Axis Bank Car Loan Eligibility Calculator

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

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

Self-employed

1. You should be at least 18 years.
2. You should not be more than 75 years at the end of the loan tenure.
3. 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.
4. You should be working in the same line of business for a minimum of 3 years.

Firms/Companies and other non-individuals

1. 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.
2. 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.

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

Eligibility for scheme for Priority/Wealth/Private Customers

1. You should be 21 years and above.
2. You should complete the loan by the age of 70.
3. You need to be earning at least Rs. 2.4 lakhs net annual salary.
4. You should be employed for at least 1 year continuously.
5. Customers should have a minimum average quarterly balance of Rs. 1 lakh for the last 2 completed quarters.
6. All priority, wealth and private customers with a vintage of 6 months
7. 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

Some of the factors that affect Axis Bank Car Loan eligibility are given below:

1. Income: You will have to earn a minimum salary on a monthly basis in order to be eligible for the car loan scheme offered by Axis Bank. Higher your income, better are your chances of availing a car loan from Axis Bank.
2. Market fluctuation: Fluctuation in market also determines the interest rate that will be charged on your loan amount. The rate of interest may be higher if the inflation is high, and similarly can be lower if the inflation rate is lower. Hence, always check how the market is performing before availing a car loan.
3. Loan amount: The loan amount will determine the rate of interest levied. Higher the loan amount, higher will be the rate of interest.
4. Repayment tenure: The repayment tenure plays a role in the lender determining the rate of interest charged on the loan amount. Higher the repayment tenure, higher will be the interest rate charged and vice versa.
5. Income-to-debt ratio: The lender checks the income-to-debt ratio before deciding whether they should approve your car loan or not. The income-to-debt ratio is nothing but the ratio of your income to the debt you own. Hence, in order to avail a car loan at a lower interest rate, you must ensure that your income-to-debt ratio is low.
6. Relationship with your bank: Your relationship with the lender will also determine the rate of interest levied on the loan amount. It is always recommended that the applicant avails a car loan from the bank where he/she holds a bank account. The bank finds it easier to provide loan to a person who has been a customer of the bank for a very long time. Hence, there is a very good chance that the applicant will get a car loan at a lower interest rate.

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.

1. 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.
2. 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.
3. 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:

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

A good credit score can help you secure lower interest rates on loans and credit cards.

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