Bring home your favourite car with Car loan Axis Bank

We all wish to have our own car which we can use for travelling anytime and to anyplace we desire. We don’t have to worry about using the public transport. The value of owning a car increases more when you have a family. You can plan trips to nearby hill stations and go on long drives with your beloved ones. Having a car proves to be beneficial in times of any emergency. Do you carry the dream of buying your favourite car since a long time? Is lack of finance stopping you from accomplishing it? If yes, then why apply brakes on your dream, when axis bank car loan is there to give you full support.

Axis bank is one of the leading private sector banks in India, which fulfills the financial requirements of the people who are in need of funds. In case you are a salaried employee, a self-employed individual or even a self-employed non-individual, you can apply for a car loan from the bank. You can take a loan to purchase a new car or an old car and even take a loan against your car. The tenure for any new car goes up to seven years.

You can use the loan to buy a passenger car, a multi-utility vehicle or a sports utility vehicle that is available in the country. One can avail a minimum loan amount of Rs. 1 lakh from the bank. The maximum amount will go up to 100% of the on-road price of the new car. The vehicle you buy is used as a collateral and is hypothecated to the bank for the loan tenure. To gain more knowledge about the product, read this article carefully.

Eligibility criteria:

Any interested applicant has to meet the required eligibility norms set by the bank. Have a look at them-

For Salaried Individuals:

• Should have attained at least 21 years of age while applying for a loan
• Should not exceed 70 years age when the loan matures
• Earning an annual income of at least Rs. 2,40,000 is mandatory
• Should be employed with the present employer for a minimum of one year

For Self-employed Individuals:

• Minimum age while applying for a loan should be 18 years
• Maximum age at the time of loan maturity should be 75 years
• Earning a minimum annual income of Rs. 1,80,000 is compulsory
• Business stability of at minimum of three years is important

For Self-employed Non-individuals:

• A net annual income of a minimum of Rs. 1,80,000 is needed for selected car models and Rs. 2 Lakhs in case of other car models
• Business stability of a minimum of three years is required

Documents required for a car loan:

The applicant has to complete the documentation work in order to obtain finance from the bank. Check out the list of documents here-

• Proof of Age- Birth certificate/SSLC or AISSE Certificate/Passport/Driving license
• Proof of Identity- Aadhar card/Driving license/PAN Card/Passport/Voter ID card
• Completely filled application form
• Passport size photographs
• Proof of Income- For Salaried Individuals- Salary Slip of the last three months, bank statement of the past six months and Form 16 of the previous two financial years. For Self-employed- ITR and Profit & Loss A/C Statement and Audited Balance Sheet of the previous three financial years and bank statement of the past six months
• Signature verification Proof
• Pro-forma Invoice or Rate List

Interest rates and processing fee:

Knowing about the interest rate is very crucial for a stress free loan journey. The rate of interest for a new car for a salaried individual is 9.15%. The bank levies a processing fee between Rs. 3,500 to Rs. 5,500.

Car Loan Axis bank EMI Calculator:

It is very important to the amount of EMI you will have to pay each month to the bank. Just in case you end up securing a higher amount of monthly installment, you can easily disturb your budget each month. To make the EMI calculation process very easy and hassle free, car loan Axis bank EMI calculator has been made. It will provide you with all the information related to your installment and total interest payable within few seconds. You just have to enter the loan amount, tenure period and interest rate. Let’s make it more simple with the help of an example-

Suppose Anupam Kumari, an English literature professor wants to avail a loan worth Rs. 2,50,000. The bank offers her the same amount at an interest rate of 9.15% for a tenure of five years. With the assistance of this tool, we can calculate how much EMI she will have to pay each month. It turns out that she will have to pay a monthly EMI of Rs. 5208. The total interest payable will be 62,468. This means she will be paying a sum total of Rs. 3,12,468. This instant calculation was only possible due to the magical tool.