An Introduction to Axis Bank Car Loan

At Axis Bank, it is also possible to avail loan against auto for a loan amount of Rs.10 lakh and over for a tenure of up to 15 decades. The interest rate applicable for a loan from auto is 10 percent of the part payment sum up to 180 days from the date of disbursement.

Are you looking to buy your dream car this season? For Axis Bank car loans, opt To get a speedy and cost-effective way of buying your dream car. Axis Bank offers car loans for used and new cars.

You can avail a loan quantity of Rs.1 lakh and over from Axis Bank to purchase a new or used automobile using a maximum tenure of 5-7 decades. The interest rate appropriate for a new automobile loan is 9.15% p.a. for salaried customers and around 100% on-road financing. The interest rate applicable for a used car is up to 90% financing of the valuation amount.

Axis Bank Car Loan Interest Rates

You’re probably eligible for an AXIS Bank Car Loan if you are

1. Age at least 21 and less than 75 for salaried
2. Age at least 18 and less than 75 for self-employed
3. In order to meet Income eligibility parameters, the applicant should have a minimum net annual salary of Rs. 2.4 Lac p.a
4. Self-employed applicants should have a minimum of Rs. 1.8 Lac p.a as net annual business income for selected car models and Rs. 2.0 Lac p.a. for others

Your AXIS Bank Car Loan amount eligibility is based on these factors

1. Minimum income required Income required of Minimum Rs. 2,00,000 per annum
2. Loan capped @ 85% of the ex-showroom price
3. EMIs of other loans lower your eligibility

Increase your eligible AXIS Bank Car Loan amount by these steps

1. Pay off your credit card bills
2. Choose longer tenure loan up to 7 years

Documentation needed to apply for an AXIS Car Loan

1. Photo ID and age proof

2. Signed application form with photograph

3. Residence proof

4. Last 6 months bank statement

5. Documentation for salaried applicants:

•  Last 3 months salary – slips
•  Form 16 or Income Tax Returns

 6.  Documentation for self-employed applicants:

• Last 3 years Income Tax Returns with computation of Income
• Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account