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Used Car loans form a priority sector in the whole bank loan segment. Scores of Indians choose to buy pre-owned cars for their affordability. Pre-owned cars also make a good option for people looking to buy a second car for their homes.
Axis Bank offers Used Car loans to purchase pre-owned cars. Loan amounts start from Rs.1 Lakh and you can get up to 85% of the car value. The bank promises quick processing of your loan application. Existing customers are also given additional benefits.
About Axis Bank Used Car Loan
Axis Bank Used Car Loans is available for –
Salaried individuals who are eligible for a Pre-Owned Car Loan
Self-employed individuals who are eligible for a Pre-Owned Car Loan
Businesses that are eligible for a Pre-Owned Car Loan
The common documents required to apply for the loan are:
KYC Documents to be submitted:
Partnership Firm/ Trust/ Society
Private Limited/ Limited Companies
Office / Business Proof
Telephone Bill/ Electricity Bill/ Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement/ Registered Lease with other Utility Bills
Latest 2 Salary Slips & Latest Form 16
Audited Balance Sheet/ P&L Account & ITR for last 2 years
Latest 3 months Bank Statement
PAN / Driving Licence/ Passport/ Birth Certificate
Sign Verification Proof
PAN / Passport/ Bankers Verification
Employment / Business Continuity Proof
Copy of Appointment Letter/ Date of Joining on Salary Slip/ ITR of Form 16/ Work Experience Certificate/ Relieving letter
Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement
PAN Cards/ Authority Letter by all partners & Board Resolution for Trust / Society
List of Directors & Shareholding Patter/ PAN Card/ Board Resolution/ Certificate of Commencement of Business for Ltd. Co.
Cheque Bounce / Instrument Return Charges
Rs. 500 per instance
Cheque / Instrument Swap Charges
Duplicate Statement Issuance Charges
Rs. 500 per instance
Duplicate Repayment Schedule Issuance Charges
Duplicate No Dues Certificate / NOC
2% per month
Loan cancellation / Re-booking
Rs. 2,500/ instance
5% of the Principal Outstanding
Part Payment charges
5% of the Part Payment amount
Issuance of Credit Report
Rs. 50 per instance
Rs 500/ Instance
Registration Certification Collection Charge
Rs 200/ Instance
There are variously affecting your car loan eligibility. Your eligibility and repayment capacity also affect your loan repayment tenure and the final interest rate. Pay attention to the following points:
Credit score – Your Credit Score is important for the bank to know your credibility. Having a healthy credit score assures the bank of your creditworthiness and hence gives a higher chance of loan approval.
Value of the pre-owned car you want to purchase – Though the bank offers a loan amount starting from Rs.1 lakh, the valuation of the pre-owned car is also taken into account. The valuation is done by an authorized surveyor and the final loan amount is decided based on this amount.
Age – The minimum age to avail of a car loan is 21. The more the number of working years left, the more time you have to repay your loan. So, the younger you are, the higher the chance of loan approval.
Income – Axis Bank offers up to 85% loan amount on the value of the pre-owned car you want to purchase. However, your income level affects your repayment capability. Hence, banks set a loan threshold for the amount that can be lent to you based on your gross monthly income.
Existing Liabilities – Banks take your existing debts, loans, credit card bills, and other liabilities into account while calculating your loan eligibility. Having low income but high liabilities can affect your loan amount or the tenure of loan repayment. It is advised to repay all your debts on time and maintain a healthy repayment history.
Existing relationship with the bank – Existing customers of the bank are always given preference. A healthy relationship with the bank in the form of savings account, salary account, credit card account, and other types of accounts increases your chance of landing a higher loan amount and better interest rates.
Co-applicants – Adding co-applicants to the application gives you a benefit of combined income. The car need not be purchased on their name, but adding an earning member of the family increases the available income for repayment, increasing your eligibility for a higher loan amount and better interest rate.
1. How to use the Car Loan EMI Calculator?
The use has to be a simple key in the required loan amount, repayment tenure and the expected interest rate. The calculator automatically gives the monthly EMI amount for the selected repayment tenure. It also shows the total principal and interest amount repaid.
2. What are the options available to make loan payments?
In the current digital era, all payments can be made digitally. Loan EMIs are generally assigned to a standing instruction or an ECS from your bank account.
3. Can I foreclose my used car loan?
Yes, you can foreclose your used car loan account. A 5% Foreclosure Charges on the Principal outstanding will be charged. You can also choose to make part prepayments to the loan amount. You can pay whenever you come across a bonus or incentive, thus reducing the interest burden on the loan.
4. What are the processing fees for the loan?
Axis Bank Used Car Loans have a processing fee of Rs.6000 or 1% of the loan amount, whichever is lower.
5. What is the age criteria to apply for Axis Bank Used Car Loans?
The minimum age is 20 for salaried individuals and 18 for salaried professionals. The maximum age limit is 70 for salaried individuals and 75 for salaried professionals.
Get loans starting from 11.25% interest rate
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