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:
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