Home  »  Banking  »  Loans  »  Car Loan  »  Axis Bank Car Loan

Axis Bank Car Loan

The Axis Bank provides Car loan to salaried, self-employed salaried as well as self-employed non – salaried individuals at attractive interest rates. The interest rates are fixed in nature and are in the range of 9.25% - 11.50%. Loan borrowers can avail car loan up to 100% of the on-road price of the purchased vehicle.

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Axis Bank Car Loan 9.25%-11.50%, Fixed Up to Rs 5,500 1,00,000 - 100% of on-road price up to 36 months
Details
Documents Required

  • Identification Proof
  • Duly filled in Application form
  • Recent Photographs
  • Age Proof of the applicant
  • Income Proof of the applicant
  • Bank Statement
  • Signature Verification Proof
  • Residential Proof
  • Pro-Forma Invoice or Rate List
Benefits

  • Avail attractive interest rates on new car loans from Axis Bank
  • Get high-value car loans of up to 100% on-road price for up to 8 years
  • Easily calculate the car loan value
Eligibility

For Salaried Individuals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant at the time of loan maturity should be 70 years
  • The minimum net annual salary of the applicant should be Rs 2,40,000 per annum
  • Minimum one year of continuous employment
  • Income Eligibility is based on the latest salary slip and Form 16

For Self Employed Individuals:

  • Minimum age of the applicant should be 18 years
  • Maximum age of the applicant at the time of loan maturity is 75 years
  • Minimum Net Annual Salary of the applicant should be Rs 1,80,000 per annum for selected car models and Rs 2,00,000 for others.
  • Income eligibility of the applicant is based on the Income Tax Returns
  • The applicant should be employed in the same line of business for a minimum of 3 years prior to applying for a car loan.

For Self – Employed Non-Individuals :

  • Minimum Net Annual Salary of the applicant should be Rs 1,80,000 per annum for selected car models and Rs 2,00,000 for others.
  • Income eligibility of the applicant is based on the Income Tax Returns for the recent 2 years and audited financials of 2 years along with the computation of income.
  • The applicant should be employed in the same line of business for a minimum of 3 years prior to applying for a car loan.

Other Salaried Individuals who are Eligible for Car Loan

  • Permanent employees of State/Central Government
  • Permanent employees of reputed schools/colleges
  • Permanent employees of Public Sector Undertakings
  • Employees of Multi-National Companies
  • Employees of Private and Public Limited Companies
  • Employees of Reputed Schools / Colleges
Other Details

  • Processing Fee ranges between Rs 3,500 – Rs 5,500.
  • Documentation Charges is Rs 500
  • Tenure of the car loan is 36 months (3 years)
  • Penal Interest is 2% per month
  • Foreclosure Charges is 5% of principal outstanding after 180 days from the date of disbursement and 10% of the principal outstanding up to 180 days from the date of disbursement.

FAQs

Q: What are the documents required to avail a car loan from Axis Bank?

A: The following are the list of documents required to avail Car Loan from Axis Bank

  • Duly filled loan application form
  • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
  • Bank Statement from the last 6 months
  • Photograph of applicant
  • Proof of Residence (Current Address Proof)
  • Income proof
  • Signature verification proof
  • Rate List or Pro-forma Invoice

Q: How to apply for a car loan in Axis bank?

A: There are so many methods to apply for a car loan from Axis Bank:

  1. You can apply for a car loan from online on the Axis Bank website.
  2. You can visit any of the nearest Axis bank branches in your location.
  3. You can also call the customer care centre on the Axis Bank toll-free numbers.

Q: What is the minimum loan amount that I can get from Axis Bank?

A: Axis bank provides a minimum loan amount of Rs.1 lakh Rupees to buy a car and the maximum loan amount will depend on your eligibility criteria because they need to check borrower's income and repayment capacity.

Q: What is the loan tenure in the Axis bank?

A: Axis bank offers car loans with repayment tenures starting from 12 months and a maximum of up to 60 months only.

Q: What are the late payment charges?

A: Axis bank will charge 2% per month as charges in case of late payment.

Find IFSC


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more