Axis Bank Car Loan
The third-largest private sector bank, Axis Bank, is well-known in the vehicle loan industry and offers a variety of tailored products to meet the diverse needs of customers nationwide. The bank is among the top five vehicle financing companies in India because to its flexible, open, and reasonably priced loan procedure. The market share of Axis Bank, which includes both banks and non-banking financial providers, in the fragmented vehicle lending sector is now 9%. (NBFCs).
The bank’s increasing roster of auto loan clients, which includes salaried, self-employed businesspeople and professionals, among others, only grows as a result of the appealing interest rates and flexible repayment alternatives. Despite the variations in rates brought on by market fluctuations, the bank tries to offer competitive interest rates on auto loans.
The bank has over 12,000 ATMs and almost 3,000 branches spread across across India, according to its presence. All of these contribute to a smooth and enjoyable trip with an Axis Bank Car Loan.
Table of Contents
Interest rates and other information for Axis Bank car loans
|Rate of Interest:||7.45% to 14.50% 14.80% to 16.80% p.a. (Monthly Reducing Balance)|
(Monthly Reducing Balance) (For old vehicles)
|Mortgage to Value (LTV)||for some automobile models, up to 85% of the on-road price or 95% of the ex-showroom price. For secondhand autos, up to 80% of the appraisal amount|
|Loan Tenure for new autos||1–7 years for new cars, for used autos 1 to 5 years|
|Foreclosures fees||Following 180 days from the date of payout, 5% of the Principal Outstanding and within 180 days of the date of disbursement, 10% of the Principal Outstanding|
|Part-payment Charges||GST plus 5% of the part-payment amount|
Why chose Axis Bank Car Loan
Maximum Loan to Value Ratio – At Axis Bank, you may borrow up to 90% of the on-road price, which is the total of the ex-showroom price, registration fees, road tax, insurance expenses, and any accessory prices. On a few certain automobile models, the loan amount disbursal may be equal to 95% of the ex-showroom price. When you purchase a used automobile, the amount of financing is limited to 80% of the valuation amount, which is determined by the bank-appointed valuer in the valuation report. The amount of the down payment that you must make when purchasing a car is significantly reduced with such a greater loan amount, making it simpler for you to own a car.
Lucrative Interest Rates – Along with the loan amount, the alluring interest rates of 7.45% to 14.50% annually (p.a.) are just the kickstart you want to begin working with Axis Bank to purchase a new automobile. When compared to other loan options on the market, used auto loans do have higher interest rates of 14.80% to 16.80% each year. With such aggressive interest rate offers, the interest and total cost of borrowing are significantly reduced during the loan’s term.
Extended Loan Term: For new automobiles, the car loan is offered for a term of 1 to 7 years. As for the loan you utilised to purchase a secondhand automobile, you have five years to repay it. Longer terms result in much lower EMI amounts, which make it simpler for you to make monthly payments.
Exclusive Incentives: Wealth banking, priority banking, and privy banking customers who apply for an Axis Bank auto loan receive exceptional benefits. Customers who have a salary account with the bank are also likely to receive special perks on the bank’s auto loan offer. The advantages can include lower interest rates than usual, as well as a waiver of the processing fee or other fees.
If you decide to take out a vehicle loan from Axis Bank, you may also earn reward points through the eDGE loyalty programme.
Eligibility criteria for Axis Bank car loan
The eligibility criteria for Axis Bank car loan for both salaried individuals as well as self employed are as listed below
- The age criteria for the salaried applicant are between 21 years to 70 years. Whereas for the self employed is 18 to 75 years.
- Salaried applicant should have minimum 2.4 lacs annual net salary with minimum one year work experience with the present employer. On the other hand for self employed minimum annual business income should be between 1.8 to 2 lacs with a vigil of atleast 3 years in same line of business.
Axis Bank Car Loan Eligibility Calculator
Suppose you are planning to avail a 7 year car loan of Rs. 3,00,000 then this is how your EMI will look as listed below in the table.
(in ₹ )
|Interest Rate(in % p.a.)||EMI(in ₹ )||Total Interest Outgo(in ₹ )||Total Amount(EMI+Interest) (in ₹ )|
|300000||1||11%-12%||26,514- 26,655||18,174- 19,856||3,18,174- 3,19,856|
|300000||2||11%-12%||13,982-14,122||35,576- 38,929||3,35,576- 3,38,929|
Check your monthly EMI’s at Axis Bank Car Loan EMI Calculator
Documents Required for Axis Loan for both Salaried and Self employed applicant
1. Passport size Photo
2. For identify proof PAN card/ Passport/ Voter ID/ Driving License can be produced.
3. For Residence Proof one can again produce pasport/ voter ID, Electricity Bill/ Telephone Bill
4. Income Proof for salaried applicant a latest salary slip, Form 16 or ITR for past two years can be produced whereas for self employed last 2 years ITR, Profit & Loss Account Statement and Audited Balance Sheet for 2 Years, Sales Tax Certificate/Copy of Partnership/SSI Registered Certificate/Shop & Establishment Certificate can be produced.
5. Lastly a bank account statement for past 3 to 6 months is also required.
6. For signature verification proof one can attach Driving License/Passport copy/PAN Card.
Car Loan Application Form for Axis Bank
The Axis Bank accepts applications for vehicle loans both online and offline. The former option is more convenient since you may access the bank’s official website from any location and at any time. However, it is your choice. You must go to the page for the auto loan and select “Apply Online.” When you click it, a screen where you must provide both personal and professional information will open. Be sure to include all necessary information, and submit your application with the aforementioned supporting documentation. If the online application procedure is problematic for you, you can submit your application in person at any bank office that is nearby.
After receiving your application, Axis Bank will send an executive to visit your home and place of business to properly check the data. Once the information is verified as accurate, the loan will be approved. You can obtain an appropriate loan amount depending on your qualifications.
You may consider the status of your application a few days after you submit it for a vehicle loan. Additionally, you ought to be aware of the status of your application if the loan deliverables is delayed. Is it at the beginning of the process or the end? Ask the branch where you filed your application for further information, or look it up online.
Statement for Axis Bank’s Car Loan
There comes a moment when you will consider the statement to keep track of the repayment after the vehicle loan has been disbursed and the EMIs have been paid. It is crucial to have access to the statement, which may provide you with information on not only the EMIs but also the interest and remaining loan balance each year. Furthermore, if you have missed a payment deadline, you may view late payment fees. Visit one of the Axis Bank offices to obtain the statement. Additionally, if you are an existing customer of the bank and have access to Internet banking, you can log in and obtain the statement.
Customer Care for Axis Bank Car Loan
Any questions regarding a vehicle loan can be asked by calling Axis Bank’s toll-free numbers at 1800 233 5577, 1800 209 5577, or 1800 103 5577.