Is car your necessity but you are not able to afford it simply because of your tight budget schedule? Do your monthly expenses prevent you from owning a dream car? Are your savings proving to be inadequate for buying a new car? If these are your concerns which keep you away from accomplishing your dream then why not avail the Axis Bank car loan facility. This facility is tailor made to suit your requirements and provide you with a hassle free solution for owning a dream car. Flexible, transparent, quick and cost effective this car loan would never turn out to be a nightmare. As Axis Bank realizes that car is no more a luxury hence they have designed the loans in accordance with the common man to bridge the gap between savings and car prices. The value of the car loan is however calculated on the ex-showroom price of the vehicle. The loan amount varies depending upon the requirement of the individual and car prices. The tenure of the loan is also extended from 1 to 5 years thereby making it convenient for the individuals to repay.
Eligibility Criteria
The car loan application form and the agreement can easily be downloaded from the bank’s website in order to avoid any inconvenience. While talking about the Axis Bank vehicle loan eligibility criterion it differs from salaried to self employed individuals. The minimum age decided for availing the loan facility is 21 years for salaried while the maximum age is 60 years. The net annual salary should be INR 1.5 lac per annum for the selected models while for others its INR 2.5 lacs. Minimum 2 years of continuous employment needs to be shown to qualify for the vehicle loan. The self employed individuals need to show a business income of INR 2.5 lac for others and INR 1.5 lac for selected models of cars. The maximum age however extends up to 65 years.
Interest Rates
One of the prime concerns for any individual while talking about loan is the interest rates and the charges being levied on the loan. Axis Bank always ensures that the interest rates and competitive and reasonable. The rate of interest is however 11.25 – 15% thus ensuring that you pay lesser every month. In order to avail the auto loan facility you need to submit several documents which would act as a proof of your salary, age and identity. This loan facility is quick and ensures that you drive home in your preferred car.