Axis Bank Car Loan Documents Required in 2024
Dreaming of that shiny new car? Axis Bank can make those dreams a reality with their car loan options! But before you rev up your engines, it’s crucial to have your paperwork in order. Let’s navigate through the essential documents you’ll need for an Axis Bank car loan in 2024 to ensure a smooth and swift process.
Eligibility Criteria
Age Requirements
Are you old enough to drive away with that loan? Axis Bank requires applicants to be between 21 to 65 years old. This age range ensures that you’re either starting out in your career or well-established, making you a reliable candidate for loan repayment.
Income Requirements
Now, let’s talk finances. For salaried individuals, the minimum annual income should be ₹2.4 lakhs. Self-employed individuals need to show a minimum annual business income of ₹2 lakhs. These benchmarks ensure you have the financial muscle to handle the loan EMIs.
Employment Status
Your job status plays a vital role too. Salaried employees should have at least one year of continuous employment, while self-employed individuals should have been in their current business for a minimum of three years.
Basic Documentation Required
Application Form
Kickstart the process with the application form. This form collects your personal and financial details, laying the foundation for your loan application.
Photographs
Don’t forget to attach a couple of passport-sized photographs. Think of it as your loan application’s profile pic!
Identity Proof
Aadhar Card
Your Aadhar card is the go-to ID proof. It’s like your digital fingerprint—unique and vital.
Passport
No Aadhar? No problem. Your passport serves as an excellent alternative, doubling as both identity and address proof.
Voter ID
And if neither of the above suits you, your Voter ID can come to the rescue.
Address Proof
Utility Bills
For address proof, recent utility bills (like electricity or water) usually do the trick. They show where you’ve been living recently.
Rental Agreement
If you’re renting, a rental agreement will work just fine. Just make sure it’s up-to-date.
Passport
And yes, your passport again can serve dual purposes here.
Income Proof
Salaried Individuals
Salary Slips
Salaried individuals need to submit their latest salary slips—usually the last three months’ worth. This helps the bank assess your earning consistency.
Bank Statements
You’ll also need to provide bank statements from the past six months to show your income flow.
Self-Employed Individuals
Income Tax Returns
Self-employed? You’ll need your last two years’ Income Tax Returns (ITRs). This shows your business’s profitability and stability.
Business Financials
Also, keep your business financial statements handy. This includes balance sheets and profit & loss statements.
Employment Proof
Employment Certificate
If you’re salaried, an employment certificate from your employer can help validate your job stability.
Offer Letter
New job? No problem. An offer letter from your current employer will also work.
Bank Statements
Regardless of your employment type, Axis Bank will want to see your last six months’ bank statements. This helps them gauge your financial health.
Vehicle Documents
Proforma Invoice
You need a proforma invoice of the vehicle you intend to purchase. This document details the vehicle’s price and specifications.
Registration Certificate
For a used car loan, the registration certificate of the vehicle is a must. It verifies the vehicle’s legal standing.
Additional Documents for Specific Cases
Co-Applicant Documents
If you’re applying with a co-applicant, their documents (similar to the ones listed above) will also be required. It’s like doubling the assurance for the bank.
Guarantor Documents
Sometimes, having a guarantor can boost your application. Their ID and financial documents will also be necessary.
Processing Fee Cheque
Amount Details
Axis Bank charges a processing fee for car loans. This fee varies but is generally around 0.4% of the loan amount.
Mode of Payment
The fee can be paid via cheque. Make sure it’s drawn in favor of Axis Bank.
Steps to Apply for an Axis Bank Car Loan
Online Application Process
Applying online is straightforward. Visit the Axis Bank car loan section on their website, fill out the application form, upload your documents, and submit.
Offline Application Process
Prefer the traditional way? Visit the nearest Axis Bank branch, get the application form, fill it out, attach your documents, and submit.
Tips for Smooth Documentation
Ensuring Completeness
Double-check all your documents before submission. Incomplete applications are the biggest culprits of delays.
Avoiding Common Mistakes
Ensure all documents are current and accurately filled out. Small errors can lead to big headaches!
Common Issues and Solutions
Missing Documents
If you find yourself missing a document, don’t panic. Contact Axis Bank’s customer service for guidance. They might accept alternatives or give you a grace period.
Verification Delays
Sometimes, verification takes longer. Follow up regularly with Axis Bank to keep the process moving.
Conclusion
Securing a car loan from Axis Bank is a journey best undertaken with thorough preparation. Having all your documents in order ensures a smooth ride from application to approval. So, gather those papers, double-check everything, and soon you’ll be driving off in your dream car.
FAQs
How long does it take to process an Axis Bank Car Loan?
Typically, it takes about 3-7 working days to process an Axis Bank car loan, provided all documents are in order.
Can I apply for an Axis Bank Car Loan if I am self-employed?
Absolutely! Axis Bank offers car loans to self-employed individuals as long as they meet the income and documentation criteria.
What if I don’t have all the required documents?
If you’re missing some documents, contact Axis Bank customer service. They can advise on acceptable alternatives or give you extra time to gather the necessary paperwork.
How can I check the status of my Axis Bank Car Loan application?
You can check your application status online through Axis Bank’s website or by contacting their customer service.
Are there any additional documents required for used car loans?
Yes, for used car loans, you’ll need the vehicle’s registration certificate and sometimes an evaluation report.