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Axis BankCar LoansFixed Interest Rate

Axis Bank New Car Loan

Up to 100% on-road financing on select models · Special interest rate discount for electric vehicles (EV) · Flexible balloon repayment options

Starting rate8.80%p.a. onwards
Max LTV100%Asset value
Max tenure7 years84 months
Customize this example for your borrowing needs.
Customize repaymentApply on Axis BankBank site · opens in a new tab
Mathematical Grounding

True Cost & Day-1 Cash Breakdown

Representative scenario for ₹10,00,000 loan over 7 years at CIBIL 750+.

Day-1 Upfront Cash Outflow₹5,310

This cash must be paid out-of-pocket before disbursement and is not added to your loan EMI.

Processing Fee₹4,500
18% GST₹810
Legal & Valuation₹0
Estimated Monthly EMI₹15,988Per month for 84 installments
Total Lifetime Interest₹3,42,992Net interest outgo over 7 years
Total Lifetime Outgo (Principal + Interest + Day-1 Cash):₹13,48,302
CredSutra Intelligence

Decision Verdict & Mathematical Edge

Our algorithmic evaluation balances starting benchmark spreads against upfront processing loads and fine print restrictions.

Maths for it

  • +Reputable lending network of Axis Bank with predictable servicing and flexible tenures.
  • +RBI-mandated 0% prepayment penalty: Accelerate principal amortization without exit penalties.

Maths against

  • −Flat processing fee of ₹4,500 + 18% GST increases upfront Day-1 cash commitment.
  • −Self-employed applicants face a +25 BPS (0.25%) risk adjustment spread over base card rates.
  • −Steep CIBIL risk pricing ladder: Borrowers scoring below 700 may be charged up to 11.00%.
Customize this scenario
Credit Score Sensitivity

CIBIL Tier Rate Ladder

Self-employed risk loading: +25 BPS
CIBIL score bandBorrower tierIndicative salaried rateIndicative self-employed rateEst. monthly EMI (₹10,00,000)
750 – 900Prime borrower8.80% – 9.30%9.05% – 9.55%₹15,988
700 – 749Good standing9.30% – 10.10%9.55% – 10.35%₹16,242
650 – 699Standard / fair10.10% – 11.00%10.35% – 11.25%₹16,653
Contract Details

Contract Fine Print & Clauses

Rate Reset Frequency

Fixed interest rate for the entire tenure

Overdraft / Smart Saver Facility

Not available on this product tier

RBI 0% Foreclosure Penalty Mandate

Under RBI Master Directions, no bank, HFC, or NBFC can charge prepayment penalties or foreclosure charges on floating rate term loans sanctioned to individual borrowers.

Bank notes: Foreclosure allowed after 6 months; 4% foreclosure charge on principal balance.

Borrower Verification

Eligibility Highlights

  • Salaried or self-employed individuals
  • Annual income of at least ₹2,40,000
  • Age 21-70 years
Loan amount range

₹1,00,000 up to ₹1,00,00,000

Lender Alternatives

Compare alternatives in Car Loans

Compare this category
State Bank of India

SBI Car Loan

Starting at 8.65% p.a.
Read review
Kotak Mahindra Bank

Kotak Mahindra Car Finance

Starting at 8.70% p.a.
Read review
HDFC Bank

HDFC Bank New Car Loan

Starting at 8.75% p.a.
Read review

Frequently Asked Questions

What is the current interest rate and benchmark spread for Axis Bank New Car Loan?
Axis Bank New Car Loan offers interest rates starting from 8.80% up to 11.00% p.a., structured as Fixed Interest Rate.
Are there prepayment or foreclosure charges on Axis Bank New Car Loan?
Under RBI Master Directions, banks and lending institutions are strictly prohibited from charging prepayment or foreclosure penalties on floating-rate retail loans to individual borrowers. Foreclosure allowed after 6 months; 4% foreclosure charge on principal balance.
What is the Day-1 upfront cash requirement for Axis Bank New Car Loan?
For a representative principal of ₹10,00,000, the total Day-1 upfront cash outflow is approximately ₹5,310, comprising ₹4,500 processing fee + ₹810 GST (18%) + ₹0 estimated legal and valuation inspection charges.

These loan records do not include a verification date. Check the lender’s current terms before applying.

Official Sources & Citations
Sources
  • axisbank.com
  • RBI Master Directions on Advances & Floating Rate Loans (Commercial Banks)
  • RBI Regulatory Framework for Retail Loan Interest Rate Resets