Axis Bank Car Loan Interest Rate

Axis Bank, the third largest private sector bank, is a well-known name in the vehicle loan industry, offering a diverse range of customized programs to cater to the diverse tastes of people around the country. The bank's flexible, transparent, and cost-effective loan procedure has helped it to rank among the top five vehicle finance companies in India.

Axis Bank has a 9% market share in an auto lending industry crowded with major, mid, and small financing organizations, including both banks and non-banking finance companies (NBFCs). The bank's growing roster of car loan customers includes salaried, self-employed businesspeople and professionals, among others.

Despite Axis car loan interest rate fluctuations caused by market fluctuations, the bank strives to provide competitive interest rates on car loans.

Characteristics of the Axis Bank Car Loan

These are the major attributes of the car loans from Axis Bank-

  • The smallest loan accessible is Rs.1 lakh.
  • On select models, you can get financing for up to 100% of the on-road price.
  • Select a loan repayment term of up to 7 years for new cars and five years for used vehicles.
  • Customers of Priority Banking, Wealth Banking, and Private Banking receive additional privileges.
  • Customers with Axis Bank pay accounts are not required to produce income documentation or bank account statements.
  • car loan interest rate Axis Bank begins at 7.99% per annum.
  • For used autos, you can get up to 85% of the appraisal amount funded.
  • Get up to 150% of the original loan amount with a balance transfer or top-up loan.
  • The automobile loan value is typically computed based on the car's ex-showroom price.
  • With a Smart Buyback auto loan, you can buy or upgrade to your dream car while receiving an assured buyback of up to 67% of the car's value.

Axis Bank Car Loan Interest Rate 2022

Here is the table of the Axis Bank Car Loan Interest rates-

Type of Loan

Car Loan Interest in Axis Bank

New Car Loan Scheme

8.70 - 10.95%

Balance Transfer and Top Up Car Loan Scheme

14.45 - 16.45%

Smart Buyback Car Loan Schemes

10.5%

Pre-Owned Car Loan Schemes

14.45 - 16.45%

Who is Eligible for a Car Loan from Axis Bank?

Following are the eligibility criteria for a Car Loan from Axis Bank-

- Salaried With the Mentioned Criteria

  • The candidate must be at least 21 years old, with a maximum qualifying age of 70 years.
  • Annual net salary of Rs.2.4 lakh
  • The applicant must have worked for at least one year.
  • The income qualifying conditions will be determined by Form 16 and the salary slip that is presented.

- Self-employed with the Mentioned Criteria

  • The applicant needs to be at least 18 years of age and no older than 75 years old.
  • For certain car models, the minimum net annual business income must be Rs.18 lakh, whereas, for other models, the minimum net yearly business income must be Rs.2 lakh.
  • The applicant must have worked for a minimum of three years.
  • The income eligibility conditions will be determined by the most recent income tax returns.

- Priority Customers

  • Customers with a six-month vintage.
  • For the previous two quarters, the applicant must have had an average quarterly balance of Rs.1 lakh.
  • The maximum loan amount available must be three times the average quarterly balance for the previous two quarters.

Non-individuals With the Mentioned Criteria

  • For certain car models, the minimum net annual business income must be Rs.18 lakh, whereas, for other models, the minimum net yearly business income must be Rs.2 lakh.
  • The applicant must have worked for a minimum of three years.
  • The applicant must provide IT returns for at least two years, as well as audited financials for two years and estimated income.

Documents Needed to Apply for the Car Loan

  • Application form
  • KYC documents
  • Proforma invoice
  • Passport size photograph of each applicant

Different Kinds of Car Loans Offered with Axis Bank

There are different schemes offered by the bank to cater to different financial aid for buying cars-

1) New Car Loan Scheme

Get a minimum loan of Rs.1 lakh up to 100% of the on-road pricing, plus features like reasonable interest rates, flexible repayment terms, Axis eDGE reward points, and more. Select plans provide payback terms of up to 7 years.

2) Balance Transfer and Top Up Car Loan Scheme

Take advantage of the balance transfer option on vehicle loans or top up your car loan for some more cash. Attractive interest rates are offered on high-value loans of up to 150% of the original loan amount. Customers of Priority Banking benefit from a maximum tenure of up to 5 years.

3) Pre-Owned Car Loan Scheme

With a minimum of Rs.1 lakh, you can acquire up to 85% of the car's value as financing on a used car. Quick approvals, full transfer support. The maximum payback period is five years.

4) Smart BuyBack Scheme

Axis Bank has partnered with CarDekho to provide this program, which allows you to purchase and/or upgrade to your ideal car at a lower EMI and receive up to 67% of the vehicle's repurchase value if you want to return the vehicle at the end of the loan term.

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