Car Loan From Axis Bank
Have you always dreamed of owning your very own car? Well, now you can turn that dream into a reality with Axis Bank‘s New Car Loan! Whether you’re a salaried individual or a self-employed entrepreneur, Axis Bank has tailored car loan options to suit your needs. In this blog post, we’ll provide you with all the essential information you need to know about Axis Bank’s New Car Loan, including eligibility criteria, required documents, interest rates, and more.
Eligibility Criteria for Car Loan
To kickstart your car ownership journey, it’s important to understand the eligibility criteria. We’ve summarized it in a simple table for your convenience:
| Eligibility Category | Salaried Individuals | Self-Employed Individuals | Self-Employed Non-Individuals | Priority / Wealth / Privee Customers |
|---|---|---|---|---|
| Minimum Age | 21 years | 18 years | 18 years | 21 years |
| Maximum Age (at maturity) | 60 years (conditions apply) | 65 years | 65 years | 65 years |
| Minimum Net Annual Income | Rs. 2,40,000 p.a. | Rs. 1,80,000 p.a. (selected models), Rs. 2,00,000 p.a. (others) | Rs. 1,80,000 p.a. (selected models), Rs. 2,00,000 p.a. (others) | Vintage of 6 months, AQB Rs. 1 Lakh for last 2 completed quarters |
| Employment Duration | Minimum 1 year | Minimum 3 years in the same line of business | Minimum 3 years in the same line of business | – |
| Additional Requirements | Income eligibility based on latest salary slip and Form 16 | Income eligibility based on latest Income Tax Returns | Income eligibility based on latest 2 years Income Tax Returns and audited financials of 2 years along with computation of income | – |
Documents Required
When applying for an Axis Bank New Car Loan, make sure you have the necessary documents ready. Here’s a handy table outlining the required documents for various applicant types:
| Documents | Salaried Individuals | Self-Employed Individuals | Partnership Firm/ Trust/ Society | Private Limited/ Limited Companies |
|---|---|---|---|---|
| Office / Business Proof | NA | Telephone Bill/ Electricity Bill/ Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement/ Regd Lease with other Utility Bills | NA | NA |
| Income Proof | Latest 2 Salary Slips & Latest Form 16 | Latest ITR | Audited Balance Sheet/ P&L Account & ITR for latest 2 years | Audited Balance Sheet/ P&L Account & ITR for latest 2 years |
| Bank Statement | Latest 3 months Bank Statement | Latest 3 months Bank Statement | Latest 3 months Bank Statement | Latest 3 months Bank Statement |
| Age Proof | PAN / Driving Licence/ Passport/ Birth Certificate | NA | NA | NA |
| Sign Verification Proof | PAN / Passport/ Banker’s Verification | NA | NA | NA |
| 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 | Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement | Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement |
| Additional Documents | NA | PAN Cards/ Authority Letter by all partners & Board Resolution for Trust / Society | List of Directors & Shareholding Pattern/ PAN Card/ Board Resolution/ Certificate of Commencement of Business for Ltd. Co. | NA |
Interest Rates and Charges
Axis Bank offers competitive interest rates and transparent charges to make your car ownership journey smoother. Here’s a breakdown of the interest rates and charges for New Car Loans:
For New Car Loans with tenure up to 36 months:
- Interest Rate: Starting at 9.15%
- Processing Fee: Rs. 3500 – Rs. 12000
- Documentation Charges: Rs. 700
For New Car Loans with tenure over 36 months:
- Interest Rate: Ranges from 9.15% to 13.80%
- Processing Fee: Rs. 3500 – Rs. 12000
- Documentation Charges: Rs. 700
New Car Loan Charges
Axis Bank keeps the charges associated with the New Car Loan to a minimum. Here are some of the charges you might encounter:
- Cheque/ECS/NACH Bounce / Instrument Return Charges: Rs. 339 per instance
- Cheque / Instrument Swap Charges: Rs. 500 per instance
- Duplicate Statement Issuance Charges: Rs. 250 per instance
- Duplicate Repayment Schedule Issuance Charges: Rs. 250 per instance
- Penal Interest: 2% per month
- Loan Cancellation / Re-booking: Rs. 550/- per case
- Foreclosure/Part Payment Closure: 5% of the Principal Outstanding
- Stamp Duty: At actuals
- Issuance of Credit Report: Rs. 50/- per instance
- Documentation Charge: Rs. 700/-
- Registration Certification Collection Charge: Rs. 250/ per instance
Applying for an Axis Bank Car Loan
Ready to get started? Here are some common questions and answers about the car loan application process:
What is the best way to apply for an Axis Bank Car Loan?
You can apply online through the Axis Bank website or visit your nearest Axis Bank Loan Center.
What is the minimum amount of Car Loan that I can get?
Axis Bank offers car loans starting from Rs. 1 Lakh.
What is the tenure for which I can avail a Car Loan?
The tenure for a car loan can vary but typically ranges from 1 to 7 years.
What type or make of vehicles does Axis Bank finance?
Axis Bank can finance a wide range of vehicles, including cars, SUVs, and more.
What security or collateral do I need to provide when I avail an Car Loan from Axis Bank?
The car you purchase with the loan serves as the primary collateral.
Can I sell my vehicle before I repay the entire loan?
Yes, you can, but the loan must be repaid before transferring ownership.
Will the Bank charge me if I cancel the Car Loan after it has been approved or disbursed?
Yes, there may be charges for loan cancellation. Refer to the terms and conditions.
Do I need to pay any other charges towards availing an Car Loan?
Apart from the interest and processing fees, there are charges for various services, as mentioned earlier.
How do I keep track of my Axis Bank Car Loan?
You can access your loan statements and repayment schedule.
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