Axis Bank Two-Wheeler Loan

By Shipra Sharma | December 6, 2018

Planning to get a two-wheeler but short of funds? Axis Bank Two-Wheeler Loan comes with amazing benefits and has a quick approval process. Read on.

Thinking of buying a two-wheeler but don’t have enough money? Cheer up! Axis Bank Two-Wheeler Loan offers attractive rates and benefits and also has a quick approval process.

Additional Reading: Zoom Away With A Two-Wheeler Loan

Here’s everything you need to know about the Axis Bank Two-Wheeler Loan:

What are the features and benefits?

Loan Amount – You can avail a minimum loan amount of Rs. 1 lakh and a maximum of up to 85% of the on-road price of the vehicle.

Loan Tenure – The bank offers a maximum loan tenure of 60 months to repay the loan amount.

Interest rates & charges:

For loans with tenure up to 36 months:

1 Year MCLR Spread over MCLR Rate of Interest Processing Fee Documentation Charges
8.80% 1.70%- 15.20% 10.50%- 24% Rs. 5,000 Rs. 500

 For Loans with tenure more than 36 months

Rate of Interest Processing Fee Documentation Charges
10.50%- 24% Rs. 5,000 Rs. 500

Source: Axis Bank website

Other fees and charges:

Cheque Bounce Charges – Rs. 500

Late Payment Penalty – The bank will charge a late payment fee of 2% per month

Cheque Swapping Charges – Rs. 500

Foreclosure Charges – 5% of the principal outstanding amount plus GST

Part Payment Charges – 5% of the principal outstanding amount plus GST

What is the eligibility criteria?

Here’s a checklist you can use to determine your eligibility for Axis Bank Two-Wheeler Loan:

  • You should be a salaried employee or a self-employed individual.
  • Age – Minimum age requirement is 21 years and the maximum eligible age is 58 years.
  • Income – Besides having a steady income, you should have a total work experience of at least 2 years.
  • Employment – You should have been residing at your current residence for at least of 1 year.

What are the documents required?

Here’s the list of documents to keep handy while applying for this loan:

Documents for salaried applicants:

Identity proof: Aadhaar card, Passport, Voter ID card or Driving license

Address proof: Ration card/Passport/Rental agreement/Electricity or telephone bill

Income Proof: Latest Salary Slip, Latest Form 16

Last 3 months bank statements

Documents for self-employed applicants:

Identity proof: Passport/ Aadhaar card/Voter ID card/Driving license/Pan card

Address proof: Aadhaar card/Passport/Driving license/ Voter ID card

Income Proof: Latest ITR along with computation of income, recent balance sheet along with Profit & Loss statements, Proof of continuation

Office/Business proof: Telephone Bill/Electricity Bill/Shop & Establishment act Certificate/SSI or MSME Registration Certificate/Sales Tax or VAT Certificate/Current A/c Statement

Check this: Answering Common Two-Wheeler Loan Queries

Now that you are all set, it’s time to hit the road! Psst…in case you are looking for a loan or Credit Card, we have instant approval offers exclusively for you. Check them out!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Loans Two-Wheeler Loans UCN
Shipra Sharma

About Shipra Sharma

Shipra left her job as a correspondent with Outlook Money to be a full-time content superstar at BankBazaar. Apart from a passion for Personal Finance, she is a lover of beaches, coffee, books, and comics. Though believes she is no orator, she certainly has a point of view when it comes to writing.

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