If you are planning to buy a new car, but stuck with budget issues, no need to worry! Axis Bank has come up with their very own car loan. We are here to guide you on a step-by-step basis so that you can avail the facility at ease. While we have covered most of the details about the Axis Bank Car Finance, it is important to read the terms and conditions of usage mentioned on their website. Well, now that you have become an informed consumer, let us take you to the insights regarding the same.
| New Car Loan | Used Car Loan | Parallel Car Loan |
|---|---|---|
| Get loan from Rs 1 lakh | Get loan from Rs 1 lakh | Get loan from Rs 1 lakh |
| Get up to 100% of the on-road value | Get up to 95% of the amount for purchase of the used car. Get up to 85% for the refinance loan | A pre-approved loan offer for existing customers of Axis Bank |
| Max Tenure: 7 years | Max Tenure: 5 years | Max Tenure: 4 years |
*Axis Bank existing customers pre-qualify for a loan if they are salaried for more than one year.
The dream of owning a car isn't just a dream anymore thanks to Axis easy car finance. The interest charged is competitive and helps you compare other car loan offers.
Credit Score: The Borrower should have a minimum credit score of 720 to be eligible for Airtel Flexi Credit Car Loan.
Income Source: Whether it is a salary or your business income determines your loan amount.
Loan Tenure: While this can vary from 3 to 60 months, the rate of interest can vary for the durations.
Existing Debt: The person's existing debt such as Home Loan or a gold loan or an education loan can affect the credit score.
Before applying for Axis Bank new car loan or other categories, you can check EMI per month using Loan EMI Calculators. There are third party sites for the same, though the use of such websites would not be showing you the exact amount. We suggest usage of EMI calculator in case you want to get an estimate.
To apply, you can:
1. Visit your nearest Axis Bank Branch and connect with the manager there.
You can apply online, after reading conditions of usage of www.axisbank.com
You can get an instant sanction when you apply through the Axis mobile app via 24x7 Car Loans
Or you can give a missed call at their customer care number @1800 572 9888.
While the eligibility criteria depends on your employment conditions and history, we have tried to sum up the requirements below.
| Salaried Individuals | Self-employed Individuals | Self-employed Non-individuals | Priority/Wealth/Privee Customers | |
|---|---|---|---|---|
| Minimum Age | Must be at least 21 years old and should not exceed 60 years at the loan's maturity date. | Must be at least 18 years old but not more than 65 years at the loan's maturity. | Must be at least 18 years old but not more than 65 years at the loan's maturity. | Must be at least 18 years old but not more than 65 years at the loan's maturity. |
| Net Annual Salary/Business | Must have a minimum annual salary of Rs. 2,40,000. | Need a minimum annual income of Rs. 1,80,000 (for specific models) or Rs. 2,00,000 (for others). | Require a minimum annual income of Rs. 1,80,000 (for select models) or Rs. 2,00,000 (for others). | Annual income requirements are not applicable. |
| Income Eligibility | Eligibility is determined based on the latest salary slip and Form 16. | Income eligibility is based on the most recent Income Tax Returns. | Income eligibility is evaluated through the last 2 years' Income Tax Returns and audited financial records. | - |
| Employment Duration | Requires a minimum of one year of continuous employment. | Needs at least three years of continuous employment in the same business line. | Requires a minimum of three years of continuous employment in the same business field. | Must have been a customer for at least six months. |
| Additional Requirements | No additional specifications. | No further specified criteria. | No additional criteria specified. | Requires a minimum Average Quarterly Balance (AQB) of Rs. 1 lakh for the last two quarters. Maximum loan amount is three times the AQB in the last two quarters. |
The documents are not required for Axis Bank Instant Finance. Just select the car. Check requirements for the Loan Offer. Select the dealer and you are good to go!
Your PAN details and Mobile Number is required
Incase of full fledged loan, your salary/ work documents may be required
Age-proof documents required
Once applied you can track the status of your loan through Axis Internet Banking
Submit a request online and Get instant Approval
The Bank may offer flexible and attractive interest rates after considering your case.
A lower cap of Rs 1 lakh is not necessary
You might need to submit job related documents
Long process for a full fledged loan.
If you wish to apply for a car loan, Axis Bank is a good way to move forward. Hoping that this article helped you during your consideration, we wish you a very happy buying!
FAQs for Axis Bank Car Loan
Yes, you can apply online.
Up to 7 years.
Rs. 1,80,000 to Rs. 2,00,000.
Use Axis Bank's Car Loan EMI Calculator.
Minimum AQB of Rs. 1 lakh for last 2 quarters.