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  • Axis Bank Two Wheeler Loan

    Axis Two Wheeler Loan
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    Overview of Axis Bank Two Wheeler Loan:

    One of the leading private sector banks in India, Axis Bank offers a broad range of financial services to customers. The bank’s clientele segment includes Large and Mid-Corporates, Retail Businesses, MSME, etc. Boasting of a strong and wide network of 2589 domestic branches. This number is inclusive of extension counters, 12,355 ATMs (as on 31st March 2015) spread across the country. Axis Bank also has operates abroad at over eight international offices in many countries. These countries include Hong Kong, Dubai, Singapore Sri Lanka and China. The Bank provides a wide array of financial products debit and credit cards, home loans, personal loans, car loans, two wheeler loans, a variety of savings accounts, and much more.

    Two Wheeler Loan from Axis Bank:

    Given the condition of dilapidated roads and dense traffic conditions in India, it is a smart choice to own a two wheeler, maybe even more than owning a car. Besides being more convenient, time effective, a two wheeler is also easy on your pocket and is much easier to maintain than a car. Axis Bank understands this need of every Indian, hence offers bike loans to customers at affordable rates. With the help of financial assistance from Axis Bank, you can go ahead and realize your dream of owning a two wheeler, for a necessary mode of transport or for the thrill of biking.

    Features and Benefits:

    • Axis Bank two wheeler loans can be availed by salaried and self-employed individuals.
    • The interest rates are practical, affordable and attractive, in comparison to the bank’s competitors.
    • Axis Bank two wheeler loans also comes with ‘no income proof schemes’
    • Axis Bank Salary and Priority accounts holders are eligible to enjoy special schemes if they avail two wheeler loan
    • Two wheeler loans are available from Rs. 20,000 to Rs. 70,000
    • The loans tenure ranged from a period of 1 Year to 3 years

    Axis Bank Two Wheeler Loan Eligibility:

    The eligibility criteria for availing two wheeler loan from Axis Bank are as follows –

    If the applicant is a salaried individual:

    • He/she needs to be at least 18 years old during the commencement of the loan, and be at maximum of the retirement age during termination of the loan.
    • Applicant’s minimum annual income should range from Rs. 60,000 to Rs. 75,000. This also depends on the two wheeler model for which he/she is availing the loan.
    • The loan margin provided is 15% to 20% depending on the two wheeler model

    If the applicant is a self-employed individual –

    • He/she needs to be at least 21 years old during the commencement of the loan, and be maximum 60 years old during termination of the loan.
    • Income eligibility - As per latest ITR
    • The loan margin provided is 15% to 20% depending on the two wheeler model

    Documentation:

    The following documents are required to avail a two wheeler loan from Axis Bank–

    • Applicant’s valid identity proof like passport, PAN card, Voter ID card, driving license, etc. Please note that any one of these documents is required.
    • Passport size photograph of the applicant
    • Income proof of the applicant like latest salary slip, form 16, ITR, assessment order. Please note that any one of these documents is required.
    • Legal documents and duly filled loan application form
    • Address proof/residence proof – passport, telephone bill, electricity bill, rental agreement, credit card bill, etc. Please note that any one of these documents is required.
    • Dealer invoice
    • Bank statement for last 3 months
    • RTO forms set

    Axis Bank Two Wheeler Loan Interest Rates:

    Axis Bank offers two wheeler loans at an extremely affordable interest rate of 17% per annum of a monthly reducing basis.

    Yes, 2% of the loan amount is charged as the processing fee for two wheeler loan lent by the bank.

    FAQs:

    1. I want to buy a two wheeler by availing a loan from Axis Bank. Will my vehicle get insurance coverage?
    2. Yes, your vehicle will be comprehensively insured for the full amount favouring the bank. This is a very lucrative feature provided by the bank.

    3. Are there any pre-payment charges applicable to Axis Bank two wheeler loan?

      Yes, a pre-payment charge of 4% of the balance outstanding is levied.

    4. What are the schemes under Axis Bank Two Wheeler loans?
      1. No income proof scheme – income proof documents need not be provided, and is available only on loan margin of 30% or above.
      2. Salary account scheme – is available only for Axis Bank salary account customers.
      3. Priority account scheme – is available only for Axis Bank priority account customers.
    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

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