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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.
About Axis Bank Car Loan Eligibility
How does a car loan work?
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 Individuals | Criteria 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 MCLR | Spread over MCLR | Effective ROI | Reset | Processing Fee | Documentation Charges |
|---|---|---|---|---|---|
| 8.85% | 0.4%- 2.65% | 9.25%-11.50% | No Reset | Rs. 3500 – Rs. 5500 | Rs. 500 |
| Effective ROI | Processing Fee | Documentation Charges |
|---|---|---|
| 9.25% - 11.50% | Rs. 3500 – Rs. 5500 | Rs. 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.no | Type | Charges |
|---|---|---|
| 1 | Cheque Bounce / Instrument Return Charges | Rs. 500 per instance |
| 2 | Cheque / Instrument Swap Charges | Rs. 500 per instance |
| 3 | Duplicate Statement Issuance Charges | Rs. 500 per instance |
| 4 | Duplicate Repayment Schedule Issuance Charges | Rs. 500 per instance |
| 5 | Duplicate No Dues Certificate / NOC | Rs. 500 per instance |
| 6 | Late Payment Penal Interest | 2% per month |
| 7 | Loan Cancellation / Re-booking | Rs. 2,500 per instance |
| 8 | Foreclosure Charges | 5% of the Principal Outstanding after 180 days from date of disbursement 10 % of the Principal Outstanding upto 180 days from date of disbursement |
| 9 | Part Payment charges | 5% Part Payment Charges after 180 days from date of disbursement 10% of the Part Payment amount upto 180 days from date of disbursement |
| 10 | Stamp Duty | At actuals |
| 11 | Issuance of Credit Report | Rs. 50 per instance |
| 12 | Documentation Charge | Rs 500/ Instance |
| 13 | Registration Certification Collection Charge | Rs 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
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
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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