AXIS Bank New Car Loan Interest Rate, Eligibility, Status, Calculator

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AXIS BANK NEW CAR LOAN

ABOUT AXIS BANK NEW CAR LOAN :

Axis Bank New Car Loan facility provides car loans from Rs. 1 Lakh up to 100% on-road price. This bank is the most flexible, quick and cost effective way to purchase your dream car. It also provides loans to a person who has already been a customer of the bank for a very long time. Axis Bank offers a very good chance for the customers to get a new car loan at a lower interest rate.

BENEFITS OF AXIS BANK NEW CAR LOAN :

1.Affordable car loan amount :

Purchasing a new and beautiful car is a dream of every person. So, Axis Bank provides the best and affordable loan amount for new car loans.The minimum new car loan amount is Rs. 1 lakh and maximum loan amount is Rs.100% on road price of the car.

2. Attractive interest rates :

The minimum interest rate of Axis bank new car loans is 9.05% and the maximum interest rate is 11.30%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a new car loan at an attractive and lower interest rate.

3. Flexible tenure of upto 8 years :

The Axis Bank new car loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 8 years. With the longer tenure period customers can easily pay their monthly installments . 

4. Low processing fee :

The processing fees of Axis Bank new car loan is Rs.3500 to Rs.5500. 

5. Exclusive benefits :

Axis bank new car loan offers exclusive benefits for wealth banking, priority banking and privy banking customers willing to avail a car loan from Axis Bank.

ELIGIBILITY CRITERIA FOR AXIS BANK NEW CAR LOAN :

  • Salaried individuals :

    • Minimum 21 years of age

    • Maximum 70 years of age at maturity (conditions apply)

    • Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models

    • Employed for a minimum 1 year with an existing employer.

  • Self-employed individuals :

    • Minimum 18 years of age

    • Maximum 75 years of age at loan maturity

    • Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

    • Minimum 3 years of employment in the same line of business

FEE AND CHARGES OF AXIS BANK NEW CAR LOAN :

TYPE

CHARGES

Processing fee

Rs 3500 to Rs 5500

Cheque bounce

Rs. 500

Xerox statement issuance fee

Rs. 500

NOC

Rs. 500

Penal Interest

2% p.m.

Re-Booking

Rs. 2,500

Foreclosure fee

5% of Part-payment amount

Credit report issuance

Rs. 50

Documentation fee

Rs. 500

Registration charge

Rs. 200

DOCUMENTS REQUIRED FOR AXIS BANK NEW CAR LOAN :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents, a loan is not possible to get. 

TYPE

ID PROOF

ADDRESS PROOF

INCOME PROOF

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, salary slip last 3 month and Form 16 of last 2 years

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Form 16, last 3 years ITR, Profit & Loss account statement and audited balance sheet for last 3 year

COMPARE OTHER BANK CAR LOAN INTEREST RATES :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF AXIS BANK :

  1. AXIS Bank Education Loan

  2. AXIS Bank Holiday Loan

  3. AXIS Bank Home Loan

  4. AXIS Bank EMI Calculator

HOW TO APPLY ONLINE FOR AXIS BANK NEW CAR LOAN :

  • First of all visit to the website of AXIS bank

  • On the homepage of go-to “explore products”

  • After that go to “retails” and then on “loans”

  • In loans section click on “car loan” and then click on “new car loan”

  • Click on apply now button

  • Fill the application form 

  • Attach all required with an application form

  • Submit the form and wait for the approval 

HOW TO CALCULATE EMI OF NEW CAR LOAN :

EMI stands for Equated Monthly Installments that you need to pay to the bank every month to repay your loan and the best benefit of EMI is the freedom to buy expensive utilities. It offers an easy way to repay your car loan. 

You can calculate the EMI for your car loan by using the below-given formula:

P x R x (1+R)^N / [(1+R)^N-1]

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly instalments.

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. How to apply for an Axis Bank new car loan ?

You can apply online for an Axis bank new car loan.

2. Is age must be required for Axis bank new car loans ?

Yes, age must be required for Axis bank new car loans and for salaried employees the age should be 21 years to 70 years and for self employed the age should be 18 years to 75 years.

3. What is the loan amount of Axis bank's new car loan ?

The minimum loan amount is Rs.1 lakh and maximum loan amount is upto 100% on road price of the car charges by Axis bank new car loan.

4. How much tenure is required for an Axis Bank new car loan ?

The tenure is 1 years to 8 years required for an Axis Bank new car loan.

5. What charges apply for an Axis Bank new car loan when your cheque is bounced?

You have to pay Rs. 500 when your cheque is bounced.

6. How much interest is charged by an Axis Bank new car loan?

The interest rate charged by an Axis bank new car loan is 9.05% to 11.30%.

Last Updated on : 25/Jul/2020

Know More About

Axis Bank New Car Loan

You're eligible for a Axis Bank New Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for 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

Axis Bank New Car Loan Interest Rates

Updated on 25 Nov 2017

Axis Bank New Car Loan Details
Interest Rate (Monthly reducing balance) 9.05% - 11.3%
Processing Fees Rs.3500-Rs.5500
Loan Tenure 1 year to 8 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959