Axis Bank, initially established in 1993 as UTI bank is the third-largest private-part bank in India delivering a range of financial services. Get your dream car home with the exciting offers from Axis bank car loan.
Axis Bank offers vehicle loan plans the pace of premium beginnings from 9.05% p.a. to 11.30% p.a. for a new vehicle loan and from 14.80% p.a. to 16.80% p.a. for pre-claimed vehicle advances. For Axis bank car loans you don’t need to give any kind of security, the bank considers the car as security. You need to hypothecate the vehicle to the bank for the period of the loan. No other collateral is needed. Since a vehicle loan is verified in advance, your CIBIL rating probably won’t be required. Nonetheless, your CIBIL score will assist you with getting a loan at a good rate of interest. Axis bank will offer you vehicle/car loan tenure for 8 years, with the least rate of interest of 9.25%. This comes to EMI of 1,478Rs per 1 lakh.
The rate of interest varies by applicant job profile, loan amount & tenure. The EMI which you pay includes principal repayment and interest payment. Even though the EMI sum will stay consistent, the primary part continues increasing and then again, the interest component keeps decreasing.
Key Features of Axis Bank Car Loan
- Get up to 100% of the on-road price of the car
- Attractive Axis car loan interest rates starting at 9.05% p.a.
- Priority Banking, Private Banking, and Wealth Banking customers can get special benefits
- Salary account holders and pre-approved loan customers need not submit bank statements and income documents.
- Offers on foreclosure and part payment charges
- Low-interest rates, as compared to other banks
- No required guarantor for loan approval
- Part-payment available
- E-approval available
Documents Required For Axis Bank Car Loan
- KYC-PAN, address & ID proof
- For Salaried applicant: Latest Form 16 and Salary Slips, Bank statement of the previous 3 months, Employment Continuity Proof [Letter of Appointment/ITR of Form 16/Salary Slip with Date of Joining].
- For Self-employed professionals: Latest ITR, Employment Continuity Proof[Shop & Establishment Act Certificate/Sales Tax or VAT Certificate], Business Proof [Electricity Bill/Sales Tax or VAT Certificate/SSI or MSME Registration Certificate].
- Partnership Firms/Societies/Trusts: Proof of Identity [Copy of Partnership Deed/Society Deed/ Trust Deed], Address proof, Income proof [P&L Account and ITR for previous 2 years/Audited Balance Sheet], Business Continuity Proof & Additional documents [Authority Letter/PAN cards]
- For Limited/Private Limited Companies: Identity proof [Copy of Latest MOA/Incorporation/Latest AOA], Address proof, income proof, Bank Statement, Business Continuity Proof, Additional documents[Certificate of Commencement of Business for Ltd. Co./Board Resolution/List of Directors and Shareholding Partners/PAN Card]
The income eligibility criteria will depend on Form 16 and the salary slip submitted.
Eligibility Criteria To Get Axis Bank Car Loan
- Age at least 21 and less than 75 for salaried
- Age at least 18 and less than 75 for self-employed
- The applicant should reach minimum income criteria. Their minimum annual income should be 2.4 Lac p.a.
- Self-employed applicants ought to have at least Rs. 1.8 Lac p.a. as a net yearly business income for chosen vehicle models and Rs. 2.0 Lac p.a. for other models.
- The applicant must be employed for a minimum of 1 year.
Important Things About Axis Bank Car Loan
To get a car loan, you should earn a minimum salary every month. Higher-income, you have more chances of getting a car loan with a better rate of interest.
Fluctuation in the market also determines the interest rate that will be charged on your loan amount. The rate of interest may be higher if the inflation is high, and similarly can be lower if the inflation rate is lower. Hence, always check how the market is performing before availing a car loan.
The loan amount will decide the rate interest will charge. Higher the tenure, the rate of interest will be higher.
The repayment tenure plays a role in the lender determining the rate of interest charged on the loan amount. Higher the tenure, the rate of interest will be higher & it’s vice-versa.
Your past CIBIL history and repayment record of existing loans and credit cards have a direct impact on your Axis Bank car loan eligibility. If you have a bad track record of repayment, then there are fewer chances of getting a car loan. But the other side you can increase your CIBIL score by making regular payments on time and which will help you get the future loan and the car loan with a better rate of interest. Generally, Bank gives a loan at a CIBIL score of 700 and above.
Relationship With Your Bank
Your relationship with the lender will also determine the rate of interest levied on the loan amount. It is always recommended that the applicant avails a car loan from the bank where he/she holds a bank account. The bank finds it easier to provide loan to a person who has been a customer of the bank for a very long time. Hence, there is a very good chance that the applicant will get an Axis bank car loan online at a lower interest rate.
How To Apply For Axis Bank Car Loan Online
- You can visit the official website of Axis Bank and under the car loan scheme, apply for an Axis bank car loan online. You will have to upload the required documents as asked by the bank. The documents submitted by you will be verified and if they are found to be correct, the lender will disburse the loan amount into your bank account.
- If you do not want to apply for Axis bank car loan online, then you can apply By visiting the closest branch of the bank.
What Is The Process of Axis Bank Car Loan Verification?
After you have presented your loan application and required reports, Axis Bank pursues the procedure beneath.
Car Loan from Axis Bank charges a processing fee of 0.00% of the loan amount. The minimum is Rs. 3,500and Maximum is Rs. 5,500.
Processing and approval of the application form
- Verification of documentation
- Sanctioning the loan
- Disbursement of the loan.