About Axis Bank Used Car Loan

Axis Bank is one of the best pre owned car loan provider in India. Anyone can apply for a used car loan online. You need to provide minimal documentation and basic details to get a pre owned car loan.

Are you planning to buy a car? Axis Bank pre owned car loans offer car finance starting from Rs. 1,00,000 up to 5% of the value of a car you want to buy at an attractive interest rate. The loan application process is easy and hassle free.

Axis Bank Used Car Loan Interest Rate

Particular Charges
axis bank interest rates(fixed) 14.5% to 16.25%
Loan Amount Above Rs. 1 lakh
Processing Fee Rs. 3500 - Rs. 5500
Documentation Charges Rs. 300
Loan Tenure range 12 months to 60 months
Late repayment Penalty 2% is charged for every month
Foreclosure charges 5% of the outstanding principal. In addition to this, GST is charged.

Documents Required for Axis Bank Used Car Loan

For Salaried Employee

  • Fill up application form for loan

  • 2 passport size photos

  • Identity Proof – Driving Licence/ Passport/ PAN/ Voter ID

  • Residential Address Proof – Registered Rent Agreement/ Leave and License/ Utility Bill (up to 3 months old)/ Passport

  • Income Proof – 2 years Form 16, 6 months payslip, 6 months bank statement

For Self Employed

  • Fill up application form for loan

  • 2 passport size photos

  • Identity Proof – Driving Licence/ Passport/ PAN/ Voter ID

  • Residential Address Proof – Registered Rent Agreement/ Leave and License/ Utility Bill (up to 3 months old)/ Passport

  • Income Proof - incorporation details in case of companies, GST registration, profit and loss account and balance sheets certified by CA, business address proof, copy of partnership deed/ proof of business profile and business existence

Self Employed Non Individual Applicants

  • Should earn minimum Rs. 1.8 lakhs per year for selected models and Rs. 2 lakhs for other used cars.

  • Last 2 years income tax returns proof and 2 years audited finance along with computation of income.

  • Should have 3 years continuous service in the same business.

Salary Account Applicants

  • Must have 3 years salary account.

  • One can work in any public or private limited companies.

  • State/ Central employees

  • Public Sector undertaking employees

  • Age should be 21 years old

  • Maximum age should be 70 years old at the time of loan maturity.

  • Net salary is minimum Rs. 2.4 lakhs per year

  • Salary slips and form 16

  • Minimum experience should be 1 year in the same company.

Eligibility Criteria for Axis Bank Used Car Loan

For Salaried Employee

  • Minimum Age should be 21 years

  • Maximum age should be 70 years at the end of the loan

  • Maximum annual salary should be Rs.2.4 lakhs

  • Should be employeed for minimum 1 year in an organization

For Self Employed

  • Minimum age should be 18 years

  • Maximum age should be 75 years at the end of the loan

  • Maximum annual salary should be Rs. 1.8 lakhs

  • Should be worked for minimum 3 years in the same business

Axis Bank Used Car Loan EMI Calculator

The EMI calculator will help you to calculate the monthly EMIs easily. EMI is calculated based on the interest rate, loan tenure and loan amount. The borrower need to pay the loan on every month based on these 3 factors. Suppose, you are taking a car loan amount Rs. 3 lakhs and select a 7 years loan tenure with 12% then you have to pay Rs. 5296 on every month.

Tips to Decide the right loan amount of EMI

Estimate the amount that you need to borrow: You have to estimate the amount before you are going to apply for a loan.

Calculate your Axis Bank second hand car loan eligibility: Your eligibility will tells about your capacity to pay a loan. Axis bank offers LTV up to 95% of ex showroom cost of the vehicle. For example, at low LTV, the borrowers will provide margin money. If the margin money is higher than your funds, you need to look up for higher LTV loans.

Review your present obligations: Before applying for a loan you have to check your monthly expenses and check your current EMI obligation on loans. This will help you to estimate the monthly EMI you have to pay.

FOIR based loan amount eligibility: The bank estimates your FOIR ( fixed income to obligation ratio) to your monthly EMIs based on the monthly expenses and your present income. The bank applies a specific ratio to your salary to estimate your expenses in monthly and adds your other obligations of EMI to calculate the EMI obligations. Banks lends up to a max. FOIR of 0.50. Based on this FOIR, the bank will estimate the max. amount of EMI. The Axis bank assessment will be different from your assessment.

Multiplier Based Loan Amount Eligibility: The bank calculates the eligibility of loan amount by applying a multiplier to your net salary. This is the very simplest method used by the banks to calculate the loan eligibility. It is 6 times the net income for self employed individuals and 2.5 to 3 times the yearly salary for salary employees.

To calcualte your used car loan EMI, use our EMI calculator.

Features and Benefits of Axis Bank Car Loan

Minimum Loan to Value Ratio - Axis bank offers loan amount of 95% of the price of the ex showroom on selected models. It is a sum of registration charges, insurance cost, road tax, and accessories. When you are going to buying a car, the finance is up to 80% of the loan amount which can be fix by the bank agent in the report of the valuation. For higher loan amount, the total down payment that you need to pay for buying a car can reduces the interest rate and it is easy to buy a used car.

Extended Loan Tenure - The pre owned car loan is available for a tenure of 1 to 7 years. If you choose the longer tenure option, the EMI amount will be reduced and you can easily pay the monthly EMIs.

Attractive Interest Rates - The attractive rates of interest are ranging from 14.5% to 16.25% per year. The interest rates are very competitive in the market.

eDGE Loyalty Rewards - You can get reward points while you take a loan in Axis Bank.

Exclusive Benefits - Axis Bank offers special benefits for priority banking, wealth banking and privy banking to avail a second hand car loan. The salary account holders are also getting the exclusive benefits for second hand car loans. The benefits includes low interest rates, concession on processing fee, part payment charges etc.

Features of Axis Bank Used Car Loan

  • In festive seasons, you no need to pay part payment charges for car loans.

  • The loan amount will be disbursed based on the ex showroom cost of the vehicle.

  • Car loan rates of interest are very low.

  • Get high value used car loan Hyderabad up to 85% funding of the valuation amount

  • Get used car interest rate at just 15% per annum

  • Pre owned car loans are available at Rs. 1 lakh onwards.

  • Flexible loan tenure options up to 5 years.

  • Easy to calculate the EMIs by using Axis Bank EMI calculator.

  • Loan approves in 24 hours

  • Simple, easy and less documentation

  • Priority banking, private banking, wealth banking can get special offers on loans.

Additional Charges and Fees of Axis Bank Used Car Loan

Additional Fees and Charges of Axis Bank Pre Owned Car Loan

Instrument Swapping/ Cheque Charges - Rs. 500/-

Instrument Return/ Cheque Bounce charges - Rs. 500/-

Duplicate repayment schedule issuance charges - Rs. 500/-

Duplicate statement issuance charges - Rs.500/-

NOC/ Duplicate no due certificate - Rs. 500/-

Re booking/ Loan cancellation - Rs. 2500/-

Credit report issuance - Rs. 50

Documentation charges - Rs. 500/-

Collection charge of registration certification - Rs. 200/-

Factors Affecting Axis Bank Pre Owned Car Loan Eligibility

There are some factors that determine your eligibility to get a pre owned car loan from Axis Bank

Age is one of the eligibility factor to consider to get a pre owned car loan. If you are below 21 years, you are not eligible to get a loan. The terms and conditions are applicable on second hand car loans. The applicant's age should be 70 years old at the time of loan maturity.

The annual income should meets the requirement of the bank.

Holding the existing loans will also reduce your loan eligibility. You didn't get the specified amount while you holding the other loans such as personal loans, credit cards can affect your loan eligibility.

Credit score is an important factor to consider when you are taking a loan. Banks considers the people who have good credit score and approves the loan easily. If you have low credit score, then you will face more complications in getting a second hand car loan. You need to pay higher interest rates with more terms and conditions when you having a low credit score.

How to increase your Axis Bank Second Hand Car Loan Eligibility

One can increase loan eligibility in many ways. You can also increase your loan amount that you are eligible for.

Add your spouse or other blood relations as a co borrower in the second hand car loan. You can add their salary details to the loan requirements and enhance the loan eligibility.

Increase your credit score. Find the tips to improve your credit score. If you have bad credit score, try to resolve it.

Clear your existing loans. The debt to income ratio will be decreased when you clear your existing loans.

Axis Bank Used Car Loan On LoanOnMind

Anybody can apply for an Axis Bank used car loan through LoanOnMind. We are associated with top Indian Banks and provide reliable and accurate information on Axis Bank used car loan options for the customers. The customers can compare the interest rates , pros and cons, eligibility and schemes infortanation from Axis bank and other banks on LaonOnMind.

Axis Bank Customer Care Number for Pre Owned car Loans

  • Axis customer care numbers are 1860 419 5555 and 1860 500 5555.

  • Car Loan Services are available between 9 A.M. - 9 P.M., Monday to Saturday (excluding national holidays)

  • Axis bank customer care mail id is [email protected]

FAQs on Axis Bank Pre Owned Car Loans

1. What is the minimum loan tenure for Axis Bank pre owned car loans?

The minimum tenure of loan of Axis Bank is 1 year.

2. How much does it finance for pre owned car loans?

One can avail loan finance up to 90% of the value of a car.

3. What should be the minimum age of a salaried employee to avail a pre owned car loan?

The minimum age should be 21 years old.

4. How can I check the Axis Bank status online?

You can check the status at Axis bank portal.

5. Is it possible to check the statement of Axis Bank used car loan online?

Yes, you can check the statement at Axis bank online portal.

axis-bank-used-car-loan
X