The car is one of the dreams that is so dear to so many other people that they strive really hard to get the car in their garage. With the changing trends there is the change in the needs and every now and then a new car with more benefits and features comes up. It is one of the important inclusion of the life especially if it is one of the first cars that anyone is trying to buy. There are many lenders who offer the car loan which can help the borrower with the finances. Axis bank car loan interest rate is attractive and competitive in the market. It makes sure that the dream car is united by its rightful owner.
The benefits of the car loan can be availed by anyone who can complete the requirements mentioned as the car loan eligibility criteria and provide the valid and legal documents. The borrowers can apply for a loan at the Bank and earn reward points for completing the transaction. The bank provides up to 95% of the ex-showroom price on the selected models while the minimum amount of loan is ₹ 1,00,000.
Axis Bank Car Loan Interest Rates-
The Bank provides car loan for the purchase of both new and used car. The loan is sanctioned for the period ranging from 1 year to 7 years. Moreover, it offers the loan at reasonable rates. The rate of interest for salaried individuals is 9.15% p.a. and for others, it ranges from 11 -12% p.a. The bank also offers used car loan for the tenure lasting up to 5 years at the interest rate of 14.50% – 16.25% p.a. It lends up to 90% funding of the valuation amount.
The customer has to pay a nominal processing fee to avail the facility of car loan from Axis Bank. The processing fee ranges from ₹ 3,500 to Rs. 5,500.
The customer will have to pay the nominal charge of ₹ 300 as the documentation fee.
There are other charges that can be asked from the customer to avail the facility of the car loan. The other charges include Cheque bounce charges, duplicate statement issuance, foreclosure charges, part payment charges, late payment penalty etc. All these charges are not applicable to all. It is only applicable for the instances and if the applicant is eligible for those charges.
Axis Bank Car Loan Eligibility- The eligible candidates who can avail the benefit of car loan are as follows:
- 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
- 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
- An annual income of a minimum of Rs. 1,80,000 is needed for selected car models while for others the requirement is a minimum of Rs. 2 Lakhs
- Business stability of a period of at least three years is needed
- 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 organisations:
- Public Limited and Private Limited Companies
- 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
Thus, Axis bank car loan interest rate are affordable and easily accessible. It is one of the important factors that every person seeking for the car loan look at before applying for it.