Axis Bank Car Loan – Eligibility, Charges, and How to Apply

Axis Bank Car Loan

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Axis Bank is India’s third largest private sector bank, formerly known as UTI Bank (Unit Trust of India). The bank offers the entire spectrum of financial services to its customers. Axis Bank is one of the first new generation private sector banks in India to have begun operations in 1994.

Axis Bank Car Loan

Axis Bank offers car loans up to 100% on-road price of your dream vehicle. Car loans starts from Rs 1 lakh and interest rates starts at 8.55% p.a. Axis Bank pre-owned car loans offer loan up to 85% of the valuation amount, at an attractive interest rate. Apply for an Axis Bank Car Loan and make your dream come true of owning a car.

Also Read: Canara Bank Vehicle Loan

Benefits and Features of Axis Bank Car Loan

• Flexible tenure
• Instant sanction of the car loan
• Attractive scheme for Electric vehicle funding
• Up to 100% on-road fundings
• Get high value car loans
• Loans are available for both salaried and self-employed individuals

Interest Rate and Charges

Eligibility

Salaried Individuals who are eligible for a car loan

• Minimum 21 years of age
• Maximum 60 years of age at the time maturity
• Minimum Net Annual Salary of Rs 2,40,000 p.a. for all approved car models
• Income eligibility based on latest salary slip and Form 16
• Minimum of 1-year continuous employment

Self-employed individuals who are eligible for car loan

• Minimum 18 years of age
• Maximum 65 years of age at the time of loan maturity
• Minimum Net Annual Business income of Rs. 2,00,000 p.a. for others
• Income eligibility based on latest Income Tax Returns
• Minimum 3 years of employment in the same line of business

Self-employed non-individuals who are eligible for a car loan

• Minimum Net Annual Business income or Rs 1,80,000 p.a. for selected models and Rs 2.00,000
• 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

Documentation Required

• Application form
• Passport sized photographs
• KYC documents
• Office Business Proof
• Income proof
• Bank statement
• Age proof
• Sign verification proof
• Additional documents

Axis Bank Loan Against Car

Axis Bank also offers loan against car to their customers. The loan starts from Rs 1 lakh and up to 50% of the original loan value of the car. The bank provides a special pre-approved offers to the privilege customers for loan against car with ultra-fast processing and minimal documentation.

Eligibility

Axis Bank offers pre-approved offers only for existing Auto loan customers of Axis Bank.

Interest Rate and Charges for Loan Against Car

For loans with tenure up to 36 months:

For Loans with tenure over 36 months:

Axis Bank EMI Calculator

EMI is the amount that is paid on a monthly basis against the loan availed from the lender. Before availing a car loan you must know how much loan amount you are eligible for and how much would be the EMI on your car loan. Use Axis Bank Car Loan EMI Calculator to know how much you need to own a car.

Factors Affecting Axis Bank Car Loan Interest Rates

• Income: You will have to earn a minimum salary on a monthly basis in order to be eligible for the car loan scheme offered by Axis Bank.

• Loan amount: Your loan amount will determine the rate of interest. The higher the loan amount, higher will be the rate of interest.

• Repayment tenure: The shorter the loan repayment tenure will be the lower the rate of interest will be.

• Relationship with the bank: Good relation and a good credit history will help you to get lower interest rate.

FAQs

1. What is a car loan?

Ans: A car loan is a loan that is obtained to purchase two and four-wheelers for personal use. The lender loans the money to the borrower while the buyer must repay the loan in equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.

2. What are the documents required for applying a car loan?

Ans: The documents one required to apply for a car loan are as follows:

• ID proof
• Address proof
• 2 passport size photographs
• Income proof
• Bank statement of last 6 months
• Income Tax Returns for the

3. How can I get a car loan with lower interest rates?

Ans: Your interest rates depends on various factors, if you have a good credit score you will be eligible for lower interest rate, if you choose shorter loan repayment tenure, if you have a good credit history with the bank and have a steady source of income, you can become eligible for lower interest rate on a car loan.

4. What are the factors which affects Axis Bank car loan interest rates?

Ans: The factors which affects Axis Bank car loan interest rate are as follows:

• Income
• Loan Amount
• Loan Repayment Tenure
• Relation with the bank

5. What is the interest rate for new car at Axis Bank?

Ans: Rate of interest for new is 8.55% to 13.05% p.a.

6. What is the rate of interest for pre-owned car at Axis Bank?

Ans: Rate of interest for pre-owned car at Axis Bank ranges from 8.60% p.a.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.