Axis Bank Car Loan Apply – How To Get, Interest rate

In this article, we will provide you information about Axis Bank car loan, Interest Rate, How to apply and more details. If your dream is to buy a car and you are short of money then you can join Axis Bank Car Loan. Before applying for a car loan, you should know what is a car loan?

When we take a loan to buy any type of car, it is a car loan. You can take a loan to buy a new car, buy a used car or buy a luxury car. In this article, we will know in detail what is Axis Bank car loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc., so read this article till the end.

Axis Bank Car Loan

Car loan comes under the category of a secured loan. That is, to take this loan, you have to give collateral or security, but in a car loan, the car itself acts as a collateral. Your CIBIL score should be very good to take loan. People who have very less money, they turn towards bike loan. You can apply for Axis Bank car loan both online and offline.

If your credit score is very good and you fulfill all the conditions of the bank, then you can take advantage of the bank’s attractive car loan interest rate. Axis Bank offers various types of car loans to the customers as per the requirement of the customer. The loan amount, eligibility etc. may be different in each loan.

The bank provides 100% loan of the on-road cost of the car for availing New Car Loan from Axis Bank. The minimum you can get a loan of Rs 1 lakh. The interest rate of Axis Bank Car Loan starts from 8.20% per annum. If you are a pre-approved customer of the bank, then you can take advantage of the attractive interest rates of the bank.

Read Also:How to Get Axis Bank Home Loan

Axis Bank Car Loan Details

• Some important information related to Axis Bank car loan is given below:
• Interest rate 8.20% p.a.
• Minimum loan amount Rs 1 lakh
• Loan tenure 7 years
• Processing Fee 3500 to 5500
• Document Fee Rs.500/-

Key Features of Axis Bank Car Loan

Some of the features and benefits related to Axis Bank Car Loan are mentioned below:

• Loan Amount: With Axis Bank you can get financing for a minimum of Rs.1 Lakh and up to 100% on-road price on select models.
• Interest Rates: Attractive interest rates on Axis Car Loan starts from 8.20% p.a.
• Loan Tenure: The repayment tenure of Axis Bank Car Loan is up to 7 years for new cars and up to 5 years for used cars.
• No Documents Required: Salary account holders and pre-approved loan customers need not submit bank details and income documents for Axis Bank Car Loan.
• Special Benefits: Customers of Priority Banking, Privy Banking and Wealth Banking can get special benefits
• In case of balance transfer or top-up loan, get up to 150% of the original loan amount.

Axis Bank Car Loan Interest Rate 2024

Axis Bank car loan interest rate starts from 8.20% p.a. The interest rate may vary depending on the credit score and profile of the customer. Always maintain a good credit score if you want to get a car loan at a low interest rate. Before applying for a car loan from any lender, it is important for you to be properly aware of the interest rate of that loan.

You can apply for the cheapest car loan by comparing the interest rate of different car loans. The higher the interest rate on your car loan, the higher will be the EMI.

Axis Bank Car Loan Types

The bank offers various types of car loans to the customers according to their needs which are as follows:

• New Car Loan
• Used Car Loan
• Parallel Car Loan (Loan against Car)
• Balance Transfer and Top Up Car Loan

New Car Loan:

• You can take advantage of this loan to buy a new car.
• Under this loan, you can get a loan from Rs 1 lakh to 100% of the cost of the car.
• The loan tenure of Axis Bank New Car Loan is up to 7 years.
• The processing fee for the loan is Rs 3500 – 5500.
• 50 bps lower interest rate on car loans for electric vehicles.

Used Car Loan:

• If you are taking Axis Bank Car Loan to buy a used car, then you can take advantage of used car loan.
• The minimum loan amount under this loan is Rs 1 lakh.
• Under this loan, you can get a loan of 85% to 95% of the value of the car.
• The loan tenure of the loan is maximum 5 years.

Parallel Car Loan (Loan against Car):

• When you take a loan for a new car by pledging your old car, it is a loan against car loan.
• Under this loan, you can get a loan from Rs 1 lakh up to 50% of the original loan value of the car.
• The existing customers of Axis Bank are given the benefit of Pre Approved Car Loan Offers.
• Only existing customers of the bank can take advantage of this loan.

Balance Transfer and Top Up Car Loan:

• You can get easy funding under this loan to buy the car you want.
• The loan tenure of this loan is up to 5 years.
• Its main advantage is to get high value loans up to 150% of the original loan amount.

Axis Bank Car Loan Eligibility

In order to apply for Axis Bank car loan, one has to fulfill certain eligibility criteria which are as follows:

• Salaried person
  • Applicant age should be minimum 21 years and maximum 70 years.
  • The annual income of the applicant should be Rs 2.4 lakh per annum.
  • Applicant should be employed for minimum 1 year.
  • Income eligibility criteria will depend on Form 16 and salary slip submitted.
• Self-employed person
  • Applicant’s age should be minimum 18 years and maximum 75 years.
  • The annual business income of the applicant should be Rs 4 lakh.
  • Applicant should be employed for minimum 3 years.
  • Income eligibility criteria will depend on the latest income tax return.
• Self employed non individual
  • The annual business income of the applicant should be Rs.4 lakhs and for some selected car models should be Rs.18 lakhs.
  • Applicant must be employed for minimum 3 years.
  • The applicant has to submit 2 years of audited financials and IT returns for minimum 2 years along with the calculated income.

Factors Affecting Axis Bank Car Loan Eligibility

Following are the factors that affect Axis Bank car loan eligibility:

• Income: The higher your income, the higher your chances of getting a car loan from Axis Bank. This is because higher income indicates higher repayment potential.
• Loan Amount: Your eligibility criteria will be higher if you apply for Axis Car Loan for lesser loan amount. Because less loan amount will be repaid soon. Hence, Axis Bank will be more confident to extend the loan.
• Repayment Tenure: Opting for a longer tenure for a car loan can reduce your eligibility. The bank may realize that you have less ability to repay the loan.
• Credit Score: If your credit score is less than 750 then your eligibility for Axis Bank Car Loan may be low. Therefore, check your credit score before applying for a loan. Click here to check your credit score.
• Relationship with the bank: You can apply for the car loan in the same bank where you have a bank account. The bank finds it easy to provide loans to a person who has been a customer of the bank for a very long time.

Axis Bank Car Loan Documents Required

Before applying for a loan, you must have all the necessary documents so that whenever the bank asks for documents, you can show them all the documents immediately. For more information about the document, you can contact the nearest bank branch. Following are the documents required for Axis Bank Car Loan:

Common Documents:

• Application Form
• proforma invoice
• passport size photo
• KYC documents

Documents for Salaried Person:

• Income Proof: Latest 2 Salary Slip and Latest Form 16
• Bank Statement: Latest 3 months bank statement.
• Age Proof: PAN/Driving License/Passport/Birth Certificate.
• Sign Verification Proof: PAN/Passport/Bankers Verification.
• Employment/business continuity proof.

Documents for Self Employed Person:

• Telephone Bill / Electricity Bill / Shop and Establishment Act Certificate / SSI or MSME Registration Certificate / Sales Tax or VAT Certificate / Current Account Statement / Lease registered with other utility bills.
• Latest ITR.
• Bank Statement: Latest 3 months bank statement.
• Age Proof: PAN/Driving License/Passport/Birth Certificate.
• Sign Verification Proof: PAN/Passport/Bankers Verification.
• Employment/business continuity proof.

Documents for Partnership Firms/Trusts/Societies and Private Limited/Limited Companies:

• Audited Balance Sheet/P&L Account and ITR for the latest 2 years.
• Latest 3 months bank statement.
• Shop and Establishment Act Certificate / SSI or MSME Registration Certificate / Sales Tax or VAT Certificate / Current Account Statement.
• PAN Card/Authorization letter by all the participants and Board resolution for the Trust/Society.
• LIST OF DIRECTORS AND SHAREHOLDING PATTER / PAN CARD / BOARD RESOLUTION / CERTIFICATE OF STARTMENT OF BUSINESS FOR LTD COMPANY.

Axis Bank Car Loan Apply

If you fulfill all the conditions of this loan, then you can apply for it both online and offline. Apart from this, you can also apply for a loan by calling the customer care number of the bank. Follow the steps given below to apply:

Axis Bank Car loan Apply Online

• To apply online, you have to first visit the official website of the bank axisbank.com.
• On the home page of the website, click on the option of car loan in the option of Loans.

• After clicking, all the car loans will come in front of you.
• In the loan for which you want to apply, click on the option of Apply Online.
• The loan application form will open in front of you.
• Enter the requested information in it and click on submit.
• After this the bank will contact you and the loan process will be issued further.

How to apply offline?

• For this you have to first go to your nearest Axis Bank branch.
• Meet with the bank employee who will provide you complete information about the car loan.
• Then your documents will be verified.
• You have to fill the form and submit the documents.
• If your loan is approved then the loan amount will be transferred to your bank account.

How to check Axis Bank Car loan Status?

If you have applied for Axis Bank Car Loan then you can track the status of your application both online and offline. Offline you can check by visiting your nearest bank branch. Follow the steps given below to track online:

• First of all you have to visit the official website of Axis Bank.
• Select the car loan option on the home page.
• On the next page you will see the option of Track Your Application, click on it.
• After this, by entering some details, you can know the status of your application.

How to check Axis Bank Car Loan Statement?

Under the Loan Statement, there is all the information related to your loan such as the remaining loan amount, interest rate, remaining EMI etc. You can get it both online and offline. You can also download the loan statement online.

• For this you have to first visit the official website of the bank.
• After this click on the option of Loan Account Statement.
• After clicking on this link, you can check and download your loan statement by entering some necessary details.

New Car Loan Fees & Charges

• Cheque/ECS/NACH Bounce/Instrument Return Charges: Rs.339
• Check/Instrument Swap Charges: Rs.500
• Duplicate statement issuance fee: Rs.250
• Duplicate Repayment Schedule Issuance Fee: Rs.250
• Duplicate No Dues Certificate / NOC: Rs 50
• Penal interest :2% per month
• Loan Cancellation / Re-booking: Rs 550
• Foreclosure/Part Payment Closure: 5% of the outstanding principal
• Stamp Duty: On Actual
• Issuance of Credit Report: Rs 50
• Documentation Fee: Rs.500
• Registration Certification Collection Fee: Rs.200

Axis Bank Car Loan EMI Calculator

You should calculate your loan EMI before applying for Axis Bank Car Loan. By calculating the EMI of your loan, you can find out how much you will have to pay at the time of loan repayment and you can plan the loan for yourself accordingly.

You can calculate the EMI of your loan with the help of Car Loan EMI Calculator by visiting the official website of the bank. Car loan EMI depends on the loan amount, interest rate and loan tenure. All these three things affect your loan.

Axis Bank Car Loan Customer Care

You can call on Axis Bank Car Loan Customer Care toll free numbers 1-860-419-5555, 1-860-500-5555 for any queries you may have.

My Last World:

In this article, we have provided you complete information about Axis Bank Car Loan. Anyone can take advantage of this loan to buy the car of their dreams. If you are facing any problem while applying for the loan, then you can get the information by calling the Axis Bank car loan customer care number.

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FAQs on Axis Bank Car Loan

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