Having a car at your disposal makes the entire process of commutation easier, isn’t it? You can go for long drives whenever and wherever you want. The entire feeling of driving one’s own car can’t be described in words. However there are many people who wish to have a car of their choice but the lack of sufficient funds is stopping them from fulfilling it. If you are having the same problem then a good news awaits you.
Axis bank car loan is offered to interested applicants who wish to buy their favorite car. Axis bank is one of the leading private sector banks in our country which offers a variety of loan products to the people, thereby meeting their financial needs. Anybody be it a salaried individual or a self-employed professional or a self- employed non professional, can secure finance from the bank to purchase a new car or an old car and even take a loan against his/her car. The tenure for a new car goes up to a maximum of seven years.
The minimum amount which one can avail is Rs. 1 Lakh and the maximum amount goes up to 85% of the on-road price. This article will give all the essential information you require about the product offered by Axis bank.
An applicant can be eligible for a car loan only if he/she is able to meet the below requirements imposed by the bank. Let’s have a look at them-
- Should be at least 21 years old at the time of loan application
- Should not exceed the age of 70 years at the time of loan maturity
- Should earn an annual income of at least Rs. 2,40,000
- Should be working with the present employer for at least one year
- Should have attained at least 18 years of age while applying for a loan
- Should not exceed the age of 75 years when the loan matures
- Should earn a minimum annual income of Rs. 1,80,000
- Needs to have a business stability of at least three years
- A net annual income of at least Rs. 1,80,000 is required for selected car models and Rs. 2 Lakhs in case of others
- Business stability of a minimum of three years is mandatory
Documents required to avail a car loan:
Any interested applicant after fulfilling the eligibility criteria has to complete the documentation work. The list of documents he/she has to submit are-
- Completely filled application form
- Age Proof- Passport/PAN Card/Aadhar card/Voter ID card/Birth certificate
- Proof of Identity– Driving license/PAN Card/Aadhar card/Passport/Voter ID
- Proof of Address- Voter ID/Passport/Electricity Bill/Life Insurance Policy/Telephone Bill
- Income Proof- The applicant is required to submit certain documents as proof of income.
- For Salaried Individuals- Salary Slip of Last three to six months and Form 16 of the previous two financial years.
- For Self-employed– ITR and Profit & Loss A/C Statement and Audited Balance Sheet of the past three financial years
- Pro-forma Invoice or Rate List
- Signature Verification Proof– Passport/PAN card or any other such document verifying the applicant’s signature
- Bank Statement– Bank Statement of the last six months
Interest rates and processing fees:
Before availing any loan one has to check the interest rates offered by the lender and then choose accordingly. Axis Bank charges an interest rate ranging from 11 to 12% for a new car. The processing fee lies between the range of Rs. 3,500 to Rs. 5,500.
Interest rates for a pre owned car and a loan against car is 14.50 to 16.25%. The processing fee for both is between Rs. 3,500 to Rs. 5,500.
Axis Bank Car loan EMI Calculator:
It’s always advisable to check the amount of EMIs you will have to pay each month to the bank. In case you don’t keep a tab on them, you may end up lamenting and disturbing the monthly budget of yours. Keeping this in mind, Axis Bank car loan EMI calculator has been devised. The tool is simply perfect to calculate your EMIs without much hassle.
Yes, you read it right. All you have to do is simply feed in the information relating to the loan amount you wish to secure, interest rates and tenure period. And then, just wait for the magic to happen. You will receive instant results regarding the monthly EMI you need to pay along with the break up information about the total amount payable.
So now you have got sufficient information about Axis bank car loan, you should hurry up to grab a good deal from the bank.