Buying a dream car is a dream of everyone. Car is a family member of Indians. Indians have a mindset that the car is a status symbol and luxury product. Buying a car means the feeling of joy and happiness for Indians. Today, Here we discuss the Axis Bank Car loan scheme for those who are buying a new car with the help of bank loan.
Want to purchase a new Car? Axis Bank provides New Car Loan. Auto loans starting at Rs. 1 lakh and going up to 100% on-road funding, coupled with a number of advantages like appealing interest rates, flexible terms, Axis eDGE Reward points, etc. Make your goal of buying a car a reality by applying for an Axis Bank New Car Loan.
Now, we will discuss one by one all the related terms and conditions, eligibility criteria, required documents, interest rate, and how to apply for car loan. While we are going to apply for Car loan we have all the required documents ready.
Features of Axis Bank Car Loan
- Get loan up to 10 lac for 7 years repayment time and 100% finance on car on road price
- Lower Interest Rate on Electric Vehicle.
- Get Instant loan approval
- Select EMIs according to your convenience
Eligibility Criteria for Axis Bank Car Loan
Salaried Persons who are eligible for a car loan
- Minimum 21 years of age and Maximum 60 years of age
- Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models
- Income eligibility based on latest salary slip and Form 16
- Minimum of 1 year of continuous employment
Eligibility Criteria for Self-employed persons
- Minimum 18 years of age and Maximum 65 years of age
- Minimum Net Annual Business income of Rs. 1,80,000 per annum for selected models and Rs. 2,00,000 p.a. for others
- Income eligibility based on latest Income Tax Returns
- Minimum 3 years of employment in the same line of business
Documents Required For Axis Bank Car Loan
General Documents:
- Application Form
- Proforma Invoice
- Passport Size photograph of each applicant
- KYC Documents
- Passport, Driving License, Aadhaar number, Voter’s ID
- Proof of Income
- Latest 2 Salary Slips, Latest ITR, Latest 2 years financials along
- with ITR, Latest Form 16/ITR Previous year ITR
- Latest 3 months Bank
Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis.
Interest Rate and Other Charges of Axis Bank Car Loan
Owning your ideal vehicle is now simpler than you could have ever dreamed. Thanks to Axis Bank’s New Car Loan facility! The New Car Loan option from Axis Bank offers auto loans ranging from Rs. 1 Lakh to 100% of the on-road price. With the New Car Loan, you can take benefits of a number of advantages like appealing car loan interest rates, inexpensive car loan fees, and up to 100% loans on certain models. Read more about the interest rates for new car loans below.
Interest Rates and Charges
For New Car Loans with tenure up to 36 months
| 1 Yr MCLR | Spread over MCLR | Effective ROI Range | Reset | Processing Fee | Documentation Charges |
|---|---|---|---|---|---|
| 8.00% | 0.20%-3.40% | 8.20%-11.40% | No Reset | Rs. 3500 – Rs. 5500 | Rs. 500 |
For New Car Loans with tenure over 36 months
| Effective ROI Range | Processing Fee | Documentation Charges |
|---|---|---|
| 8.20%-11.40% | Rs. 3500 – Rs. 5500 | Rs. 500 |
New Car Loan Charges
Axis Bank’s New Car Loan offers a loan amount up to 100% of the on-road price of the car. The charges associated with the New Car Loan are completely transparent and kept to a minimum, which means you have to pay less upfront. Find out about the new car loan charges below.
| Sr. no | Type | Charges |
|---|---|---|
| 1 | Cheque/ECS/NACH Bounce / Instrument Return Charges | Rs. 339 per instance |
| 2 | Cheque / Instrument Swap Charges | Rs. 500 per instance |
| 3 | Duplicate Statement Issuance Charges | Rs. 250 per instance |
| 4 | Duplicate Repayment Schedule Issuance Charges | Rs. 250 per instance |
| 5 | Duplicate No Dues Certificate / NOC | Rs. 50 per instance |
| 6 | Penal Interest | 2% per month |
| 7 | Loan Cancellation / Re-booking | Rs. 550/- per case |
| 8 | Foreclosure/Part Payment Closure | 5% of the Principal Outstanding |
| 9 | Stamp Duty | At actuals |
| 10 | Issuance of Credit Report | Rs. 50/- per instance |
| 11 | Documentation Charge | Rs 500/- |
| 12 | Registration Certification Collection Charge | Rs 200/ per instance |
*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).
Overall, Axis Bank’s car loan scheme is very attractive which offers loan up to 10 lac for 7 years of repayment time. Axis bank also offers car loans electric vehicles with lower interest rate. If you are looking for car loan to buy your dream car so, you can consider Axis bank for car loan.
Click Here to Apply Car Loan from Axis Bank
