Eligibility Criteria for AXIS Bank Car Loan
Axis Bank provides car loans to salaried and self-employed individuals with easy-to-meet requirements. Below is a detailed table:
Features That Enhance Eligibility
High Loan Amounts: Up to 100% of the car’s ex-showroom price for new cars.
Flexible Repayment Options: Choose from tenures ranging from 1 year to 7 years.
Quick Processing: Instant in-principal loan approval for pre-approved customers.
Loan for Used Cars: Attractive financing available for used cars up to 10 years old.
How to Check Your Axis Bank Car Loan Eligibility Online
Axis Bank simplifies the eligibility check process with an easy-to-use online tool:
Visit Axis Bank’s Car Loan Section on their official website.
Click on the Check Eligibility tab.
Enter basic details like income, employment type, loan tenure, and desired loan amount.
Get an instant decision with a detailed breakdown of your eligibility.
Eligibility Criteria by Applicant Type
Salaried Individuals
- Employment Continuity: Minimum 1 year of work experience, with 6 months in the current job.
- Income:At least ₹20,000 net monthly income.
Self-Employed Professionals
- Business Vintage: Minimum of 2 years in the current business.
- Income Proof: Annual income of ₹1.8 lakhs or above.
Documents Required for Axis Bank Car Loan Eligibility
Axis Bank requires the following documents to assess your car loan eligibility:
| Document Type | Examples |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport, Voter ID |
| Address Proof | Utility Bills, Passport, Rent Agreement |
| Income Proof | Salary Slips, IT Returns, Bank Statements |
| Vehicle-Related Docs | Proforma Invoice, Registration Certificate (for used cars) |
| Employment Proof | Appointment Letter, Business Registration Certificate |
| Photographs | Passport-sized photos for KYC |
How to Improve Your Axis Bank Car Loan Eligibility
Maintain a High Credit Score: Aim for a score of 750 or above to enhance approval chances.
Increase Down Payment: A higher upfront payment lowers the loan-to-value ratio.
Opt for a Shorter Tenure: Shorter repayment periods often lead to quicker approvals.
Add a Co-Applicant: Adding a co-applicant with a strong financial profile can boost eligibility.
Stabilize Income Flow: Submit consistent income proof to strengthen your application.
MinEmi Tip
"Always check your car loan eligibility without impacting your credit score. Use Axis Bank's pre-qualification tools or consult with MinEmi for personalized guidance to maximize approval chances."
Axis Bank Car Loan Benefits
| Feature | Details |
|---|---|
| Loan Amount | Up to ₹1.5 crore for new cars. |
| Interest Rates | Starting from 8.75% per annum. |
| Processing Fees | 1% of the loan amount (₹5,000 minimum). |
| Prepayment/Foreclosure | Allowed after 6 months with applicable charges. |
| Tenure Options | Flexible repayment options from 1 to 7 years. |
Example: FOIR-Based Eligibility for Axis Bank Car Loan
Fixed Obligation to Income Ratio (FOIR): Axis Bank assesses your FOIR to calculate eligibility.
Example Calculation:
- Net Monthly Income: ₹50,000
- Fixed Obligations (EMIs, Rent, etc.): ₹15,000
- FOIR Limit: 50% of income
- Maximum EMI Eligibility: ₹50,000 × 50% = ₹25,000
- Car Loan Amount (at 8.75% interest for 5 years): ₹11.6 lakhs
Frequently Asked Questions (FAQs) on HDFC Bank Personal Loan Eligibility
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