Axis Bank Auto Loan Agreement: All You Need to Know
When purchasing a vehicle, you may not always have the funds to pay for it outright. That`s where auto loans come in. A loan agreement is a legally binding contract between the borrower and the lender, outlining the terms and conditions of the loan. In this article, we`ll discuss everything you need to know about Axis Bank`s auto loan agreement.
What is Axis Bank Auto Loan Agreement?
Axis Bank is one of the leading banks in India that provides auto loans to customers who are looking to purchase a vehicle. The auto loan agreement is a legal document that defines the terms and conditions for borrowing money from Axis Bank for the purpose of purchasing a vehicle. It specifies the loan amount, interest rate, repayment tenure, and other terms and conditions.
Eligibility Criteria for Axis Bank Auto Loan
To be eligible for Axis Bank`s auto loan, you must meet the following criteria:
– The borrower must be an Indian citizen or resident
– The minimum age requirement is 21 years old
– The maximum age at the time of loan maturity should not exceed 70 years
– The borrower must have a minimum annual income of Rs. 2.4 lakhs per annum
Documents Required for Axis Bank Auto Loan
To apply for an auto loan with Axis Bank, you need to submit the following documents:
– Identity proof: Aadhaar card/PAN card/Passport/Voter ID card
– Address proof: Aadhaar card/Passport/Driving license/Utility bill
– Income proof: Salary slip, Form 16, ITR, or bank statement
– Vehicle-related documents: Proforma invoice, insurance policy, registration certificate, and road tax receipt.
How to Apply for Axis Bank Auto Loan
You can apply for an Axis Bank auto loan online or by visiting your nearest Axis Bank branch. Here`s a quick guide on how to apply for an auto loan:
– Visit the Axis Bank website and click on `Loans` from the menu
– Click on `Vehicle Loans`
– Select `Car Loans` or `Two-wheeler Loans`
– Fill in the application form and upload the required documents
– Submit the application form
Axis Bank will process your application and give you a decision within a few working days.
The Axis Bank auto loan agreement is a comprehensive document that outlines the terms and conditions for borrowing money to purchase a vehicle. By understanding the eligibility criteria, required documents, and application process, you can apply for an auto loan with ease. Make sure to read the agreement carefully before signing it to avoid any miscommunication or disputes in the future.