Axis Bank Car Loan Overview

Axis Bank, the third largest private sector bank in India, offers a host of banking products and services including car loans. It gives its customers a choice of three different car loans:

• New car loans - You can get up to 85% funding. Axis bank offers 100% funding for corporate customer.
• Pre-owned car loans - You can get up to 90% funding and tenures of up to 5 years.
• Loan against car - Get up to 150% funding of the original loan amount. No valuation or verification of your car is required. You also don’t need to provide income documents.

Axis Bank Car Loan Eligibility

Car loans at attractive rates from Axis Bank are available to salaried individuals, self-employed, and non-individuals. There are special schemes for private, wealth and priority banking customers. Customers who have their salary credited to Axis Bank can also benefit from special schemes.

Salaried individuals

• You should be at least 21 years
• You should not be more than 70 years at the end of the loan tenure.
• You need a minimum net income of Rs. 2.4 lakhs per annum
• You should be working continuously for a minimum of 1 year.

Self-employed

• You should be at least 18 years.
• You should not be more than 75 years at the end of the loan tenure.
• Your business should be earning a minimum net income of Rs. 1.8 lakhs per annum for selected models and Rs. 2 lakhs for all others.
• You should be working in the same line of business for a minimum of 3 years.

Firms/Companies and other non-individuals

• Your business should be earning a minimum net income of Rs. 1.8 lakhs per annum for selected models and Rs. 2 lakhs for all others.
• You should be working in the same line of business for a minimum of 3 years.

Eligibility for scheme for Salary Customers

If you had your salary being credited to an Axis Bank Salary account for the past three months, you are eligible for a special scheme on car loans.

• You should be at least 21 years.
• You should not be more than 70 upon loan maturity
• You should be earning at least Rs. 2.40 lakhs per annum
• You need to be employed for 1 year continuously.
• Employees who are eligible should be working in any of the following:
  • MNCs
  • Public Limited Companies
  • Private Limited Companies
• Or you should be a permanent employee in any of the following:
  • Central and State Government
  • Public Sector Undertakings
  • Reputed schools and colleges

Eligibility for scheme for Priority/Wealth/Private Customers

• You should be 21 years and above.
• You should complete the loan by the age of 70.
• You need to be earning at least Rs. 2.4 lakhs net annual salary.
• You should be employed for at least 1 year continuously.
• Customers should have a minimum average quarterly balance of Rs. 1 lakh for the last 2 completed quarters.
• All priority, wealth and private customers with a vintage of 6 months
• You can get a loan amount of up to 3 times the AQB in the last two quarters

Factors affecting Axis Bank Car Loan Eligibility

There are many factors that play a role in determining your eligibility for an Axis Bank car loan.

• Your age can determine your eligibility if you are under 21 years. There are also terms and conditions that are applicable on loans where the tenure will be completed by the time the customer reaches 70.
• Your income should meet the minimum requirements.
• Holding other kinds of credit will reduce your eligibility. You may not get the ideal loan amount if you are currently already in debt. Debt such as credit card balances and personal loans can affect your eligibility
• Credit scores are important when you take out a loan. A good CIBIL score makes a good impression on the banks and they will be happy to approve your loan. A low score has the opposite effect and you could face complications in the loan process or be denied completely. You could also get higher interest rates and more terms and conditions.

How does CIBIL scores affect your Axis Bank Car Loan Eligibility?

CIBIL scores are basically a track record of your credit history. CIBIL is the Credit Information Bureau India Limited. It records every individual’s behaviour when it comes to taking out credit from banks and financial institutions. When you opt for a credit card or any loan, CIBIL maintains a track of how you repay the loan and your defaults on payments, if any. It also records good patterns of paying on time, ahead of time and more than what is the minimum payment required. So CIBIL scores depict a picture of what kind of credit customer you might be. Sometimes credit scores can be low for a number of reasons you didn’t know about. It doesn’t always play fair, but in order to have a good score, we need to play by the system.

Learn about CIBIL scores as they can greatly affect your future credit possibilities. High scores give banks an assurance that you are a good customer, and your loan process will be easy with minimal terms to it. An average score will still get you through a loan. You should maintain your score at around 750 points. A low score will hamper the loan process and you may even be rejected.

How to increase your Axis Bank Car loan eligibility?

You can increase your eligibility in a number of ways. You can also increase the loan amount you are eligible for.

• Make your spouse or immediate family a co-borrower in the loan. You can add their income to the loan requirements and therefore enhance your eligibility.
• Work towards increasing your credit score. Find ways to fix your score. You could also enquire into what made your score low and try to get it resolved.
• Clear off any existing debt you might have. The more your clear, the more your debt-to-income ratio decreases.

Axis Bank Car loan eligibility Calculator

It’s easy to know if you’re eligible for a car loan from Axis Bank. There is an eligibility calculator on BankBazaar.com which is simple and fast.

To use the calculator:

• Access BankBazaar.com and select the product “car loans”
• Follow the instructions and input your details as you go along.
• Your results will be generated within seconds.
• You can view more details about the loan and apply directly from BankBazaar.com.