Axis Bank, the third largest private sector bank, offers a gamut of financial products for the customers to choose from. The PAN-India presence with close to 3,000 branches and 13,000 ATMs makes the Mumbai-headquartered Bank a perfect banking partner for your financial needs. And when you talk about buying a car on loan, Axis Bank provides the same at an attractive interest rate to let you experience a bumpy-free ride on the road.
To make your ride even smoother, the bank also disburses a higher amount of loan based on your eligibility. So, read out the details of Axis Bank Car Loan to get an idea of your feasibility for the same.
Axis Bank Car Loan Details:
Interest Rate- 9.50%-12% p.a. (Monthly Reducing Balance) (New Cars)
– 14.50%-16.25% p.a. (Monthly Reducing Balance) (Old Cars)
Maximum Loan Amount– Up to 85% of on-road price or 95% of ex-showroom price for select car models
– Up to 80% of the valuation amount for used cars
Loan Tenure – 1-7 years for new cars
– 1-5 years for used cars
Processing Fee – Rs. 3,500-5,500
Foreclosure Charges – 5% of the principal outstanding + service tax as applicable
Part-payment Charges – 5% of the part payment amount + service tax as applicable
Axis Bank Car Loan Eligibility Criteria:
- The minimum age for salaried at the time of filing the application is 21 years, while for self-employed is 18 years.
- Salaried and self-employed must not be over 70 years and 75 years, respectively, at the time of loan maturity.
- The minimum annual net salary for salaried should be 2.4 lakhs, and a business income of Rs. 1.8 lakhs for a year in the case of self-employed is desirable.
- Salaried must have a year of work experience with the existing employer, while a 3-year continuity in the same line of business is required for self-employed.
Axis Bank Car Loan Interest Rate Calculator:
Want to check the EMIs payable on your car loan at Axis Bank? Turn on to Axis Bank Car Loan EMI Calculator, which in another word can also be told as Axis Bank Car Loan Interest Rate Calculator. Equated Monthly Installment (EMI) constitutes the amount of principal and interest that are payable towards a car loan.
The calculator not only gives you the exact EMI but also showcases the outflow in terms of interest and the overall amount. All the calculator needs is an entry of loan amount, interest rate, and the tenure. As soon as it happens, the EMI and other variables will flash before you to look at. Let us understand it through an example below.
Example- You want to avail a car loan of Rs. 3,00,000 from Axis Bank for 5 years. The existing interest rate comes out to be 9.50%-12% p.a. In that case, the EMI, interest, and overall outgo turn out to be Rs. 6,301-6,673, 78,034-1,00,400 and 3,78,034-4,00,400, respectively, over the loan term.
Axis Bank Car Loan Documentation:
Get ready with the list of documents shown below to apply for a car loan at Axis Bank.
Age Proof- PAN Card/Passport/Voter ID/Aadhaar Card/School or College Leaving Certificate
Identity Proof– PAN Card/Passport/Voter ID, Aadhaar Card/Driving License
Residence Proof- Passport/Voter ID/Electricity Bill/Telephone Bill/Life Insurance Policy
Income Proof- Salary Slip of Last 3-6 Months, Form 16 of Last 2 Years for Salaried
– ITR and Profit & Loss A/C Statement and Audited Balance Sheet for Last 3 Years for Self-employed
Signature Verification Proof– PAN Card/Passport/Aadhaar Card/Any Other Documents supporting Signature
Bank Statement– Bank Statement of Last 3-6 Months
Axis Bank Car Loan Status:
When the filing of car loan application is done, the next thing that you normally look at is its status. Whether the application is approved or pending approval, you can know all that by either giving a call to the branch or check online by visiting the official website of Axis Bank.
Axis Bank Car Loan Statement:
You can access the car loan statement by forwarding your request for the same to the branch official. Also, if you are an existing customer of the bank, you can log on to the Internet banking to find the same.