Axis Bank
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 | ||||
- 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
- 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
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
- 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:
- You can apply for a car loan from online on the Axis Bank website.
- You can visit any of the nearest Axis bank branches in your location.
- 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.
