Axis Bank Car Loan Interest Rates, EMI, Eligibility
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Axis Bank offers you the facility of owning your dream car with your dream features of borrowing a car loan. You could relish on low interest rates, with flexible tenure and also a lots of benefits which is only offered by Axis Bank New Car Loan.
Axis Bank Car Loan – Quick Approval
Axis Bank Car Loan Highlights
|Interest Rates||9.05% – 11.30% per annum|
|Processing Fees||A minimum amount of Rs 1000 of the loan amount is charged as processing fees.|
|Foreclosure Charges||Upto 5% of the principal outstanding balance + service tax is charged as foreclosure penalty.|
|Part-payment Charges||Upto 5% of the principal outstanding balance + service tax is charged as part-payment penalty.|
|Benefits||· Enjoy the features of high loan amount
· Low interest rates
· Up to 95% of the ex-showroom price on selected car models.
· Flexible repayment period
|Eligibility||· Salaried Individuals with minimum age of 21 years to 70 years of age.
· Self-employed individuals/non-individual with a minimum age of 18 years to maximum 75 years of age.
· Priority/Wealth/Privee customers.
|Income Criteria||Salaried Individuals
· The minimum Net Annual Income of a salaried individual must be Rs 2,40,000 per annum with a minimum of 1 year continuous employment with the same organization.
· The minimum Net Annual Profit must be Rs 1,80,000 per annum for purchasing standard cars and Rs 2 lacs for purchasing premium cars, with a minimum experience of 3 years as per the rules of the ITR.
· The minimum Net Annual Income must be Rs 1,80,000 per annum and the income eligibility is based on latest 2 years ITRand audited balance sheet of 2 years with minimum 3 years of employment in the same line of business.
· Any customers with a vintage of at least 6 months
· The minimum Average Quarterly Balance must be Rs 1 lac for the last 2 completed AQB necessary to be met for both the quarters.
|Minimum Loan Amount||The minimum loan amount is Rs 1 lac|
|Maximum Loan Amount||The maximum loan amount one can borrow is up to 85% on-road funding.|
|Repayment Period||You can repay the loan amount within a minimum period of1 year to 7 years.|
|Security||Claim for the vehicle to be purchased with the loan amount as security.|
|Documents Required||· Identity Proof
· Address Proof
· Age Proof
· Application Form
· Income Proof
· Bank Statement
· Signature Proof
· Pro-forma Invoice or Rate List
Terms and Conditions
- The bank has the right to reject any application without ant prior reason stated.
- It is the duty pf the applicant to inform the bank if there is any change of address or employment.
- The interest rates and the processing fees is subjected to change without any prior notice.
- Axis bank is not responsible for the contract entered by the applicant with the vehicle dealer.
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