Many people carry a wish in their hearts to buy their dream car. After all, having a car at your disposal comes with so many benefits. You can easily skip the public transport and take your car to the office. Planning a short trip to any nearby hill station is easier when you have your own car. Going on long drives with your loved ones in a car has its own thrills. In short, a car is not only a vehicle of transportation but a medium of creating so many memories. In case you have kept aside some savings for your dream car, then I have some news for you. You can avail a car loan from Axis Bank and bring home a stylish car. Axis Bank offers a car loan at an interest rate between 11 to 12% for a tenure up to seven years. Before you make up your mind about availing the loan, you must be aware whether you are eligible for the loan or not. This article will clear all your doubts and provide you with essential information regarding Axis Bank car loan eligibility.
Axis Bank Car Loan Eligibility
Axis Bank has set up certain norms of car loan eligibility and any car loan seeker has to first meet the criteria so as to avail the product from the bank. The bank provides a car loan to every eligible salaried employee, self-employed individual, self-employed non-individual and even those people who maintain a salary account with the bank. The bank decides the repayment capacity of the applicant on certain parameters like age, income, stability of job or business. The norms of eligibility have been given below. Have a look at the same.
Salaried employees
- The basic requirement for a salaried employee is that he/she should have attained at least 21 years of age while applying for the loan. 21 years is the minimum age that one has to acquire if he/she wishes to take a car loan. Another important point is that the maximum age at the time of loan maturity should be 70 years. This clearly means the entire loan along with the interest has to be repaid by the age of 70 years.
- Income plays a very significant role in deciding the eligibility of the applicant. A salaried employee must earn an annual income of at least Rs. 2,40,000 so as to avail the product. He/she also must be working with the current employer for a period of at least one year.
Self-employed individual
- The applicant must be at least 18 years of age while applying for the loan. The loan needs to be completely repaid by the age of 75 years and the applicant must not exceed this age.
- The net annual business income should be at least Rs. 1,80,000 for selected car models while for others the minimum requirement is of Rs, 2,00,000. It is very important to fill income tax returns.
- The applicant must be engaged in the same business for a period of at least three years.
Self-employed non-individuals
- The net annual business income should be at least Rs. 1,80,000 for selected car models while for others the minimum requirement is of Rs, 2,00,000. It is very important to fill income tax returns and ITR for the past two years along with audited Balance Sheet will be taken into account while deciding the eligibility.
- It is very important to have at least three years of employment in the same set of business.
Applicants maintaining a salary account with the bank
- Salaried customers who have maintained a salary account with the bank for the last three months are too eligible to apply for the product.
- The applicant should be working with a reputed multinational corporation, public limited or private limited company. Permanent employees of any state or central government, reputed schools & colleges and public sector undertaking can also approach the bank for the car loan.
- The applicant must be at least 21 years of age and must be working for the current employer for a minimum period of one year.
- The loan needs to be repaid by the time the applicant turns 70 years. This stresses that the maximum age of loan maturity is 70 years.
- The net annual income of the applicant should be at least Rs. 2,40,000.
Documents Checklist for an Axis Bank car loan
If knowing about the eligibility is important, then having knowledge about the documents to be submitted to bank is as much important. Check out the list of documents which have to be submitted to the bank for availing a car loan.
- Completely filled application form
- 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
- Pro-forma Invoice or Rate List
- 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 of the last six months
Now that you have known about Axis Bank car loan eligibility, you can easily decide if you are eligible for the loan or not. If yes, then you should hurry up. Approach the bank as soon as possible for the best deal.
