Axis Bank Car Loan

Features

• Loan available for salaried, self-employed individuals, proprietorships and partnership companies
• Special schemes for axis bank salary account holders
• Minimum loan amount offered is Rs 1 lakh
• Repayment period varies from 1 year to 5 years.
• Loan is available for 90% of the ex-show room price on selected models

Eligibility

• For salaried minimum age to apply for loan is 21 years and maximum age of applicant at maturity is 60 years with minimum income of 1.5 lakh per annum for selected models & Rs 2.5 lakh for others with minimum experience of 2continous years
• For self-employed minimum age of applicant 21 years and maximum age of applicant at maturity is 65 years with minimum income of 1.5 lakh p.a. for selected models & Rs 2.5 lakh for others with minimum experience of 3 years

Charges

• Loan processing fee: Rs 3500/- to Rs 5500/-
• Cheque bounce/instrument return charges & cheque or instrument swap charges cost Rs 500 each
• Duplicate statement issuance charges, duplicate repayment schedule, Duplicate no dues certificate charges Rs 500 each
• Late payment charges:2% per month
• Loan cancellation/Re-booking: Rs 1000 per instance
•  Foreclosure charges: Within 6 months 10% of the outstanding loan amount, after 6 months 5% of outstanding loan amount

Interest Rate

• The rate of interest varies from 12.25% to 14.75%

Pre-approval Documents

• Age proof
• ID proof
• Application form
• Photograph
• Residence proof
• Income proof
• Bank statement
• Signature verification proof
• Proforma invoice

Post Sanction / Pre Disbursement Documentation

• Loan Agreement duly signed along with RTO set
• Post Dated Cheques (PDCs) / ECS form / Standing Instruction (SI) request
• Margin money receipt