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Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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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.
About 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 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.
Below are the advantages of availing car loan from Axis Bank –
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
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
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
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
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
Permanent employees of State / Central Government Permanent employees of Public Sector Undertakings Permanent employees of reputed schools / colleges
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
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 –
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.
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.
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.
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
Auto loans are available for –
Documents required for availing car loans from Axis Bank are as listed below -
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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