Apply for Pre-owned Car Loan in Axis Bank

Car Loan  Updated date : December 13, 2017 132

✔ Easy funding to get the car you want
✔ Minimum - Rs. 1,00,000
✔ Maximum - Upto 90% funding of the valuation amount
✔ Complete Transfer Support
✔ Pan India tie-up with dealers for full support
✔ Maximum Tenure 5 years
✔ Low Interest Rates
✔ Starting at just 15%

Pre-owned Car Loan Features and Benefits

Get high-value loans

Upto 90% funding of the valuation amount

Enjoy attractive interest rates

Starting at just 15%

Get complete transfer support

Pan India tie up with dealers for full support

Terms and conditions

  • The Bank reserves the right to reject any application without assigning reasons thereof. It shall be the sole right of the Bank to consider the proposal on case to case basis after taking into consideration, the credentials/credit worthiness of each of the customers
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment
  • Axis Bank may, at its sole discretion, utilise the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products
  • The interest rates and processing fees are subject to change without prior notice and the offer expiry date mentioned is subject to interest rate fluctuations and will only be accommodated on a best effort and non-obligatory basis by the bank
  • Axis Bank or its agent(s) shall not be responsible for the delivery/Model/ colour/make/performance of the asset applied for under this application The borrower undertakes to hypothecate the vehicle in favour of the Bank immediately after purchase of the vehicle
  • Bank is not responsible for the contract entered into by the Customer with Vehicle Dealer nor Bank makes any representation as regards the Dealer or the Vehicle supplied by the Dealer.
  • Axis Bank is authorised to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India and Reserve Bank of India without any notice to the
    Car Loan Eligibility Calculator
    borrower. Axis Bank is also authorised to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report.
  • In case of default i.e. if the amount due is not paid by due date, the customer will be sent reminders. from time to time for payment of any outstanding on his loan account, by post, fax, telephone, email, SMS messaging and/or through third parties appointed for collection(as per RBI Guidelines) purpose to remind, follow-up and collect dues
  • The product and services of the bank are subject to applicable law and regulations and would be modified / discontinued based on the prevailing law / regulation at any point of time and neither party shall be under any liability or obligation or continue the product and services of the bank till such time the terms are modified by the Parties as per the prevailing/ amended law at that point of time. In the event, that the product and services of the bank cannot be continued without total compliance of the prevailing law at any point of time, the product and services of the bank shall be deemed to be discontinued forthwith from the date when the amended law restricting / prohibiting the product and services of the bank comes into force.
  • Any dispute relating to the Offer or the terms and conditions shall be subject to the jurisdiction of the courts in Mumbai only.
  • The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion

Pre-owned Car Loan Eligibility and Documentation

Eligibility

Salaried individuals who are eligible for a Pre-owned Car Loan

  • Minimum 21 years of age
  • Maximum 70 years of age at maturity (conditions apply)
  • Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models
  • Income eligibility based on latest salary slip and Form 16
  • Minimum of 1 year continuous employment

Self-employed individuals who are eligible for a Pre-owned Car Loan

  • Minimum 18 years of age
  • Maximum 75 years of age at loan maturity
  • Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others.
  • Income eligibility based on latest Income Tax Returns
  • Minimum 3 years of employment in the same line of business

Self-employed non-individuals who are eligible for a Pre-owned Car Loan

  • Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others
  • Income eligibility based on latest 2 years. Income Tax Returns and audited financials of 2 years along with computation of income
  • Minimum 3 years of employment in the same line of business

Keep your documents ready

The following documents are required for a Pre-owned Car Loan

  • Age proof
  • ID proof
  • Application form.
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Car Valuation report
  • RC copy in case of refinance

Post-sanction, Pre-disbursement Documentation:

  • Loan Agreement duly signed along with RTO set
  • Standing Instructions (SI) Request/ECS Form/Post Date Cheques (PDCs) – Security Cheques are required for SI and ECS

All of the above is subject to terms and conditions

Pre-owned Car Loan Interest Rates and Charges

Rates of InterestProcessing Fee*Documentation Charges*
14.50% - 16.25%Rs. 3500/- to Rs. 5500/-Rs.300/-
* Inclusive of GST
Other Charges
In addition, our processing charges are transparent and kept to a minimum so that you pay less upfront. Here's what you have to pay:
Sr. NoTypeCharges
1Cheque Bounce / Instrument Return ChargesRs 500/ Instance
2Cheque / Instrument Swap ChargesRs 500/ Instance
3Duplicate Statement issuance chargesRs 500/ Instance
4Duplicate Repayment Schedule issuance chargesRs 500/ Instance
5Duplicate No Dues Certificate / NOCRs 500/ Instance
6Late Payment Penal Interest2% per month
7Loan cancellation / Re-bookingRs 1000/ instance
8Foreclosure Charges5% of the Principal Outstanding after 180 days from date of disbursement
10 % of the Principal Outstanding upto 180 days from date of disbursement
9Part payment charges5% Part Payment Charges after 180 days from date of disbursement
10% of the Part Payment amount upto 180 days from date of disbursement
10Stamp DutyAt Actual
11Issuance of Credit ReportRs 50/ Instance
*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

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