Axis Bank Car Loan Apply Online: Get Your Dream Car

When the word car comes up the sudden reaction or expression on the face changes and the excitement along with the wide smile takes charge of our face. Well in the current age when the car is the symbol of the status everyone needs it not just to show there place but it is one of the best mode of transport for the families. With the change of the standard of living the main thing that changes is the lifestyle.

The expenses grow and it is difficult to save the amount to invest in the purchase of the car. For all such people who aspire to take the dream car and go for a long drive, the car loan is a big relief. It assists them in fulfilling the financial requirements. Axis bank car loan apply online is the best method to get the loan amount without any hassle. It is the way where the borrower can fill the application from the comfort of the house and get the approval without much hassle.

But before applying for the loan, there are certain requirements by the bank which the borrower must take care about.

Axis Bank Car Loan Eligibility-

The eligible candidates who can avail the benefit of car loan eligibility are as follows:

Salaried Individuals:

• Should have attained the age of 21 years while applying for a loan
• The maximum age at the time of maturity of loan should be 70 years
• An annual income of a minimum of Rs. 2,40,000 is necessary
• There should be a continuous employment for a period of at least one year

Self-employed Individuals:

• The applicant should be at least 18 years old while applying for a loan application
• The maximum age while the loan matures needs to be 75 years
• An annual income of a minimum of Rs. 1,80,000 is necessary
• A business stability of a period of at least three years is required

Self-employed Non-individuals:

• An annual income of a minimum of Rs. 1,80,000 is needed for selected car models while for others the requirement is of a minimum of Rs. 2 Lakhs
• Business stability of a period of at least three years  is needed

Priority/Wealth/Privee customers eligible for a loan:

• Customers with a vintage of 6 months
• A minimum Average Quarterly Balance (AQB) as below:
• An AQB of Rs. 1 lakh for last 2 completed quarters AQB requirement to be met for both the quarters
• Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salary Customers eligible for a car loan-

• Customers who have a Salary A/c with Axis Bank since the past 3 months
• Those who work with the following organizations:
• Public Limited and Private Limited Companies
• MNCs
• Permanent employees of State / Central Government
• Permanent employees of Public Sector Undertakings
• Permanent employees of reputed schools/colleges

Other factors

• Minimum 21 years of age
• Maximum 70 years of age at loan maturity
• Minimum Net Annual Salary of Rs. 2,40,000 p.a.
• Income eligibility based on latest salary slip and Form 16
• Minimum 1 year of continuous employment

Interest Rate and Processing Fee-

The interest rate of new car loan for salaried individuals is 9.15% p.a. while for others it ranges from 11% p.a. to 12% p.a. The prevalent rate of interest on the pre-owned car loan is 14.50% p.a. to 16.25% p.a. The processing fee ranges from Rs. 3,500 to Rs. 5,500.

Documents Required-

• Application Form
• Passport sized photograph
• Proof of Identity- Driving license/Voter ID card/ PAN Card/Passport/Aadhar card
• Age Proof- PAN Card/High school mark sheet/ Passport/Voter ID card/Birth certificate
• Proof of Income- Salaried Individuals: Salary Slip of the past three months, Form 16 and ITR of the past two financial years. Self-employed: Audited Balance Sheet along with Profit & Loss account and Income Tax returns of the previous three years  
• Proof of Residence- Voter ID card/Telephone Bill/Electricity Bill/Passport/Life Insurance Policy
• Signature Verification Proof- PAN card/Passport or any other document which can verify the signature of the applicant
• Bank Statement- Bank Statement of the previous six months is required
• Pro-forma Invoice or Rate List

How to Apply online?

The online method is quick and easy at the same time. The main aspect of the online application is that it can approve within a day and the borrower can avail the loan amount quickly. The

By Internet Banking:

Login to the internet banking and select the car loan option. The first page will appear and it will be the eligibility calculator. After filling all the details about the car and model number along with few personal details the calculator will check the eligibility. After that, a form is produced on the screen. Give all the details and submit online.  

Once the application form is submitted the bank follow the certain procedure to approve the application form. The process includes Processing or approval of application, Documentation, Sanctioning of the amount and disbursal of the loan. It takes around 30 working days to complete the procedure from the day of the receipt of the application form.

Thus, it is one of the best ways to apply from the comfort of the home and get the work done without standing in the queue.  Axis bank car loan apply online is one of the best ways to fulfill the dream to own a car.