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Axis Bank Car Loan Fees & Charges

Given below are the fees and charges applicable on your Axis Bank car loan:

ChargesNew Car LoanPre-owned Car Loan
Processing feeRs.3,500 to Rs.5,5001% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule ChargesRs.250 per instanceRs.500 per instance
Issuance of Duplicate Statement ChargesRs.250 per instanceRs.500 per instance
Penal Interest2% per month
Part Payment charges5% of the paid amount
Foreclosure Charges5% of the principal outstanding
Documentation ChargeRs.500 per instance
Issuance of Credit ReportRs.50 per instance
Registration Certification Collection ChargeRs.200 per instance
Cheque/Instrument Swap ChargeRs.500 per instance
Cheque Bounce/Instrument Return ChargesRs.500 per instance
Issuance of Duplicate No Dues Certificate ChargesRs.500 per instance
Loan Cancellation/Re-booking ChargesRs.2,500 per instance
Stamp DutyAt actuals

Axis Bank Car Loan Eligibility

Salaried individual

  • The applicant must be at least 21 years of age, and the maximum age of eligibility being 70 years.
  • Net annual salary of Rs.2.4 lakh p.a.
  • The applicant must be employed for a minimum of 1 year.
  • The income eligibility criteria will depend on the Form 16 and the salary slip submitted.

Self-employed individuals

  • The minimum age of the applicant must be 18 years and the maximum age being 75 years.
  • The minimum net annual business must be Rs.18 lakh for selected car models, while for other models, the minimum net annual business income must be Rs.2 lakh.
  • The applicant must be employed for a minimum of 3 years.
  • The income eligibility criteria will depend on the latest income tax returns.

Self-employed non individuals

  • The minimum net annual business must be Rs.18 lakh for selected car models, while for other models, the minimum net annual business income must be Rs.2 lakh.
  • The applicant must be employed for a minimum of 3 years.
  • The applicant will have to furnish IT returns for at least 2 years along with the audited financials of 2 years along with the calculated income.

Priority customers

  • Customers with a vintage of 6 months.
  • The applicant must have an Average Quarterly Balance of Rs.1 lakh for the last 2 quarters.
  • The maximum loan amount that can be availed must be equivalent to 3 times the Average Quarterly Balance for the last 2 quarters.

Factors affecting Axis Bank Car Loan eligibility

Some of the factors that affect Axis Bank Car Loan eligibility are given below:

  • Income: You will have to earn a minimum salary on a monthly basis in order to be eligible for the car loan scheme offered by Axis Bank. Higher your income, better are your chances of availing a car loan from Axis Bank.
  • Market fluctuation: Fluctuation in market also determines the interest rate that will be charged on your loan amount. The rate of interest may be higher if the inflation is high, and similarly can be lower if the inflation rate is lower. Hence, always check how the market is performing before availing a car loan.
  • Loan amount: The loan amount will determine the rate of interest levied. Higher the loan amount, higher will be the rate of interest.
  • Repayment tenure: The repayment tenure plays a role in the lender determining the rate of interest charged on the loan amount. Higher the repayment tenure, higher will be the interest rate charged and vice versa.
  • Income-to-debt ratio: The lender checks the income-to-debt ratio before deciding whether they should approve your car loan or not. The income-to-debt ratio is nothing but the ratio of your income to the debt you own. Hence, in order to avail a car loan at a lower interest rate, you must ensure that your income-to-debt ratio is low.
  • Relationship with your bank: Your relationship with the lender will also determine the rate of interest levied on the loan amount. It is always recommended that the applicant avails a car loan from the bank where he/she holds a bank account. The bank finds it easier to provide loan to a person who has been a customer of the bank for a very long time. Hence, there is a very good chance that the applicant will get a car loan at a lower interest rate.

Car Loan Schemes offered by Axis Bank

The car loan schemes offered by Axis Bank are:

  • Axis Bank New Car Loan scheme: This scheme is suitable for those who wish to purchase a new car for themselves. The minimum loan amount that an individual can avail is Rs.1 lakh with the repayment tenure being up to 8 years.
  • Axis Bank Pre-Owned Car Loan scheme: Customers who wish to purchase a pre-owned car for themselves can avail this car loan from Axis Bank. The minimum loan amount that one can avail is Rs.1 lakh with the repayment tenure going up to 5 years.
  • Loan against car scheme: If you are in an urgent need of money, you can avail this scheme where you can offer your vehicle as a collateral in exchange for loan. The loan amount offered by the lender starts at Rs.10 lakh and up to 50% of the original value of the car.

How to Calculate EMI on Axis Car Loan

Before you avail a car loan from Axis, you may want to know how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the Axis Bank Car Loan EMI , you will be able to budget your monthly expenses better.

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

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P the principal amount, r the interest rate and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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