Axis Bank Car Loan Eligibility

Axis Bank Car Loan Eligibility

Bank Finance Amount Interest Rate Tenor Processing Fee Advance Part Payment Action
12,00,00,000 9.20 - 12.00 84 3500 - 5500 YES Check Eligibility

Enlisted below are the features of Axis Bank Car Loan:

  • Car Loan Amount: Axis Bank offers car loan upto 12 crores which depends on the eligibility of the borrower. You are likely to get more amount as car loan if you are a customer with higher credit score.
  • Car Loan Interest Rate: Car loan at Axis Banks are offered at the rate of interest of 9% to 12% per annum. Planning to pay higher amount towards your EMI and cutting down on your loan tenure can be a good option as you will not be charged so much rate of interest and pay your debt faster.
  • Processing Fee: The bank takes a one-time processing fee of Rs. 3500 to Rs.5500 for processing your car loan.
  • Loan Tenure: You can plan to pay your EMI for maximum loan tenure of 84 months; however it depends on fast you want to clear the loan.
  • Fore-closure Charges: The bank charges a fore-closure fee of Rs. 5% if you wish close the loan at any point of time during the loan tenure.

Know the eligibility to apply for Axis Bank Car Loans

For Salaried Individuals:

  • The minimum age to apply for car loan at axis bank is 21 years and maximum age at the time of loan maturity should be 70 years.
  • Minimum net yearly income of a salaried individual should be a minimum of Rs 2,40,000/-.
  • One should be employed with current organization for atleast one year.

For Self Employed Individuals

  • Minimum age to apply car loan at axis bank is 18 years and maximum age to apply for axis bank car loan at the time of loan maturity should be 75 years.
  • Minimum net yearly income of self-employed individuals should be a Rs. 1.8 lakhs for selected models of the car and a minimum of Rs. 2 lakhs for car models of the other brand.
  • Self-employed individuals should be in the same business for atleast 3 years of time

Documents Required:

For Salaried Individuals:

The document required to apply for car loan at Axis Bank are identity proof, income proof, address proof, bank statement for last six months, a copy of latest income tax certificate –Form 16.

For Self Employed Individuals

Documents that are required to apply for axis bank car loans are identity proof, address proof, income tax return certificate of last three years (Form 16), an audited balance sheet of last three years last 6 months bank statement
If you are looking for car loans, all you need to do is to apply for it online through our portal Letzbank and get benefited from a waiver on service fee. You can compare various car loan deals at Letzbank where you can compare all features and shortlist the best car loan deal that would fit your budget.
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