Axis Bank Car Loan Eligibility is a topic of concern for those who are looking forward to car loan applications this season. With increasing needs and requirements, a car is no more a luxury but a necessity. To make your needs achievable without much hassle, Axis Bank has come up with a relaxed eligibility criteria and affordable interest rates.
All you need to do is set your eyes on your favourite car, put all your documents together and rush to your nearest Axis Bank for a quick and convenient car loan experience. Keep scrolling to know more!
Car Loan Eligibility Axis Bank- The followings norms are followed while ascertaining the Car Loan Eligibility for Axis Bank:
For Salaried Professionals:
Age Limit- The age limit for a salaried professional is prescribed to be between 21 years at the time of loan application to 70 years at the time of maturity of the loan.
Net Annual Salary- The minimum Net Annual Salary of the applicant is desired to be ₹ 2,40,000 for all approved car models. The income eligibility for the of a salaried professional will also be judged based on monthly salary slips and Form 16.
Period of Employment- The applicant must be employed for the past 1 year while applying for the Axis Bank Car Loan.
For Self-Employed Individuals:
Age Limit- The applicant must be between the age limit of 18 years (at the time of availing the loan) to 75 years (at the time of loan maturity).
Net Annual Income- The Net Annual Business Income of the applicant should be at least ₹ 1,80,000 for selected car models and ₹ 2,00,000 for the other car models. The eligibility of income of a self-employed individual will also be ascertained on the basis of latest income tax returns filed by the applicant.
Period of Employment- The period of association of the applicant with the same line of business is desirable to be at least 3 years at the moment of loan application.
For Self-Employed Non-Individuals:
Net Annual Income- The Net Annual Business Income of the applicant must be at least ₹ 1,80,000 for selected car models and ₹ 2,00,000 for other car models. The eligibility of income of a self-employed non-individual will also be judged on the basis of income tax returns of the last 2 years that are filed by the applicant and audited financials of the past 2 years along with computation of income.
Period of Employment- The minimum period association of the applicant with the same line of business is 3 years for the availment of Axis Bank Car Loan.
For Priority/ Wealth/Privee customers:
Vintage Period- Customers with a vintage period of at least 6 months would be eligible for the Axis Bank Car Loan.
Average Quarterly Balance- The bank expects the Average Quarterly Balance requirement to be met for at least last 2 quarters. An AQB of at least ₹ 1,00,000 must be maintained for the last 2 quarters by the applicant.
Maximum Loan Amount- The maximum loan amount that can be availed by the applicant of this category is restricted to 3 times the AQB maintained by the applicant in the last 2 quarters.
Salary Customers:
Duration of Salary Account with the bank- The customer must have a salary account with the bank for the past 3 months as a criteria of eligibility.
Professional Association- The applicant must be professionally a part of-
- Public Limited Company/ Private Limited Company
- Multi National Corporation
- State and/or Central Government (Permanent Employee)
- Public Sector Undertaking (Permanent Employee)
- Reputed Schools and/or Colleges
Age Limit- The minimum age of the applicant must be 21 years at the time of loan application to a maximum of 70 years by the maturity of the loan.
Minimum Annual Salary- The minimum annual salary of the applicant must be ₹ 2,40,000 to be eligible for the Axis Bank Car Loan.
Period of Employment- The applicant must be employed for at least past 1 year continuously before the application of the loan.
Axis Bank Car Loan Eligibility Calculator-
Axis Bank Car Loan Eligibility Calculator helps the applicant judge his/her eligibility at the convenience of a few clicks. The criteria of eligibility is already mentioned on the website but in case of doubts and less time availability, the applicant choose the Eligibility calculator for Axis Bank Car Loan to get a clear picture. The tool asks for some basic information and draws out a chart of points of criteria that match and those which doesn’t.
Axis Bank Car Loan Interest Rate-
Axis Bank Car Loan Interest Rate is a convenient 11% to 12% for the loan for new cars along with a processing fee of ₹ 3,500 to ₹ 5,500 and documentation charges of about ₹ 300. Axis Bank has always had a well-thought and prudent approach towards deciding the interest rates for their car loan. The interest rate for Axis Bank Car Loan is easy on the pocket and helps you plan out your finances without compromising on your daily expenditure. As the bank also offers loan for pre-owned cars, Axis Bank Used Car Loan Interest Rate stands to be an attractive 15%. Now you can afford your favourite car at a cheaper price, minus the wait!
Axis Bank Car Loan EMI Calculator-
Axis Bank Car Loan EMI Calculator is an extremely helpful tool for those who like to get a preview of the plan before diving-in. The tool seeks some basic information about your car loan such as the loan amount, the rate of interest prescribed by the bank and tenure of the loan. Using this information, the Axis Bank Car Loan EMI Calculator churns out the monthly EMIs that the borrower will have to pay towards the loan amount. This makes it convenient for the applicant to plan out his/her expenses for the complete loan tenure well in advance.
Axis Bank Car Loan Customer Care-
Axis Bank has a tech-savvy and prompt customer care with sole motive of guiding their valued customers and helping them out whensoever the need be. Axis bank Customer Care can be reached at toll free numbers- 1800-209-5577 and 1800-103-5577. You can also get in touch with them by visiting your nearest Axis Bank Branch.
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