Make that dream of owning your own car a reality with the Axis Bank New Car Loan. Find out about the New Car Loan eligibility criteria and documents required at the time of applying for the New Car Loan below.
Eligibility for Car Loan
Salaried individuals who are eligible for a car loan
- Minimum 21 years of age
- Maximum 60 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 car loan
- Minimum 18 years of age
- Maximum 65 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 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
Priority / Wealth / Privee customers eligible for a car loan
- Customers with a vintage of 6 months
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A minimum Average Quarterly Balance (AQB) as below:
- An AQB of Rs. 1 Lakh for last 2 completed quarters. AQB requirement to be met for both the quarters
- Maximum loan amount restricted to 3 times the AQB in the last 2 quarters
Salary customers eligible for a car loan
- Customers who have a Salary A/c with Axis Bank since the past 3 months
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Those who work with the following organisations:
- Public Limited and Private Limited Companies
- MNCs
- Permanent employees of State / Central Government
- Permanent employees of Public Sector Undertakings
- Permanent employees of reputed schools / colleges
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Other factors
- Minimum 21 years of age
- Maximum 65 years of age at loan maturity
- Minimum Net Annual Salary of Rs. 2,40,000 p.a.
- Income eligibility base on latest salary slip and Form 16
- Minimum 1 year of continuous employment
