As the time passes, a prevailing necessity knocks at your door urging you to have your own car in order to combat the difficulty of daily commuting purposes, especially where one cannot solely rely only on metro and buses to make you reach your destination.
Nowadays, travelling to public transport especially in a metro is a hell during office hours which even make you wait for another less packed metro for you to travel. But that really won't be going to solve your purpose as you may go late.
It's better to plan for your own dream car that can beat all odds that you face during traffic hours. There are so many lenders which offer you the best deals on the car loan but interest rates also become a huge matter of concern particularly to choose one who can accommodate your budget.
By accessing to Axis Bank Car Loan Interest Rate, it will really help you to give enough room to plan your budget accordingly without losing any of the EMIs in future.
Axis Bank Car Loan Interest Rate
The applicable car loan interest rate is 11%-12% p.a. for new cars as compared to 14.5%-16.25% p.a. on pre-owned cars for the loan amount starting from ₹ 1 lakh onwards. The processing fee range around ₹ 3500 to ₹ 5500 for car loan transaction. Moreover, the prepayment charges for the new car should be 5% of the Principal Outstanding plus GST as compared to 5% of the Principal Outstanding after 180 days from the date of disbursement and 10 % of the Principal Outstanding upto 180 days from date of disbursement for the pre-owned cars.
Axis Bank Car Loan Eligibility Criteria
1. Both the salaried and self-employed professionals are eligible to apply for Axis Bank Car Loan
2. The minimum age for a salaried employee should be 21 years whereas maximum age should be 70 years.
3. The minimum age for self-employed professional should be 18 years whereas maximum age should be 75 years at the time of loan maturity.
4. The annual income should be minimum ₹ 2.4 lakhs for a salaried employee whereas the annual business income for self-employed professional should be around ₹ 1.8 lakhs- ₹ 2 lakhs
5. The salaried employee should provide the evidence of atleast 1 year of working experience with the existing employer. On the other hand, the self-employed professionals should have atleast 3 years in the same business line.
Axis Bank Car Loan EMI Calculator
Want to calculate your monthly car loan repayments? Use Axis Bank Car loan EMI Calculator for doing the rough estimate in knowing how much EMI you can pay every month. Just by entering details such as loan amount, loan tenure, interest rate, and processing fee know the values generated by your calculator. This way, you can also decide for the best interest rate with Axis Bank for which you can avail car loan.
Axis Bank Car Loan EMI Calculator is an effective online arithmetical tool which helps you to assort your monthly budget successfully by making changes in your interest rates and tenures. Once you feed the details on the relative tabs of the Calculator and upon pressing the “Calculate” button, the result will show you the total amount payable along with the break-up of an amortization table to pay-off loan.
The method of calculating EMI is as follows:
E= P*R*(1+r)n /((1+r)n -1)
Where,
E = EMI payable on your car loan amount
P = Car loan Principal Amount
r = the interest rate value calculated on a monthly basis
n = the loan tenure (in months)
Axis Bank Car Loan EMI Statement
Now you can instantly track your accounts and transactions in order to manage your expenditures comfortably. By using Axis Bank Car Loan EMI Statement, you can easily do so. All you are required is to register yourself on the website of Axis Bank and upload your contact details, email ID. The e-statement registration will start occurring automatically. Submit your request for e-statement either at your nearest branch or call on phone banking services for getting registered. Once you have registered yourself successfully, start obtaining your monthly car loan EMI statements online where you will ascertain how much EMIs you have already paid and how much are left?
Axis Bank Car Loan Documents
The applicants need to provide the following documents while availing car loan from Axis Bank :
- Proof of Identity: Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)
- Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
- Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR
- Bank Statement: Last 6 months
Axis Bank Car Loan Customer Care
Call the toll-free number-1800 233 5577 or 1800 209 5577 or 1800 103 5577 of Axis Bank and resolve your query regarding discussing your car loan application or EMI or for the interest rate.
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