Choose Loan Amount
Choose your loan amount and terms to use loan
Axis bank Car Loan Interest Rates
| For Salaried | For Self-Employed | |
| Interest Rate | 10.75% onwards | 11.00% onwards |
| Loan Tenure | Up to 5 years | Up to 5 years |
| Loan Amount | Min. Rs. 24,000, Max. Rs. 15 lakhs | Min. Rs. 25,000, Max. Rs. 15 lakhs |
| Processing Fee | 1% of loan sanctioned + Taxes | 1% of loan sanctioned + Taxes |
| Pre-payment Charges | 3% of amount prepaid | 3% of amount prepaid |
| Foreclosure Charges | 3% of principal outstanding | 3% of principal outstanding |
Simple Loan Process
Axis bank offers simple loan process
Provide Document
Need to provide some basic document to verification
Approved Loan
Our loan specialist ask fews question and verify docuements.
Get your Money
Once loan aprroved you get loan amount credit.
Top Car Loan Schemes and Offers
You can either visit the official website of the bank to directly apply for a Car Loan or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.
You can either visit the official website of the bank to directly apply for a Car Loan or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.
| Bank | Best For | Key Highlights |
|---|---|---|
| HDFC Bank Car Loan | Low Interest Rate |
|
| IDBI Bank Car Loan | Self-Employed Professional |
|
| Indian Bank Car Loan | Quick Turnaround Time |
|
| Punjab National Bank Car Loan | Flexible Interest Rates |
|
| Allahabad Bank Car Loan | Short-term Requirement |
|
| Bank of India Car Loan | Top-Up Loans |
|
| Corporation Bank Car Loan | Quick Approval |
|
| Citi Bank Car Loan | Easy Eligibility Checks |
|
| Bank of Maharashtra Car Loan | Special Offers |
|
| Indian Overseas Bank Car Loan | Different Income Categories |
|
| Oriental Bank of Commerce Car Loan | Affordable Interest Rates |
|
Car Loan Eligibility Criteria
The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a Car Loan.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 21 years to 60 years | 22 years to 55 years |
| Net Monthly Income | Rs.15,000 | Rs.25,000 |
| CIBIL Score | Above 750 | Above 750 |
| Minimum Loan Amount | Rs.50,000 | Rs.50,000 |
| Maximum Loan Amount | Rs.25 lakh | Rs.50 lakh |
Car Loan EMI Calculator
Use BankBazaar Car Loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Car Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.
All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.
The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.
Documents Required to apply Car Loan
| Requirements | Salaried Individuals | Self Employed |
|---|---|---|
| Proof of Identity | Passport, Voter’s ID, Driving License or PAN Card | Passport, Voter’s ID, Driving License or PAN Card |
| Proof of Residence | Passport or utility bills | Passport or utility bills |
| Proof of Income | Bank statement of salary account for the past two years | Audited financial statement of the past two years |
If you are an NRI looking to borrow a Car Loan, these are the documents that you will need to submit to the lender:
- Copy of your Passport
- Visa Copy
- Your official Email ID or the Email ID of the HR
- Bank Statements
- Salary Certificate or salary slips
- NRO/NRE bank statements of the last 6 Months
- Proof of Identity, Residence, Income, and Assets
- Recent passport-size Photographs of yourself and the guarantors
Other Fees & Charge
- Processing fee
- Goods and Services Tax or GST
- Verification charges
- Charges levied for issuing duplicate statement
- Penalty for defaults
- Penalty for pre-payment and part payment of loan
In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a Car Loan.
Do not forget to check the eligibility criteria for the different types of Car Loans before you apply for one.
Car Loan Top Up
A Car Loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up Car Loan will be subject to that of the existing personal.
Key features and benefits
- Existing Car Loan customers are eligible for the loan top-up provided that they have paid their EMIs regularly and have no pending payments.
- Quick or instant disbursal of the top-up loan amount.
- Minimum documentation required.
- Zero processing fee offered by a number of lenders.
- No collateral required.
The approval of a Car Loan application depends on many factors. When you apply for a loan, you should make sure that you are fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for Car Loans may vary from lender to lender. However, there are some common criteria which include the age of the applicant, his or her income, credit score, the status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid the rejection of your loan application. Although there are other options that you can resort to in case your loan application gets rejected, it is recommended to double-check before applying to avoid the chances of rejection of loan application.
If you have recently paid off your Car Loan (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your Car Loan.
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Get Started Simple & Securely
Understand what is the loan amount you are eligible for and what would the EMI be.
you can apply as per your eligibility.
Find Loan Products We Offers
We will match you with a loan program that meet your financial need. In short term liquidity,
by striving to make funds available to them within 24 hours of application.
