Drive your own dream car with Axis Bank Car Loan

What can give you more joy than to buy your own dream car and take your family to a long drive. You can plan short trips to any nearby place, anytime you want. Driving your car is a special feeling, isn't it? The best part is- you don’t have to dependent on any form of public transport. After all, it gets difficult traveling in the public bus, especially in summers. With your own vehicle, you don’t have to worry about the inconvenience. Purchasing a car can be a costly affair but it is a lifetime investment.

There are so many people in the country who desire to have a dream car parked in their garage. But unfortunately, they have to apply a brake on their dreams. The reason being, lack of enough finance. Have you decided which car you want to buy? Are you looking out for a lender that can offer you the best deal possible. If yes, then you are to going to receive a good news from my end. Axis Bank car loan is going to fulfill all your dreams of owning a car. The bank offers loan to applicants for a maximum tenure of seven years. Check out this article for a better perspective about the product.

Eligibility criteria-

Check out the required eligibility norms for different applicants right here-

Salaried Individuals:

• 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

Self-employed Individuals:

• 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

Self-employed Non-individuals:

• An annual income of a minimum of Rs. 1,80,000 is needed for selected car models while for others the requirement is of a minimum of Rs. 2 Lakhs
• Business stability of a period of at least three years  is needed

Documents required to avail a car loan:

The applicants are supposed to complete the required documentation work in order to obtain loan from the bank. Check out the needed documents here-

• 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- Bank Statement of the previous six months is required

Interest rates and processing fees-

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.

Axis Bank Car Loan EMI Calculator-

It is very important to keep a tab on the monthly installment you will have to pay once your loan is disbursed. People will say that calculating the EMI is so time taking and even complex. This is true to quite an extent. However, all worries can be put to rest as Axis Bank Car Loan EMI Calculator has been created with the sole purpose of providing instant result about the EMI to the applicants and customers. You just have to feed in details like the desired loan amount plus the interest rate and term period of the loan. Within seconds, you will receive information pertaining to your monthly installment and total interest payable.