Axis Bank offers competitive car loan options with flexible repayment terms to help individuals purchase new or used vehicles. The interest rates and terms vary based on factors such as the applicant’s credit profile, loan amount, and tenure.
Axis Bank Car Loan Interest Rates:
- Interest Rate: 8.50% to 14.50% per annum (depending on loan amount and borrower profile)
- Loan Tenure: Up to 7 years
- Loan Amount: Up to 100% of the on-road price of the car (for select borrowers)
- Processing Fee: 0.50% to 1.00% of the loan amount, subject to a minimum of ₹3,500 and a maximum of ₹5,500
Key Features of Axis Bank Car Loan:
- Flexible Repayment Tenure: You can choose a repayment period ranging from 12 to 84 months based on your financial planning.
- Attractive Interest Rates: Competitive rates start as low as 8.50% for eligible customers with excellent credit scores.
- 100% Financing: Axis Bank provides up to 100% financing for new cars, making it easier to buy without upfront payments.
- Minimal Documentation: Fast approval with minimal paperwork, ensuring a smooth loan application process.
- Quick Disbursement: Loans are typically disbursed within a few days, so you can make your purchase quickly.
Factors Influencing Interest Rates:
- Credit Score: A higher CIBIL score (700+) will likely result in a lower interest rate.
- Loan Tenure: Shorter tenures may attract lower interest rates, while longer tenures may have slightly higher rates.
- Income and Employment: A stable income and strong employment background may help in getting better interest rates.
- Loan Amount: Larger loans might come with preferential rates, while smaller loan amounts could attract standard interest rates.
Additional Charges:
- Prepayment Charges: 5% on the principal outstanding if the loan is foreclosed within 12 months.
- Late Payment Fees: 2% per month on the overdue EMI amount.
Eligibility for Axis Bank Car Loan:
- Age: 21 to 70 years (at the end of the loan tenure)
- Income: The minimum income requirement for salaried individuals is ₹20,000 per month, and for self-employed individuals, a minimum annual income of ₹2 lakhs.
- Employment: Salaried individuals with a minimum of 1 year of continuous employment or self-employed individuals with 3 years of business continuity.
Documents Required:
- ID Proof: Aadhar, Passport, PAN, or Voter ID
- Income Proof: Latest salary slips or income tax returns
- Address Proof: Utility bills or rent agreement
- Vehicle-Related Documents: Proforma invoice from the car dealer
How to Apply:
You can apply for an Axis Bank car loan online through their website or visit a branch. The process involves submitting the necessary documents, after which the bank will process your application and disburse the loan once approved.
Conclusion:
Axis Bank’s car loans are designed to make vehicle purchases easier and more affordable. With flexible repayment options, competitive interest rates, and hassle-free processing, Axis Bank offers a strong car loan product for those looking to finance their dream car.
Always compare loan options and understand the terms before applying to ensure the loan fits your budget and financial goals.
