Enlisted below are the features of axis bank Car Loan
Axis bank offers Car loans to the customers having a good credit score and fit into the banks eligibility criteria loan amount upto Rs.12 Crores. You can buy either a brand new car or a pre-owned car depending on your preference.
Rate of Interest
The rate of interest at which axis bank lends you the loan ranges from 9.20% to 12% per annum for a brand new car whereas for purchase of a pre-owned car the rate of interest is higher.
The processing fee charged by the bank is between Rs. 3500 to Rs. 5500, as your case may be.
Fore-Closure fee is the fee charged by the bank when you close the loan account by paying in full the outstanding loan amount. The fore-closure charges charged by the bank if you close a loan account is upto 5%, however there are cases where axis bank charges NIL Fore-closure charges if you close your loan account.
The loan can be borrowed for loan tenure upto 84 months. If you can pay higher EMI then your loan tenure will be shorter whereas a smaller EMI means that your loan tenure will be longer.
Certain Factors that Determine your Eligibility
You should be minimum 21 years of age and maximum70 years of age at the time of loan maturity to apply for car loans.
If you are a salaried your minimum income should be not less than Rs.2,40,000 along with 1 year of continuous employment; whereas if yu are self-employed your minimum income should not be less than Rs.1,80,000/- along with 3 years of business continuity.
You can make use of Letzbank Eligibility Calculator Tool to determine your eligibility to apply for Axis Bank Car Loan.
Letzbank Car Loan EMI Calculator Tool
Once you know your eligibility you should plan your EMI as per your affordability and know an accurate amount that is charged on the loan amount that you are going to borrow from the bank. There are a number. You can plan your Axis Bank Car Loan Emi by making use of Letzbank Car Loan EMI Calculator Tool which will give you a very clear picture of the loan amount, the amount charged towards the rate of interest, loan stages throughout the loan tenure and also give you the Emi that you will be charged on a monthly basis - all you need to do is to follow a 3 Stepped procedure:
- Enter the Loan amount
- Enter the Rate of Interest
- Enter the loan tenure
Just Submit – To know your EMI
Compare a couple of loan offers at Letzbank and shortlist the best Car Loan deal for yourself – Apply Online and avail a 100% waiver on Service for all online applications.