AXIS BANK CAR LOAN

Axis Bank Car Loan

Looking for a Car loan that offers 100% of the on-road price? Want to buy your dream car at the lowest interest rates in India? Then Axis Bank Car Loan is the best option for you.

Axis Bank Car loan interest rates starts from 9.25%. These are fixed rate loans and are one of the best car loan rates in India. However, rate of interest may vary by borrower occupation, loan amount and loan tenure.

Why Car Loan from Axis Bank?

Apply for a Car Loan online with the best and effective interest rates from Axis Bank. The bank provides you with the excellent customer-support, fast problem solving potential and easy loan disbursal.

There are extensive eye-catchy features which will allure you to go for Axis Bank Car Loan:

  • 1. High eligibility of up to 95 per cent of the ex-show room price on select models.
  • 2. Special Offers for Axis Salary Account Holders, priority banking and wealth banking
  • 3. Loan tenure options ranging from 1 to 7 years
  • 4. Loan amounts offered beginning from Rs. 1 Lakh
  • 5. Zero foreclosure and part payment charges
  • 6. No guarantor required
  • 7. For priority banking, wealth banking, and private banking customers, the lender offers special benefits.

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by Axis Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate9.25% – 11.50%
Processing FeesRs.3500 to Ra.5500
Loan Tenure1-7 years
Guarantor RequirementNo
Documentation ChargesRs. 300
Lowest EMI Per LakhRs.1478/-
Loan AmountUpto 95% of ex-showroom price
Cheque Bounce ChargesRs. 500
Cheque / Instrument Swap ChargesRs. 500
Stamp DutyAt actuals
Loan cancellation / Re-bookingRs. 1000

Advantages of Axis Bank Car Loan

Axis Bank provides its customers with exciting advantages to choose them for availing Car Loan.

  • 1. Salaried and self-employed individuals, proprietors, HUF, partnership firms, limited liability partnership firms, trusts, societies and companies are eligible for loans
  • 2. The value of car loan is calculated on the basis of ex-showroom price.
  • 3. It offers banking surrogate schemes.
  • 4. Earn Axis eDGE rewards for completing transactions
  • 5. In the case of new car loans, funding for up to 100% of the on-road price of the car can be availed.
  • 6. The minimum loan amount that can be availed is Rs.1 lakh.
  • 7. The lender charges a reasonable interest rate, which starts from 9.25% p.a.
  • 8. Flexible repayment options

Eligibility Criteria for applying for Axis Bank Car loan

Your application for Car loan can be approved once you meet the eligibility criteria. To avail a car loan from Axis Bank, you should ensure that you meet the eligibility criteria specified by the lender, which is as follows:

Salaried Individuals:
  • 1. Age of applicant should be not less than 21 years
  • 2. The age of the applicant cannot exceed 70 years at maturity of the loan.
  • 3. Net annual salary should not be less than Rs. 2.4 lakhs.
  • 4. The concerned individual should be able to prove at least 1 year of continuous employment.
  • 5. Income eligibility will be based on the latest salary slip and Form 16
Self-Employed Individuals and Non-Individuals:
  • 1. Age of applicant should be no less than 18 years
  • 2. The applicant should not be older than 75 years of age at loan maturity.
  • 3. Applicant should have a minimum net annual business income of Rs. 2 Lakh p.a.
  • 4. For selected car models, the required minimum annual salary is Rs. 1.8 Lakh
  • 5. The applicant is required to have been employed in the same line of business for at least 3 years.
  • 6. Income eligibility will be based on the latest ITR
Salary Customers:
  • 1. Salary customers are required to be over the age of 21 years
  • 2. Should earn a minimum yearly net income of Rs.2,40,000.
  • 3. The applicant should have a salary account with the lender for at least 3 months before applying for a car loan.
  • 4. The concerned individual should have served their employer for at least 1 year, without any breaks.
  • 5. Individuals who are employed in MNCs, private limited and public limited companies, and permanent employees of central/state governments, PSUs, and reputed colleges and schools can take this loan.
Wealth/Priority/Privee Customers:
  • 1. Customers that have a 6-month vintage can apply for this loan.
  • 2. A minimum Average Quarterly Balance of Rs.1 lakh for the past 2 quarters is required.
Groups
  • 1. The Income of non-individual applicants must be minimum of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for all others
  • 2. In order to meet income eligibility, latest 2 years ITR and audited financial of 2 years along with computation of income is required.
  • 3. Has to be employed for a minimum of 3 years in the same line of business.

Documents required for applying for a Car Loan from Axis Bank

Before applying for Car Loan online please check you complete with the required documents.

Salaried Employees
  • 1. Filled up loan application form
  • 2. 2 Passport Size Photo
  • 3. Copy of Income Tax PAN
  • 4. Identity Proof –Aadhar, Passport/ Driving License/ Voter ID/ PAN
  • 5. Quotation of car
  • 6. Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • 7. Income Documents – 3 months’ pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • 8. C of Vehicle and Insurance of Car
Self-Employed
  • 1. Filled up loan application form
  • 2. 2 Passport Size Photo
  • 3. Copy of Income Tax PAN
  • 4. Identity Proof – Aadhar, Passport/ Driving License/ Voter ID/ PAN
  • 5. Quotation of car
  • 6. Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • 7. Income Documents – 3 months’ pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • 8. C of Vehicle and Insurance of Car.

Procedure for applying for Axis Bank Car Loan Online

One can apply online for Car loan through our website with few simple steps by registering online:

  • 1. Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  • 2. Provide your consent.
  • 3. Choose Axis Bank as your Car Loan partner.
  • 4. Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

For further queries you can go through www.axisbank.com

Know more about Axis Bank Car Loans – FAQs

Q. What is car loan interest rate offered by Axis Bank?

A. As per current interest rates, Axis Bank car loan interest rates are in the range of 9.25 % to 11.50%.

Q. What is the lowest EMI per lakh on Axis Bank car loan?

A. Lowest EMI per lakh is Rs. 1,622 for Axis Bank for a loan availed at an interest rate of 9.25% and for tenure of 7 years.

Q. Do I get tax benefit on Loan against property from Indiabulls?

A. There are no tax benefits available for loan against property.

Q. What is the maximum tenure of Axis Bank car loan?

A. You can repay your Axis Bank car loan in a flexible period of 7 years.

Q. How much processing fee is charged by Axis Bank on car loan?

A. Axis Bank charges a processing fee of Min. Rs. 3,500 and Max. Rs. 5,500 with applicable service tax.

Q. Are there any prepayment charges on Axis Bank car loan?

A. You can take car loan from Axis Bank with prepayment 5% of outstanding principal.

Q. Can I add my spouse’s income while applying for car loan from Axis Bank?

A. You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

QUICK OVERVIEW
Apply online at interest rate starting @ 9.25% p.a.
Free doorstep documents pick-up service
Quick approval and disbursal rate
Competitive and transparent process
Flexible repayment options