Car Loan From Axis Bank | Car Loan From Axis Bank Rate of Interest

The Axis Bank it is also possible to avail loan against auto for a loan amount of Rs.10 lakh and over for a tenure of up to 15 decades. The interest rate of applicable for a loan from auto is 10 percent of the part payment sum up to 180 days from the date of disbursement.Buy your dream car this season. Axis Bank car loans option to get a speedy and cost-effective way of buying your dream car. Axis Bank offers a car loans for used and new cars.

A loan quantity of Rs.1 lakh or over from Axis Bank to purchase a new or used automobile using a maximum tenure of 5-7 decades. The interest rate appropriate for a new automobile loan is 9.15% p.a. for salaried customers and around 100% on-road financing. The interest rate applicable for a used car is up to 90% financing of the valuation amount.

Axis Bank Car Loan Interested Rate

You are Probably Eligible for an Axis Bank Car Loan if you are

• Age at least 21 and less than 75 for salaried.
• Age at least 18 and less than 75 for self-employed.
• In order to meet Income eligibility parameters, the applicant should have a minimum net annual salary of Rs. 2.4 Lac p.a.
• Self-employed applicants should have a minimum of Rs. 1.8 Lac p.a as net annual business income for selected car models and Rs. 2.0 Lac p.a. for others.

Axis Bank Car Loan Amount Eligibility is based on these factor

Axis bank car loan Minimum income required Income required of Minimum Rs. 2,00,000 per annum
Axis bank car Loan capped @ 85% of the ex-showroom price
Axis bank car loan EMIs of other loans lower your eligibility

Increase your eligible Axis Bank Car Loan amount by these steps

Axis bank car loan pay off your credit card bills.
Axis bank car loan choose longer tenure loan up to 7 years.

Documentation needed to apply for an Axis Bank Car Loan

Purchasing a car is a big decision, and Axis Bank makes it easier by offering car loans at competitive interest rates. However, to ensure a smooth application process, it’s important to have all the necessary documentation ready. This article will walk you through the essential paperwork you’ll need to apply for a car loan from Axis Bank.

1. Identity Proof
   The first step to applying for any financial service is proving who you are. Axis Bank requires valid identity proof for processing a car loan. Acceptable documents include:

Aadhaar Card
PAN Card
Passport
Voter ID
Driving License
Make sure that your ID proof is current and reflects your correct details. If you’ve recently changed your name or address, update your documents before applying.

2. Address Proof
   Next, you need to provide valid proof of your residence. The bank needs to verify that you have a stable residence in India. You can submit any of these things.

Utility Bills (Electricity, Water, or Gas)
Aadhaar Card (if used as ID proof, provide a different document for address)
Passport
Voter ID
Rental Agreement (if applicable)
If your current address differs from the one on your ID proof, it’s essential to furnish updated address documents to avoid delays in the process.

3. Income Proof
   Income proof is critical for determining your loan eligibility and repayment capacity. Different documents are required depending on whether you’re a salaried employee, self-employed professional, or business owner:

Salaried Individuals:

Latest salary slips (last three months)
Recent Form 16 or Income Tax Returns (ITR)
Salary credit of last 6 months shown in your bank account
Self-Employed Individuals:

Recent ITR (usually for the last two years)
Business ownership documents (registration, partnership deed, etc.)
Profit & Loss statement and balance sheet (if applicable)
Bank statements (six months)
Business Owners:

ITR for two years
Company financials (audited balance sheet and P&L)
GST returns
Bank statements for six months
Having your income documents in order demonstrates your ability to repay the loan and speeds up the approval process.

4. Vehicle-Related Documents
   Once you’ve decided on the car you wish to purchase, the bank will also require details about the vehicle. These may include:

Proforma Invoice from the Dealer: This serves as a quotation of the car’s price, including taxes, registration fees, and insurance.
Vehicle Registration Details (if applying for a used car loan)
If you’re opting for a used car loan, additional paperwork regarding the car’s history and previous ownership may also be required.

5. Age Proof
   While many of the documents mentioned under identity proof may suffice for this, it’s important to ensure you meet the age criteria. Axis Bank generally requires applicants to be between 21 and 65 years of age at loan maturity.

Birth Certificate
PAN Card
Aadhaar Card
Passport

6. Photographs
   Typically, you’ll be asked to submit recent passport-sized photographs. Ensure they match your current appearance, as this is a simple yet crucial requirement.
7. Signature Verification Proof
   In some cases, Axis Bank may ask for signature verification documents to authenticate your identity further. You can provide:

PAN Card
Passport
Driver’s License

8. Bank Account Statements
   To confirm your financial health and stability, the bank will typically ask for your bank account statements for the last six months. These help them verify your cash flow, existing EMIs, and other obligations, ensuring that you can comfortably manage the loan repayment.

Additional Points to Remember:
Credit Score: Axis Bank will check your credit score during the loan application process. Although it’s not a “document” you need to submit, ensuring you have a good credit score (typically above 750) can help secure better loan terms.
Guarantor or Co-Applicant Documents: If your application requires a co-applicant or guarantor, their identity, address, and income proof will also need to be submitted.

Conclusion

Applying for a car loan from Axis Bank is straightforward when you have all the required documents prepared. Ensuring you have proper identity proof, address proof, income documents, and vehicle details in place can significantly speed up the approval process. Whether you are a salaried professional, self-employed individual, or business owner, Axis Bank offers customized loan solutions to suit your financial profile. By staying organized and understanding the documentation requirements, you’ll be well on your way to securing the loan and driving home your new car.

Also Read : Buddy loan app