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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.
Pre Owned Car Loan 8.90% - 17.00% up to 1% of loan amount from Rs 1 lakh onwards up to 5 years
Details
Documents Required

  • Identification Proof
  • Duly filled in application form
  • Age Proof
  • Residential Address Proof
  • Income Proof
  • Bank Statement
  • Photographs
  • Signature Verification Proof
  • RC Copy in case of refinance
  • Car Valuation report

Post Sanction, Pre disbursement Documentation

  • Standing Instructions (SI) request/ Post Dated Cheques / ECS form – Security Cheques are required for SI and ECS
  • Loan agreement which has been duly signed along with RTO set
Benefits

  • Enjoy attractive interest rates starting at 15%
  • Get high value on pre-owned car loans
  • Get complete transfer support
  • Calculate the EMI on car loan easily using the Axis Bank car loan calculator
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 Details

  • Documentation charges are Rs 500
  • The processing fee is Rs 6000 or 1% of loan amount (whichever is lower)
  • The interest rates differ for those loans whose tenure is up to 36 months and for those which exceeds 36 months
  • For issuing Duplicate No Dues Certificate Rs 500 will be charged per instance
Loan Against Car 15.0% - 17.0% 6000 50% of original loan amount up to 5 years
Details
Documents Required

  • Identification Proof
  • Duly filled in the application form
  • Age Proof
  • Residential Address Proof
  • Income Proof
  • Bank Statement
  • Photographs
  • Signature Verification Proof
  • RC Copy in case of refinancing
  • Car Valuation report

Post Sanction, Pre disbursement Documentation

  • Standing Instructions (SI) request/ Post Dated Cheques / ECS form – Security Cheques are required for SI and ECS
  • Loan agreement which has been duly signed along with RTO set
Benefits

  • Documentation free loan
  • Get attractive interest rates starting at 13.99% per annum
  • Get special pre-approved offers for car loan against an existing one
  • Minimum documentation process
  • Ultra-fast processing for securing a car loan
Eligibility

For Salaried Individuals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 60 years or superannuation (whichever is earlier)
  • Individuals should be permanent employees in either a government organization or reputed companies.

For Professionals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 65 years or less at the time of home loan maturity
  • Professionals like Architects, Doctors, Engineers, Cost Accountants, Management Consultants, Company Secretary, Dentists and so on can avail a home loan.

Self Employed Individuals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant at the time of maturity of home loan should not exceed 65 years
  • Individuals who file Income Tax Returns can also apply.
  • Applicants should have a self-owned business to secure the loan.
  • Applicants should have a regular source of income.
  • Applicants should be in business for a minimum of 2 years.
Other Details

  • For interest rates for car loan is between 15.0% - 17.0% per annum.
  • Processing Fee is Rs 6000 or 1% of the loan amount (whichever is lower)
  • Documentation charges are Rs 500
  • Penal interest is 2% per month (24% per annum)
Balance Transfer and Top Up Car Loan 15.0% - 17.0% up to 1% of loan amount maximum of up to Rs 30,00,000 up to 5 years
Details
Documents Required

  • Duly filled in the application form
  • Photographs
  • KYC Documents
  • Pro-Forma Invoice
  • Aadhaar Card
Benefits

  • Get attractive interest rates starting at 15% per annum
  • The minimum loan amount is Rs 1,00,000
  • Get a high value of loan of up to 150% of the original loan amount
Eligibility

  • The borrower should be a resident Indian
  • The borrower's age should be minimum of 21 years at the time of submitting the application form.
  • The borrower should have a regular source of income
  • Individuals who file Income Tax Returns can also apply for the loan.
Other Details

  • Interest rates on car loans is between 15.0% - 17.0% per annum
  • Processing Fee is 1% of the loan amount
  • Documentation charges are Rs 500
  • Foreclosure charges is 5% of principal outstanding loan amount

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.

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