axis Bank Car Loans

Axis Bank car loans have a host of benefits and features that are customized for Axis Bank customers, as given below:

1. Affordable and sustainable car loan EMIs

2. Straightforward application process

3. Hassle-free loan processing and quick disbursal of loans

4. Flexibility in choosing the time of EMI payment

5. Attractive rates of interest under various car loan schemes

6. Minimal processing charges as compared to other banks

7. Loan amounts that cover up to 100% of the on-road prices of cars

8. Long loan tenures, of up to 8 years

9. Salary account holders of Axis Bank get exclusive discounts

10. Minimum loan processing charges

11. The facility of earning Axis Bank eDGE reward points on every EMI payment

Axis Bank Car Loan Interest Rates

Axis Bank offers attractive rates of interest on its car loans. The interest rates are set between 9.15% – 16.90% per annum.

Here is a summary of all the necessary information on Axis Bank car loans.

Interest Rate	9.15% – 16.90%
Minimum Loan Amount	Rs 1 lakh
Maximum Loan Amount	Upto 100% of the on-road price of vehicle, for some schemes
Minimum Repayment Tenure	3 years
Maximum Repayment Tenure	8 years

Fees and Charges Associated with Axis Bank Car Loan

Here is a list of charges associated with Axis Bank car loans.

Loan Processing Charges	Rs. 3500 – Rs. 6000
Foreclosure Charges	5% of the loan amount + GST
Documentation Charges	Rs 500
Prepayment or Part-payment Charges	5% of the loan amount + GST
Loan Cancellation / Re-booking	Rs 2,500
Charges for Late Payment of Loan Amount	2% of the outstanding amount
Stamp Duty & other Statutory Charges	As applicable by state laws
Registration Certification Collection Charge	Rs 200
Duplicate Statement Issuance Charges	Rs 250
Duplicate No Dues Certificate / NOC	Rs 500

Axis Bank Car Loan EMI Calculator

The Axis Bank website provides an EMI calculator for its car loans. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.

1. Loan amount

2. Loan tenure

3. Interest rate

4. Current price of the car

5. Relationship with the bank

EMI Calculator Example

Poulami would like to buy a new car, as her new office is very far from her place of residence. She approaches Axis Bank to avail a car loan under the Axis Bank New Car Loan Scheme. She wants to buy a Hyundai i10, whose on-road price is Rs 4.1 lakhs.

Poulami receives a loan of Rs 5 lakhs with a loan tenure of 6 years at an interest rate of 10% per annum. Using the car loan EMI calculator, Poulami’s EMIs amount to a nominal sum of Rs. 9,263 per month.

Documentation Required For Axis Bank Car Loans

The list of documents required for Axis Bank car loans differs for different customers, according to their occupation. mymoneykarma gives you the list of essential documents for each occupational category.

Salaried Customers

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof, such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Salary slips for the last three months.

4. Copies of Form 16 for the last two years.

Self-employed Customers/ Businesspeople

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Copies of ITR forms for the last two years.

4. Copies of Shop & Establishment Act Certificate.

5. Copies of sales tax certificate.

6. Audited balance sheet of the business for the last two years.

How to Apply For Axis Bank Car Loans

The process of Axis Bank car loan application is very simple. There are two different ways to avail the car loan.

1. Online registration:  Applicants can visit the Axis Bank website, download the Axis Bank car loan application form, fill it in, and upload the required documents. On approval of the loan, the loan amount is credited to the applicant’s account for.

2. Walk-ins: Customers can also visit the nearest Axis Bank branch and request for an Axis Bank car loan application form. They must also submit copies of the required documents along with the filled in application form. The loan is processed and approved in a few working days.

Axis Bank Car Loan Schemes

Axis Bank offers two types of car loan schemes to its customers. The highlights of each scheme are given below.

Axis Bank New Car Loan Scheme

Axis Bank offers this loan scheme to its customers for buying new cars. Here are a few features of Axis Bank New Car Loan Scheme.

1. The loan can be used to buy new passenger cars, sport utility vehicles (SUV), or multi utility vehicles (MUV).

2. The car loan covers up to 100% of the on-road price of the new car, on select models.

3. Available to a large pool of customers.

4. Special waivers and discounts for Axis Bank Priority banking, Axis Bank Wealth banking, and Axis Bank Privee banking customers.

5. The facility of earning Axis Bank eDGE reward points on every EMI payment.

6. Nominal interest rates, of 9.25% - 11.50% per annum.

Eligibility for Axis Bank New Car Loan Scheme

1. An age range of 21-70 years for salaried customers

2. An age range of 18-75 years for self-employed customers or businesspeople

3. Must be a salaried employee, self-employed individual, or business person

4. Must have a decent credit score

5. Minimum income of Rs 2.4 lakhs per year for salaried individuals

6. For businesspeople, a minimum income of Rs 1.8 lakhs per year for selected models, and Rs 2 lakhs per annum on all other models

7. Minimum work experience of 1 year for salaried customers

8. Minimum work experience of 3 years for self-employed customers or businesspeople

Axis Bank Pre-Owned Car Loan

Axis Bank offers the pre-owned car loan scheme to its customers for buying certified pre-owned cars from trusted dealerships such as Honda's Auto Terrace, Maruti TrueValue, Hyundai’s H-Promise, Tata’s Assured, Mahindra’s First Choice, and other dealerships like Car24 and Quikr Cars. The features of Axis Bank Pre-Owned Car Loan Scheme are given below.

1. The loan can be used to buy any kind of pre-owned passenger car, SUV, or MUV.

2. The minimum loan amount is Rs 1 lakh and the maximum loan amount covers up to 85% of the on-road price of all car models.

3. The maximum age of the pre-owned car can be 4 years.

4. The rate of interest on loans under this scheme ranges from 14.9% - 16.9% per annum for tenures less than 3 years, and 15% - 17% per annum for loan tenures longer than 3 years.

5. Loan processing proceedings are transparent.

6. The processing of the car loan requires the following documents:

   1. Proforma invoice

   2. Copies of the seller’s RC book

   3. Copies of the seller’s motor insurance

Eligibility for Axis Bank Pre-Owned Car Loan Scheme

1. An age range of 21-70 years for salaried customers.

2. An age range of 18-75 years for self-employed customers or businesspeople.

3. Must be a salaried employee, self-employed individual, or business-person.

4. Must have a decent credit score

5. Minimum income of Rs 2.4 lakhs per year for salaried individuals

6. For business people, a minimum income of Rs 1.8 lakhs per year for selected models, and Rs 2 lakhs per annum on all other models.

7. Minimum work experience of 1 year for salaried customers.

8. Minimum work experience of 3 years for self-employed customers or businesspeople.

Frequently Asked Questions

Q: Can I avail Axis Bank Car Loan for buying an old car?

A: Yes, Axis Bank provides car loans for buying pre-owned cars under its Pre-Owned Car Loan Scheme.

Q: Why has my Axis Bank car loan application been rejected?

A: For an Axis Bank car loan to be approved, all applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have no history of defaulted EMI payments in the past, should have a good debt-to-income ratio, as well as a decent credit score. 

Q: What happens if I miss paying an EMI?

A: It is better to pay the Axis Bank car loan EMIs on time, as Axis Bank charges a hefty penalty fee of 5% of the outstanding loan amount.

Q: What is the processing charge for Axis Bank car loans?

A: The Axis Bank car loan processing fees vary for different loan schemes, ranging from Rs 3,500 to Rs 6,000 plus service taxes. 

Q: I am 19 years old and am on my first job. Can I get an Axis Bank car loan?

A: Salaried customers must meet the age range of 21-70 years to be eligible for Axis Bank car loans.