Check Axis Car Loan Eligibility & Get Your Dream Car Financed

Willing to buy your own car and drive it to the place so far. Then get ready as Axis bank provides you with a chance to buy your dream car now and pay for it later. It offers car loan to the potential car buyers who due to the shortage of money drop the desire to purchase a car. But now, there is no need to do the same as Axis Bank lends the money for the timely gratification of the desire. The loan is available for the lowest amount of Rs. 1,00,000 to up to 85% on-road funding. The bank even lends up to 95% of the ex-showroom price on selected models. So, if you are aspiring to buy a car, go grab the deal. But before applying do check the Axis car loan eligibility criteria.

Axis Bank Car Loan Eligibility- The eligible candidates who can avail the benefit of car loan are as follows:

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

Priority/Wealth/Privee customers eligible for a loan:

• 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
• MNCs
• 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

Interest Rate and Processing Fee-

The interest rate of new car loan for salaried individuals is 9.15% p.a. while for others it ranges from 11% p.a. to 12% p.a. The prevalent rate of interest on the pre-owned car loan is 14.50% p.a. to 16.25% p.a. The processing fee ranges from Rs. 3,500 to Rs. 5,500.

Documents Required-

• Application Form
• Passport sized photograph
• 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  
• 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
• Pro-forma Invoice or Rate List

Car Loan Eligibility Calculator-

The customer can calculate his/her eligibility using the car loan eligibility calculator. It is a device that helps in the computation of individual’s ability to borrow. The applicant just has to enter the information regarding:

• City currently living in
• Number of years in current city
• Type of residence
• Date of Birth
• Car model
• Type of employment
• Axis Bank savings account number or Customer ID

After filling the required details click on the Check Your Eligibility. The results will be displayed on the screen.