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Car Loan

Overview – Axis Bank


Axis Bank was promoted jointly by Specified Undertaking of Unit Trust of India (SUUTI – formerly known as United Trust of India), General Insurance Corporation of India (GIC), Life Insurance Corporation of India (LIC), National Insurance Company Limited, The Oriental Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited in the year 1993.Axis bank started its operations in the year 1994 from its registered office in Ahmedabad, India.


The third largest private sector bank in India, Axis Bank offers a wide range of financial services to its customers. Axis Bank has around 3,120 domestic branches and 12,922 ATMs that are spread all over the country, making it easily accessible to all. Axis bank car loans are one of its most popular products for its incomparable schemes in India, which come with uncomplicated processing, flexible tenures and superior customer service. In addition, low interest rates make these car loans more attractive and affordable. Generally, car loan finance rates fluctuate based on external market conditions but Axis Bank ensures that their interest rates are competitive and reasonable at all times.


Features of Car Loan provided by Axis Bank:
 

  • Loan amount up to 85% on-road price
  • Loan tenure options ranging from 1 to 7 years
  • Value of the car loan is calculated on the ex-showroom price of the car
  • On select models, the LTV is available up to 95% of the ex-showroom price
  • Loan amounts offered beginning from Rs. 1 Lakh
  • Individuals salaried and self-employed, HUF, proprietorships, Partnership firms, Limited Liability Partnership Firms, Societies Companies, and Trusts can avail car loan from Axis bank.
  • Priority Banking, Wealth Banking and Privee banking customers can avail special benefits
  • Axis Bank Salary account holders can also avail special schemes on car loans
  • It offers banking surrogate schemes.

Eligibility Criteria for Axis Bank Car Loan

Axis Car loans can be availed by individuals- salaried and self-employed, HUF, proprietorships, Partnership firms, Limited Liability Partnership Firms, Societies Companies, and Trusts. Requirements for Axis car loan eligibility are the following:
 

Salaried Individuals
 

  • Age of applicant should be no less than 21 years
  • Age of applicant at the time of loan maturity should be no more than 70 years
  • Net annual salary should not be less than Rs. 2.4 lakhs.
  • Income eligibility will be based on the latest salary slip and Form 16
  • Applicant should have been under continuous employment for at least a year

Self-employed Individuals
 

  • Age of applicant should be no less than 18 years
  • Age of applicant at the time of loan maturity should be no more than 75 years
  • Applicant should have a minimum net annual business income of Rs. 2 Lakh p.a.
  • For selected car models, the required minimum annual salary is Rs. 1.8 Lakh
  • Income eligibility will be based on the latest ITR
  • Applicant should be in the present business for a minimum of 3 years

Groups
 

  • The Income of non-individual applicants must be minimum of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for all others
  • In order to meet income eligibility, latest 2 years ITR and audited financial of 2 years along with computation of income is required.
  • Has to be employed for a minimum of 3 years in the same line of business.

You can check for your car loan amount eligibility for an Axis Bank car Loan using this simple eligibility calculator tool: Here

Interest Rate on Axis Bank Car Loan

sought after car loan rates in India today. The car finance plans themselves are very affordable, and give the customer flexible options for repayment. Axis Bank car loan interest rates make it one of the best car loans in India, ensuring that you have to pay less every month. Moreover, you can also get a used car and a pre-owned car loan from Axis Bank.


Axis car loan Interest Rate is 11.50% and the processing fee (inclusive of service tax) is charged up to Rs.5500 with documentation charges (inclusive of service tax) of Rs.300/-
 

Rate of Interest

Processing Fee

Documentation Charges

11% p.a. to 12% p.a.

Rs.3500 to Ra.5500

Rs.300


Other Charges on Car Loan:


Axis bank car loans levy minimal processing charges at complete transparency, so that the customer is informed and satisfied. The following table lists the additional charges applicable on various Axis car loan services.
 

Service

Charges

Cheque Bounce / Instrument Return Charges

Rs. 500/ Instance

Cheque / Instrument Swap Charges

Rs. 500/ Instance

Duplicate Statement issuance charges

Rs. 500/ Instance

Duplicate Repayment Schedule issuance charges

Rs. 500/ Instance

Duplicate No Dues Certificate / NOC

Rs. 500/ Instance

Late repayment penalty

2% per month

Loan cancellation / Re-booking

Rs. 1000/ instance

Part payment charges

5% of the Principal Outstanding plus service tax

Foreclosure Charges

5% of the Part Payment amount plus service tax

Stamp Duty

At Actuals

Issuance of Credit Report

Rs. 50/ Instance

Documentation Required for Axis Bank Car Loan

1. Completely filled application form, signed with a passport size photograph

2. Identity Proof

3. Age proof

4. Proof of Residence

5. Bank statement of the past 6 months

6. Additional documentation by salaried applicants:
 

  • Last 3 months salary slips
  • Form 16 or proof of Income Tax Returns

7. Additional documentation by group or self-employed applicants:
 

  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account statement

Calculating EMI for Axis Bank Car Loan

Calculation of your car loan EMI is quick and simple with Paisa Bazaar. Our Car Loan EMI Calculator tool is specifically designed for the calculation of Axis Bank car loan EMI. The tool, within seconds, presents to you the due total interest and installments to be paid to the bank monthly. Follow the steps listed below to reach to the calculators.
 

  1. Go to Financial Calculators from the drop down Tools Menu and select Car Loan EMI calculator.

  2. Fill in your loan details – (I) the loan amount you wish to borrow, (II) the tenure of loan repayment you wish to have and (III) the interest rate at which it is being offered.

  3. The calculator then works out the calculations and shows the monthly EMI amount payable to the bank in order to pay off your car loan.

  4. If satisfied, you can apply for availing the car loan online.

Or you can simply click on this link to calculate the EMI for Axis Bank Car Loans: http://www.paisabazaar.com/financial-tools-calculators/emi-calculator/car-loan/


Repayment of the Axis Car Loan:


Repayment is the periodic installment you make to pay off the car loan borrowed. There are several ways to pay back your loan including regular EMI, step-up or step-down EMI among many others. To avoid any confusions and last moment panics later, you must have a clear picture about the repayment method you choose before signing the car loan agreement and deciding it mutually with the lender prior to the beginning of your repayment period. Following are the commonly offered repayment methods:
 

1. Normal EMI


The most common repayment method, works on a pre-decided amount of monthly car loan payments. The EMI amount depends on the tenure and interest rate on the loan and is paid either at the beginning or at the end of each month.


2. Step-Down EMI


The EMI amount gradually reduces from highest one to lowest one in this kind of repayment method. The number of payments made determine the reduction in the EMIs.


3. Step-Up EMI
 

Opposite of what happens in Step-down, the initial EMI is lesser and it increases gradually. It is usually helpful for the people whose income is expected to increase with time. Generally, the EMI amount would alter twice during the entire loan tenure.


4. Balloon EMI
 

In this method, borrowers are allowed to make lump sum payments towards the end of repayment tenure for a car loan. The balloon method reduces the initial burden of a loan on the borrower.

 

Why Axis Bank Car Loan?

Availing an Axis bank car loan involves simple and transparent process. Axis Bank offers affordable car loans at low interest rates and the option of flexible repayment tenures. Plus, the bank provides very unique and quick customer service and a dedicated, customer centric approach.


Axis bank car loan on PaisaBazaar
 

Anybody can apply for an Axis bank car loan through Paisa Bazaar. We are associated with all the major banks and financial institutions and provide accurate and reliable information on Axis car loan options for our customers. Customer can compare the car loan amount eligibility, interest rates, pros and cons and different schemes available from Axis and other similar banks on Paisa Bazaar. Our user friendly interface saves a lot of time for the customers as they are able to get the required information well organized at the same place. Prospective car loan customers can easily check their eligibility as well as monthly EMI to be paid, easily through our loan Eligibility and loan EMI calculators, respectively.


Other reasons for applying for an Axis Bank Car Loan through us are:
 

  • We are one stop solution for a range of Products, offering multiple choices of car loans for every requirement specified.
  • PaisaBazaar keeps you updated with the lowest available interest rates on Axis car loans and other products offered by the best banks of the market.
  • By letting you fill up an online form about the kind of loan you desired, Paisa Bazaar evaluates the perfect loan options for you.
  • In order to decide the best for you, you can compare loans from different Banks against each other for parameters like rate of interest offered, EMI options available, processing fees charged, customer feedback, etc.
  • Personal information is treated with high regard and kept very confidential at Paisa Bazaar. The information you provide is only shared with your chosen lender, and never shared with a third party for any reason whatsoever.

How to apply on Paisa Bazaar

Applying for an Axis bank car loan on Paisa Bazaar is a quick and simple process. To apply for an Axis car loan with us, you may follow the following step by step procedure:
 

  • Visit www.paisabazaar.com
  • On the homepage, select ‘Car Loan’ from the various loan options spread on the screen. It will land you to a car loan eligibility calculator. Fill in all the fields and at the end of it, Paisa Bazaar will sort down the best Car loans available matching your requirements, for you to choose from.   
  • 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 you submit the online application, you will receive an instant e-approval from Paisa Bazaar.
  • This application along with the information you provide is then transferred to your chosen bank from wherein a customer support executive from the same will get in touch with you and take the process for Axis car loan forward.

OR

  • You can go to the ‘Learn’ dropdown menu from the tool bar on the top of the home page and select ‘Banks and Financial Institutions’.
  • Here you will be presented with a list of all the associated banks, from which you can choose Axis or any bank you wish to buy the loan from.
  • Once you select the bank, every requisite piece of information will be available to you about the bank and its products, as you scroll through.
  • Choosing Axis Bank directly from this menu will allow you to properly check the features and benefits associated with the Bank. The ‘Apply Online’ option takes this step further.

Availing services using PaisaBazaar helps you save time, money and efforts, while assuring you the best loan options that are sorted exclusively for your requirements.

Axis Bank Car Loan FAQ

1. Can I make part pre-payment on my Axis Car Loan?


A. Yes, you can make a part-prepayment towards your Auto Loan, but this may incur a few foreclosure charges.


2. What are the pre-payment Charges on Axis car loans?


A. Making a part payment prior to the due date, incur an extra charge of 10 % of the pre-payment amount up to 180 days from date of disbursement whereas after completion of 180 days from the date of disbursement, only 5 % charge would be levied on the pre-payment amount.


3. How can I apply for an Axis Bank car loan?


A. You have a number of options to apply for a car loan from Axis Bank
 

  • Online at the Axis Bank website
  • Through PaisaBazaar.com by clicking here
  • In person, at the nearest Axis Bank Loan Center

4. What is the minimum car loan amount that I can apply for from Axis Bank?


A. Car loans offered by Axis Bank begin from the amount of Rs. 1 lakh. The main considerations that should be made while deciding the loan amount you should apply for are:
 

  • Requirement
  • Eligibility
  • Monthly income
  • Capacity for repayment

5. What is the maximum Axis car loan tenure?


A. Axis Bank offers pre-approved car loans with extremely flexible repayment tenures that can be extended to a maximum period of 60 months, in case of car loans.


6. What is the penalty on bounced cheque?


A. Axis Bank charges a sum of Rs. 500 on every cheque that bounces.


7. What can I do to repay my loan? What are the various kinds of options to pay EMIs ?


A. Following are the methods to make repayments:
 

  • Standing Instructions (SI): This mode is available to existing account holders of the bank, be it individuals having a salary account, current account or a savings account with Axis Bank can give fixed instructions to the bank to automatically debit the EMI amount every month from their respective accounts.
  • Electronic Clearing System (ECS): This mode is for customers who do not have an Axis Bank account and order their respective banks to deduct the EMIs from their accounts and transfer the same to Axis Bank against loan repayment
  • Post-Dated Cheques: This too is a mode beneficial for individuals not having an Axis Bank account. They need to submit a set of Post-dated Cheques from their respective accounts. These cheques will automatically be released by the bank itself as and when they fall due.

8. Does Axis Bank offer loans for pre used or pre owned cars?


A. No, Axis Bank has no scheme for the financing of pre-owned cars.


9. What collateral do I have to provide for availing a car loan from Axis Bank?


A. The vehicle that you purchase with the car loan itself will be used as collateral for the loan. The vehicle will be hypothecated for the loan period to Axis Bank.


10. How can I find my Axis bank car loan Status online?


A. Axis bank car loan customers can track the application they made on Paisa Bazaar through mails. Axis bank car loan status can also be checked online through the Axis Bank portal.


11. Where can I find the Axis bank car loan Application Form?


A. Customers can apply for a car loan online through the PaisaBazaar website or through the Axis Bank website.

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