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About Axis Bank

Axis Bank is the third largest of the private sector banks in India offering a host of customized products and services. The bank is headquartered in Mumbai, Maharashtra and has a significant presence pan India. The bank was established in the year 1993. The bank operates with over 3800 branches across the World, with 9 branches at international locations. The bank offers a range of products in the retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance space.

How does a car loan work?

Axis Bank Car Loan Eligibility

Car finance or car loan enables the borrower to acquire a car with an arrangement to fund the purchase by any financial institutions. The borrower will repay the amount so borrowed at regular intervals (typically on a monthly basis) called the equated monthly installments over a pre-determined period. The EMI would include the repayment of principal and interest. A car loan typically does not require surety or any additional guarantor / guarantee. The car bought against the fund will be mortgaged with the financial institution which extends the loan, any non-payment or lapse in payment of loan installment could potentially lead to the seizure of the car.

Axis Bank car loan

Axis Bank provides a range of services, one of the key products extended by Axis Bank is car loan. New car loans are extended from Rs. 1 Lakh upto 100% on-road price along with many benefits including competent interest rates, comfortable tenure, edge reward points etc., The bank provides an easy way to assess the installment against the loan. The car loan calculator which is part of the official website can be used to assess the monthly outlay in the form of EMI. The eligibility criteria and features are very basic and ensure that a nominal amount of loan value is extended to the variety of customers it caters to.

Advantages of availing car loan from Axis Bank

Below are the advantages of availing car loan from Axis Bank –

  • Avail funding from minimum Rs. 1 lakh to maximum upto 100% on – road price for upto 8 years
  • Car Loan at ROI starting at 9.25% p.a
  • Value calculated on ex-showroom price of vehicle
  • Car loan EMI calculator available to get an assessment of the monthly outlay of funds
  • Benefit from a high loan to value ratio
  • Special benefits for priority banking, wealth banking and private banking customers

Axis Bank car loan eligibility and features

Category of IndividualsCriteria for eligibility
Salaried individuals

21 – 70 years of age at maturity

Minimum net annual salary of s. 2.4 Lakhs per annum for all approved car models

Income eligibility based on latest salary slip and Form 16

Minimum of 1 year continuous employment

Self-employed individuals

18 – 75 years (at loan maturity)

Net annual business income of Rs. 1.8 Lakh per annum for selected models and Rs. 2 Lakh per annum for others

Income eligibility based on latest Income Tax Returns

Self-employed non-individuals

Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

Income eligibility based on latest 2 years Income Tax Returns and audited financials of 2 years along with computation of income

Minimum 3 years of employment in the same line of business

Priority or Wealth or Private customers

Customers with a vintage of 6 months

A minimum Average Quarterly Balance (AQB) as below:

An AQB of Rs. 1 Lakh for last 2 completed quarters.

AQB requirement to be met for both the quarters

Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salary customers eligible for a car loan

Customers who have a Salary A/c with Axis Bank since the past 3 months

Those who work with the following organizations:

Public Limited and Private Limited Companies

MNCs

Permanent employees of State / Central Government Permanent employees of Public Sector Undertakings Permanent employees of reputed schools / colleges

Other factors

Minimum 21 years of age

Maximum 70 years of age at loan maturity

Minimum Net Annual Salary of Rs. 2,40,000 p.a.

Income eligibility base on latest salary slip and Form 16

Minimum 1 year of continuous employment

Documents required for car loan from Axis Bank

Axis Bank extends loan against new cars to the extent of 100% of the on-road. The documents required for availing car loan from Axis Bank are –

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or rate list

The typical documents which are issued by Government are accepted as Age proof, ID proof, Residence proof. ITR, Form 16 and schedule of accounts (applicable for self-employment or business) is accepted as income proof, it has to be supported by a valid bank statement panning over 3-6 months.

Interest rates applicable on car loan availed from Axis Bank

Car loan rates available with Axis Bank are competent and nominal. It caters to a wide range of customers. There are two rates applicable for tenure upto 36 months and above 36 months.

For Car Loans with tenure up to 36 months
1 Year MCLRSpread over MCLREffective ROIResetProcessing FeeDocumentation Charges
8.85%0.4%- 2.65%9.25%-11.50%No ResetRs. 3500 – Rs. 5500Rs. 500
For Car Loans with tenure over 36 months
Effective ROIProcessing FeeDocumentation Charges
9.25% - 11.50%Rs. 3500 – Rs. 5500Rs. 500

New car loan charges

Axis Bank’s New Car Loan offers a loan amount up to 100% of the on-road price of the car. The charges associated with the New Car Loan are completely transparent and kept to a minimum, which means you have to pay less upfront.

S.noTypeCharges
1Cheque Bounce / Instrument Return ChargesRs. 500 per instance
2Cheque / Instrument Swap ChargesRs. 500 per instance
3Duplicate Statement Issuance ChargesRs. 500 per instance
4Duplicate Repayment Schedule Issuance ChargesRs. 500 per instance
5Duplicate No Dues Certificate / NOCRs. 500 per instance
6Late Payment Penal Interest2% per month
7Loan Cancellation / Re-bookingRs. 2,500 per instance
8Foreclosure Charges5% of the Principal Outstanding after 180 days from date of disbursement 10 % of the Principal Outstanding upto 180 days from date of disbursement
9Part Payment charges5% Part Payment Charges after 180 days from date of disbursement 10% of the Part Payment amount upto 180 days from date of disbursement
10Stamp DutyAt actuals
11Issuance of Credit ReportRs. 50 per instance
12Documentation ChargeRs 500/ Instance
13Registration Certification Collection ChargeRs 200/ Instance

The minimum amount accepted for part payment will be equal to one EMI and maximum amount will be 25% of the balance principal in one year

Frequently asked questions: Axis Bank car loan eligibility

1. Who can apply for car loans from Axis Bank?

Auto loans are available for –

  • Salaried
  • Self-employed
  • Individuals
  • Proprietorships
  • HUF
  • Partnership Firms
  • Limited Liability Partnership Firm
  • Trusts
  • Societies and Companies
2. What are the documents required for availing car loans from Axis Bank?

Documents required for availing car loans from Axis Bank are as listed below -

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or rate list
3. What are the eligibility criteria of the Axis Bank car loan?

The eligibility of the Axis Bank car loan is based on your occupation, income level, age and level of previous debts.The credit score of the individual is also a determining factor for eligibility of Axis Bank car loan.

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