Axis Bank is the third largest private sector bank in India. The Bank offers the entire gamut of financial products and services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. The Bank has a large network of over 4,000 branches and 12,717 ATMs spread across the country.
The Axis Bank branch network is present in all 29 states and 7 union territories in India. The Bank also has a widespread international presence with branches in Singapore, Hong Kong, Dubai (at the Dubai International Financial Center), Colombo and Shanghai.
Advantages Of Axis Bank Car Loan
Car loans from Axis Bank come with plenty of advantages that make them a great option for anyone looking to finance a new vehicle. Here are some of the key benefits:
1. Competitive interest rates – Axis Bank offers some of the most competitive interest rates on car loans in the market, making it easier to afford your dream car.
2. Flexible repayment options – You can choose from a variety of repayment options depending on your financial needs and Situation. This flexibility helps you better manage your finances and ensures that you can comfortably afford your loan repayments.
3. Quick and easy approval process – Axis Bank’s car loan approval process is quick and hassle-free, so you can get behind the wheel of your new car sooner rather than later.
4. Wide range of vehicles eligible for financing – Axis Bank offers financing for a wide range of both new and used vehicles, so you’re sure to find the perfect car for your needs and budget.
5. Dedicated customer service team – Axis Bank’s team of dedicated customer service representatives are always on hand to answer any questions you may have about your loan or the application process, making the whole experience as smooth and stress-free as possible.
Assuming an interest rate of 9.25% per annum for a tenure of 5 years, the EMI works out to approximately Rs. 23,000 per month.
The total interest you pay over the loan period would be Rs. 3,27,500 and the total amount you repay (interest + principal) would be Rs. 18,67,500.
However, if you choose to prepay your loan after 3 years, you will only have to pay Rs. 2,52,000 as interest for the entire loan period. The total amount you repay (interest + principal) would be Rs. 16,92,000.
To be eligible for an Axis Bank Car Loan, you must:
-Be at least 18 years of age
-Be a resident of India
-Have a regular source of income
-Have a good credit history
To apply for an Axis Bank Car Loan, you will need to submit the following documents:
-Proof of identity (Passport/Aadhaar Card/Voter ID Card)
-Proof of age (Birth certificate/School leaving certificate)
-Proof of address (Passport/Aadhaar Card/Voter ID Card/Utility bills)
-Proof of income (Salary slips for the last 3 months/Form 16)
-Bank statements for the last 6 months
-Car registration certificate
-Car insurance policy
How To Apply For An Axis Bank Car Loan
If you’re looking to finance your next car purchase, an Axis Bank car loan could be a great option. Here’s what you need to know about how to apply for one.
1. The first step is to fill out an online application form. You’ll need to provide some personal and financial information, as well as details about the car you’re interested in financing.
2. Once you submit your application, it will be reviewed by a loan officer. If approved, you’ll be asked to provide some additional documentation, such as proof of income and employment.
3. Once all of your documentation has been received, a decision will be made on your loan. If approved, you’ll receive the funds based on the terms of your loan agreement.
Frequently Asked Questions
1. What is an Axis Bank car loan?
An Axis Bank car loan is a personal loan that can be used to finance the purchase of a new or used vehicle. The loan can be used for both private and commercial vehicles, and can be repaid over a period of 1 to 7 years.
2. How much can I borrow with an Axis Bank car loan?
The maximum loan amount that you can apply for will depend on your income and repayment ability, as well as the value of the vehicle you are looking to purchase. Generally speaking, you can borrow up to 80% of the value of the vehicle.
3. What is the interest rate on an Axis Bank car loan?
The interest rate on an Axis Bank car loan starts from 10.75% per annum and will depend on your individual circumstances such as income, credit history and the value of the vehicle being purchased.
4. Are there any fees associated with an Axis Bank car loan?
Yes, there are certain fees associated with taking out an Axis Bank car loan which include a processing fee of up to 2% of the loan amount, as well as stamp duty and other government charges.
5. How do I apply for an Axis Bank car loan?
You can apply for an Axis Bank car loan online, over the phone or in a branch. To begin your application, you will need to have some personal and financial details to hand including your income, employment status and the value of the vehicle you wish to purchase.
6. What is the minimum income required to apply for an Axis Bank car loan?
The minimum income required to apply for an Axis Bank car loan will depend on your employment status and other factors such as the value of the vehicle being purchased. Generally speaking, you will need to earn a minimum monthly income of Rs. 15,000 in order to be eligible for the loan.
7. How long does it take to get an Axis Bank car loan?
The time it takes to get an Axis Bank car loan will depend on a number of factors including your income, employment status and credit history. Generally speaking, the loan can be approved within 5 working days.