Axis Bank New Car Loan interest rate starts at 9.25%. These are fixed-rate loans and are one of the best car loan rates in India. The interest rate varies depending on the occupation of the borrower, the amount of the loan, and loan tenure.
| Features | New Car Loan | Used Car Loan |
| Loan Tenure | Up to Eight years | Not Available |
| Lowest EMI | Rs. 1,478 per lakh | Rs. 0 per lakh |
| Loan Amount | Up to 100% of on-road price | Not Available |
| Prepayment Charges | 5% of outstanding principal | Not Available |
Axis Bank offers a car loan to borrowers who need money to purchase a new car. Benefits of a vehicle loan from Axis Bank are as follows:
- High eligibility of up to 100% of the on-road price for selected models.
- Special Deals for Axis Salary Account Holders, Priority Banking and Investment Banking.
- Earn Axis eDGE incentives for completion of transactions.
AXIS BANK CAR LOAN ELIGIBILITY
| Eligibility Criteria | Eligibility Details |
| Age | 25 years – 70 years |
| Minimum Annual Income | Salaried: ₹ 2.40 Lakhs Self Employed Professionals: ₹ 3.50 Lakhs Self Employed Businessmen: ₹ 3.50 Lakhs |
| Minimum Credit Score | 700 and above |
| Loan Tenure | 8 years |
| Loan to Value Ratio | 100% of on-road price |
Car loan availability depends on various factors, but the most important one is the willingness to repay the loan. The key factors on which the applicant’s eligibility depends are:
- Age: Age plays an important role in understanding your eligibility and willingness to repay. Axis Bank provides a car loan to those who are at least 25 years old at the time of the approval of the loan and a maximum of 70 years old at the time of the maturity of the loan.
- Income: Axis Bank Car Loan Calculator determines your eligibility based on your salary. Typically the bank has set minimum income thresholds to qualify for a car loan. Axis Bank is calling for a net annual profits of at least Rs. 2.40 lakhs.
- Job stability and Profession: Job stability is necessary to improve the status and eligibility of Axis Bank’s vehicle lending. If you work for a reputable organization, the chances of securing a car loan increases as the salary is deemed to be more secure and the bank provides the best Axis Bank car loan interest to employees of reputable businesses.
- CIBIL Score: Your past CIBIL history and the repayment record of current loans and credit cards has a significant effect on the availability of your Axis Bank car loan. If you have a bad repayment record, you will not get the loan, but on the other hand, a regular repayment record will increase your vehicle’s eligibility for the loan. Generally, the bank is giving the loan at a CIBIL score of 700 and above.
- Loan Amount: Axis Bank Auto Loan Number depends on your salary. Axis Bank gives 100% of the ex-showroom price, depending on the value of the vehicle. To boost your chances of approval, apply for a loan sum that you can comfortably service and review your Axis Bank car loan status online and benefit from numerous benefits.
DOCUMENTS REQUIRED FOR AXIS BANK CAR LOAN
- Salaried Employees
- Filled up loan application form
- Two Passport Size Photo
- Copy of Income Tax PAN
- Identity Proof: Aadhaar, Passport/ Driving License/ Voter ID/ PAN
- Quotation of car
- Residential Address Proof: Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents: three months’ pay slip, two years Form 16, three months bank statement showing salary credit and any EMI debit
- C of Vehicle and Insurance of Car
- Self-Employed
- Filled up loan application form
- Two Passport Size Photo
- Copy of Income Tax PAN
- Identity Proof: Aadhaar, Passport/ Driving License/ Voter ID/ PAN
- Quotation of car
- Residential Address Proof: Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents: three months’ pay slip, two years Form 16, three months bank statement showing salary credit and any EMI debit
- C of Vehicle and Insurance of Car.
