Nothing can give you more joy than driving your own car and taking your family for a long drive. It is a feeling which can’t be expressed in the form of words. Everyone wishes to own a car one day. After all who wants to travel in the metro or public bus daily, considering the huge rush. It is also not feasible to hire a cab and go to office every day. If you do so you are bound to burn a hole in your pocket. This is why a car is so useful. It is an investment of a lifetime which you make once.
However this investment requires finance as well. And this the reason many people have to let go of their car dreams. This is where a Axis Bank car loan comes into the picture. Although there are many lenders in the market, it is advised to go for one which offers you the best deal. An Axis Bank car loan is one of the most sought after product offered by the bank. As a matter of fact, Axis bank is one of the leading private sector banks in India. It offers a car loan to eligible applicants for a tenure up to seven years. You should read this article for important information about the product.
Eligibility criteria-
An applicant will only be able to obtain funds from the bank only if he/she is able to meet the said car loan eligibility criteria. The norms of eligibility is set by the bank to check if the loan borrower will be able to repay the loan amount or not.
Salaried Individuals:
- Must have obtained the age of 21 years when applying for a loan
- The maximum age when the loan term matures must not cross 70 years
- An annual income of at least Rs. 2,40,000 is essential to avail the loan
- The applicant should be working continuously for a period of at least one year
Self-employed Individuals:
- The applicant must be over the age of 18 whenever the loan is applied
- The maximum age at the time of loan maturity should be 75 years
- The annual income should be at least Rs. 1,80,000
- The business should be stable for a period of at least three years
Self-employed Non-individuals:
- A minimum annual income of Rs. 1,80,000 is required for selected car models. In case of other models, there is a requirement of at least Rs. 2 Lakhs
- Business needs to be stable for a minimum period of three years
Documents required for an Axis Bank Car Loan-
It is very important for the applicant to complete the procedure of documentation on time if he/she wishes to avail finance from the bank. The list of all the important documents have been given below. Check them out.
- Completely filled application form
- Age Proof- PAN Card/ Passport/High school mark sheet/Birth certificate/ Voter ID card
- Proof of Identity- Driving license/PAN Card/Voter ID card/Passport/Aadhar card
- Proof of Income- Salaried Individuals: Form 16 and ITR of the last two financial years plus salary slips of the previous three months. Self-employed: Audited Balance Sheet and statement of Profit & Loss and Income Tax returns of the past three years
- Proof of Residence- Voter ID card/Telephone Bill/Ration card/Electricity Bill/Passport/Life Insurance Policy
- Pro-forma Invoice or Rate List
- Bank Statement- Bank Statement of the last six months
- Signature Verification Proof- PAN card/Passport or any other such document which can actually act as a verification for the signature of the applicant
Interest rates and processing fees-
Any loan seeker should know about the car loan interest rate of the product he/she is availing. Axis bank charges a rate of interest between 11%-12% for a car loan product. It also charges a processing fee between the range of Rs. 3,500 to Rs. 5,500.
Axis Bank Car Loan EMI Calculator-
The process of calculating the monthly installments has always bothered you, right? Now, you won’t have to worry. Thinking why so? The answer is very simple. All thanks To Axis bank Car loan EMI calculator, the calculation can be done in few seconds. Yes that's true buddy. You can now get information relating to your EMI each month with the help of this magical tool. All you have to do is enter the details of your loan amount, rate of interest and tenure period. The calculator will provide you with information about your monthly EMI and total interest payable.
So now you have known about Axis Bank Car loan, you can now apply for the same. Have a successful car loan journey from my end.
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