Axis Bank Car Loan

Axis Bank started its operations in 1994, after liberalization. The bank is involved in providing various lending services including car loan, personal loan, home loan, micro-finance lending, etc. As on 31st March, 2011, it is capitalized to the extent of Rs 410.54 crores with the public holding (other than promoters and GDRs) at 53.60%.

Interest Rates

The car loans are available with the interest rate ranging from 12.25%- 15.50%, depending upon the bank criteria.

Charges

Charges^	Amount
Processing fee	Rs 3,500 to Rs 5,000
Cheque Bounce / Instrument Return Charges	Rs 500 per Instance
Cheque / Instrument Swap Charges	Rs 500 per Instance
Duplicate Statement Issuance charges	Rs 500 per Instance
Duplicate Repayment Schedule Issuance Charges	Rs 500 per Instance
Duplicate No Dues Certificate / NOC	Rs 500 per Instance
Late repayment penalty	2% per month
Loan cancellation / Re-booking	Rs 1,000/ instance
Foreclosure charges within 6 months	10% of outstanding loan amount
Foreclosure charges after 6 months and above	5% of outstanding loan amount
Stamp Duty	At Actuals
Service tax	As applicable

^All charges are liable to change without notice at the discretion of the financing institution

Flexibility

Eligibility for salaried individuals

Criteria	Limit
Minimum age of applicant	21 years
Maximum age of applicant at loan maturity	60 years
Income	Minimum Net Annual Salary of Rs 1.5 lakh p.a. for selected models and Rs 2.5 lakh p.a. for others
Income eligibility	As per latest salary slip or Form 16
Employment	Minimum 2 yrs of continuous employment

Eligibility for self-employed individuals

Criteria	Limit
Minimum age of applicant	21 years
Maximum age of applicant at loan maturity	65 years
Income	Minimum net annual business income of Rs 1.5 lakh p.a. for selected models and Rs 2.5 lakh p.a. for others.
Income eligibility	As per latest ITR and computation of income
Employment	Minimum 3 yrs in same line of business.

Maximum Amount: Loan amount available from Rs 1 lakh. Loans up to 90 per cent of the ex-showroom prices of selected models are available.
Repayment options: Loan tenure of up to 5 years with Electronic Clearing Systems (ECS) facility. In case, you want to change the repayment mode, you will be charged a fee for the same.
Terms and conditions: Axis Bank provides car loans for only those cars, which are bought for personal use.
Special Options:

Scheme for priority customers: Customers, who are with bank for more than 1 year and have minimum balance, will get 100 per cent waiver of processing fee and are not required to submit bank statements and income-related documents.
Scheme for salary customers: All customers who have their salary accounts with Axis Banks will be waived of for salary slips and will be offered attractive rates of interests.

Example

Loan amount: Rs 3 lakh, Interest rate: 13.50%, Repayment tenure: 36 months

EMI calculated: Rs 10,180

Repayment schedule	Repayment amount	Interest repayment	Principal repayment
Year 1	122167	35252	86915
Year 2	122167	22765	99402
Year 3	122167	8484	113797

You end up paying Rs 3,66,501 in total, which includes interest component of Rs 66,501

Other Details

Pre Sales Information: Pre sales information can be adequately gathered from the website of the company. The website contains most of the information in a clear and crisp format.
Customer Support: The customer care does not do very well as per the industry standards. The sales staff is ill informed. In addition, instances of non-communication have been noted on consumer complaint forums.

Documents Required

Age proof
Photograph
ID proof
Application form
Performa invoice
Signature verification proof
Residence proof
Income proof
Bank statement

Ratings

Parameters	Ratings out of 5
Speed of processing	3.5
Documentation	3.5
Customer service	2
Value for money	3
Overall	3

^@Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.

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Axis Bank Car Loan

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