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AXIS Bank Auto Loan

Axis Bank provides auto loans by the name Power Drive. The Axis Bank Auto Loan has the following eligibility requirements:

For Salaried Individuals:

  • The applicant must have a minimum age of 21 years.
  • The maximum age that a person can have at loan maturity is 58 years.
  • For some selected models of cars, the minimum income that an applicant must have is 1 lac per annum and for the rest, it is 2 lacs per annum.
  • The income eligibility is determined as per the latest payslip or Form 16.
  • The applicant must have a minimum cumulative working experience for 2 years.

For Self-employed Individuals:

  • The applicant must have a minimum age of 21 years.
  • The maximum age that a person can have at loan maturity is 65 years.
  • For some selected models of cars, the minimum income that an applicant must have is 1 lac per annum and for the rest, it is 2 lacs per annum.
  • The income eligibility is determined as per the latest computation of income or ITR.
  • The applicant must have a minimum cumulative business experience for 3 years.

Read more about Axis Bank Car Loan here : Axis Bank Car Loan

Documentation needed for Axis Bank Auto Loan:

 Pre- approval:

  1. Age proof
  2. ID proof
  3. Application form
  4. Photograph
  5. Residence proof
  6. Income proof
  7. Bank statement
  8. Signature verification proof
  9. Proforma invoice

Post-Sanction/Pre-disbursement:

  1. Duly signed Loan Agreement along with RTO set.
  2. Post Dated Cheques (PDCs) / Standing Instruction (SI) request / ECS form.
  3. Margin money receipt

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