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Axis Bank Car Loan
If you are dreaming of buying a new car or getting a pre-approved car loan, then you must definitely check Axis Bank Car Loan. It brings some great offers with its new car loan and pre-owned car loan scheme that will help your dream car become a reality.
Axis bank also offered instant car loan approval and hassle-free loan processing.
Axis Bank Car Loan Interest Rates 2024
Axis bank offers good interest rates along with flexible repayment tenure.
The recent interest rates are mentioned below:
| Loan | 1 Year MCLR | Spread over MCLR | Effective ROI |
|---|---|---|---|
| Axis Bank New Car Loan | 7.80% | 1.25%-3.50% | 9.05%-11.30% |
| AXIS Bank Pre-Owned Car Loan | 7.80% | 7.00%-9.00% | 14.80%-16.80% |
Axis Bank New Car Loan
Axis bank new car loan is one of the best options to choose from. It comes with great features and flexible EMI options.
Features of Axis New Car Loan
Financing
You can get funding from Rs. 1 lakh up to 100% on-road price on the car you wish to buy.
Interest Rates
One of the best features of the car loan is that you can buy your dream car at a decent interest rate. The interest rate on this loan scheme starts at 9.25% p.a.
Car Loan Value Calculation
The value of the car loan will be calculated based on the ex-showroom price of the vehicle.
Tenure
The bank provides loans for a tenure ranging from 12 months to 96 months. You can avail up to 8 years of tenure on select schemes offered by the bank.
Talk to our investment specialist
Schemes and Benefits
Customers in priority banking, wealth banking and private banking get special benefits. You need to contact the bank's relationship manager to know more about the same.
Also, there is a waiver of Income documents and bank statements for pre-approved and Axis Bank Salary A/C customers.
Tenure
You can avail a maximum repayment tenure of 5 years.
Processing and Documentation Charges
The Axis bank new car loan processing and documentation charges are minimal.
They are mentioned below:
| Feature | Description |
|---|---|
| Processing Fees | Rs. 3500- Rs. 5500 |
| Documentation Charges | Rs. 500 |
Eligibility
Axis new car loan has simple eligibility criteria. It is mentioned below:
- Salaried Individuals: If you are a salaried person who wishes to apply for the loan, then you should be a minimum of 21 years of age and maximum 70 years of age.
The income criteria of your Net annual salary should be Rs. 2,40,000 p.a. and you should be employed continuously for 1 year.
Self-Employed Individuals: If you are self-employed, you should be a minimum of 18 years and a maximum of 75 years of age to apply for the loan. Your annual net income should be Rs. 1,80,000 p.a. for selected models by the bank and Rs. 2 lakhs for other models.
For Businesses: For businesses, the minimum net annual income should be a minimum of Rs. 1,80,000 p.a. for selected models and Rs. 2 lakhs p.a. for others. The income eligibility will be based on the latest 2 years Income Tax Returns and audited financials of 2 years along with the computation of income.
The business should also have 3 years of employment in the same line of business.
Other New Car Loan Charges
The new car loan by Axis provides up to 100% of the on-road price of the car. This also brings in certain charges which are minimum.
The charges are mentioned below:
| Feature | Description |
|---|---|
| Cheque Bounce / Instrument Return Charges | Rs. 500 per instance |
| Cheque / Instrument Swap Charges | Rs. 500 per instance |
| Duplicate statement Issuance Charges | Rs. 500 per instance |
| Duplicate Repayment Schedule Issuance Charges | Rs. 500 per instance |
| Duplicate No Dues Certificate / NOC | Rs. 500 per instance |
| Penal Interest | 2% per month |
| Loan Cancellation / Re-booking | Rs. 2,500 per instance |
| Foreclosure Charges | 5% of the Principal Outstanding |
| Part Payment charges | 5% of the Part Payment amount |
| Stamp Duty | At actuals |
| Issuance of Credit Report | Rs. 50 per instance |
| Documentation Charge | Rs 500/ Instance |
| Registration Certification Collection Charge | Rs 200/ Instance |
| GST | GST will be charged as per applicable rates on charges and fees wherever applicable. |
Axis Bank Pre-Owned Car Loan
If you are looking to buy a pre-owned car, Axis Bank’s pre-owned car offers some great loans. Enjoy hassle-free application prices and instant approvals on your loan application.
Features of Axis Bank Pre-Owned Car Loan
Financing
You can avail loans starting from Rs. 1 lakh upto 85% of the car valuation you wish to purchase.
Interest Rates
Attractive interest rates are available with Axis bank’s pre-owned car loan. Interest rates start at 15% p.a.
Processing and Documentation Charges
Axis bank offers processing and documentation charges at a low amount. They are mentioned below:
| Feature | Description |
|---|---|
| Processing Fees | Rs. 6000 or 1% of the loan amount (whichever is lower) |
| Documentation Charges | Rs. 500 |
Other Pre-Owned Car Loan Charges
Pre-Owned car loan attracts some other charges with minimum amounts. They are mentioned below:
| Feature | Description |
|---|---|
| Cheque Bounce / Instrument Return Charges | Rs. 500 per instance |
| Cheque / Instrument Swap Charges | Rs. 500 per instance |
| Duplicate Statement Issuance Charges | Rs. 500 per instance |
| Duplicate Repayment Schedule Issuance Charges | Rs. 500 per instance |
| Duplicate No Dues Certificate / NOC | Rs. 500 per instance |
| Penal Interest | 2% per month |
| Loan Cancellation / Re-booking | Rs. 2,500 per instance |
| Foreclosure Charges | 5% of the Principal Outstanding |
| Part Payment charges | 5% of the Part Payment amount |
| Stamp Duty | At actuals |
| Issuance of Credit Report | Rs. 50 per instance |
| Documentation Charge | Rs 500/ Instance |
| Registration Certification Collection Charge | Rs 200/ Instance |
| GST will be charged as per applicable rates on charges and fees wherever applicable. |
Axis Bank Car Loan Eligibility
Axis Bank pre-owned new car loan has simple eligibility criteria. It is mentioned below:
- Salaried Individuals: If you are a salaried person who wishes to apply for the loan, then you should be a minimum of 21 years and maximum 70 years of age.
The income criteria is that your Net annual salary should be Rs. 2,40,000 p.a. and you should be employed continuously for 1 year.
- Self-Employed Individuals: If you are self-employed, you should be a minimum of 18 years and a maximum of 75 years of age to apply for the loan. Your annual net income should be Rs. 1,80,000 p.a. for selected models by the bank and Rs. 2 lakhs for other models.
The income eligibility will be based on the latest income tax Returns and you will be required to have a minimum 3 years of employment in the same line of business.
- For Businesses: For businesses, the minimum net annual income should be a minimum of Rs. 1,80,000 p.a. for selected models and Rs. 2 lakhs p.a. for others. The income eligibility will be based on the latest 2 years Income Tax Returns and audited financials of 2 years along with the computation of income. The business should also have 3 years of employment in the same line of business.
Documents Required for Axis Bank Car Loan
Various documents required are based on personal and income details. They are mentioned below:
Salaried Individuals
- Income Proof (Latest 2 salary slips and Latest Form 16)
- bank statement (Last 3 month’s bank statement)
- Age Proof (PAN/ Driving License/ Passport/ Birth Certificate)
- Sign Verification Proof (PAN/ Passport/ Bankers Verification)
- Employment/Business Continuity Proof (Copy of Appointment Letter/ Date of Joining on Salary Slip/ ITR of Form 16/ Work Experience Certificate/ Relieving Letter)
Self-Employed Individuals
- Office/Business Proof (Telephone Bill/ Electricity Bill/ Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement/ Regd Lease with other Utility Bills)
- Income Proof (Latest ITR)
- Bank Statement (Last 3 month’s bank statement)
- Age Proof (PAN/ Driving License/ Passport/ Birth Certificate)
- Sign Verification Proof (PAN/ Passport/ Bankers Verification)
- Employment/Business Continuity Proof (Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement)
Businesses
- Income Proof (Audited Balance Sheet/ P&L Account & ITR for last 2 years)
- Bank Statement (Latest 3 months Bank Statement)
- Employment/Business Continuity Proof (Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement)
- Other Documents (PAN Cards/ Authority Letter by all partners & Board Resolution for Trust / Society)
Axis Bank Car Loan Customer Care Number
- You can contact 1-860-500-5555 (Charges applicable as per the service provider)
- You can access Phone Banking services from outside India by dialling +91 22 67987700
An Alternative of the Car Loan- Invest in SIP!
Well, car loan comes with higher interest rates and long tenure. The best way to accomplish your dream car is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream car from which you can invest a fixed amount in SIP.
SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!
Speed-up your Savings to Buy Dream Car
If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.
SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.
Know Your SIP Returns
Conclusion
Axis Bank provides great car loan offers at an attractive interest rate and repayment tenure. Read all the car loan-related documents carefully before applying.
Alternatively, you can also start saving up to buy that dream car by investing in a Systematic Investment Plan (SIP).
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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