Axis Bank Car Loan
It’s Axis bank then why you are worry about Car Price Tag
Axis Bank offers car loan for the new cars as well as for used cars with a powerful loan amount which will help you get to your dream car.The main highlight which makes Axis bank stand out the crowd is that no income proof is required to avail the loan. Axis bank has separate schemes for its Priority account holders andSalary account holders. Repayment period of the loan is ranges from 1 year to 7 years.So, you don’t have to put the brakes on your ambitions as long as it’s Axis bank who’s offering the loan for you. Axis bank has their own advantages when other bank loans lack in them. Hence stop worrying about the price tag of the car and have a go for it.
The main advantages with Axis bank are:
- Competitive interest rates
- No income proof required to avail the loan
- Long repayment period
- Special plans for Axis Bank account holders
- Loan is allowed from 1 lakh and you can avail a loan amount that is 85% of the on-road price
Eligibility differs from salaried individuals to self-employedindividuals. For both, the minimum age is 21 years for the applicant. Now for salaried individuals maximum age of applicant is 58 years, minimum annual income of 1-2 lakhs and must be 2 years employed at the present work station.
For self-employedindividuals the maximum age of the applicant can be 65 years of age, minimum annual income of 1-2 lakhs and minimum 3 years of work experience on the present business is a must.
Now the documentation details are:
- ID proof, age proof and residence proof
- Recent passport size photographs
- Bank statement and signature of verification
- Income proof(not required for loan sanction)
These are the documents that are to be submitted before the contract of the loan amount availed and hence they are called pre approval documents. There may be more documents to be produced before the bank depending on the individuals dealing with the bank.
The loan amount along with the calculated interest is to be repaid within 84 months in Equated Monthly instalments (EMI’s).
Applicants can avail term loan for new cars as well as for used cars also. The price of the new car is the on-road price and for the used car its ex-showroom price is consider as the relative loan amount. As mentioned above the repayment period ranges from a minimum of 12 months to a maximum of 84 months with its minimum loan amount of Rs. 1,00,000/- and a maximum of 85% of the on-road price of the car.
Interest rates that Axis bank offers to their customers for car loans are 15%-15.5%.
Axis bank prefers some manufactures that have tie up with them, it’s easy to avail loan amount for the preferred manufactures of Axis bank, and the list includes Chevorlet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors and Toyota.