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. Self-employed Individuals · 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. Self-employed Non-individuals · 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. Priority/Wealth/Privee customers. · 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 · Photograph · 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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