Axis Bank Two Wheeler Loan

Overview of Axis Bank

Axis Bank is one of the premier private sector banks in India and provides various range of banking products and services to customers such as debit and credit cards, home loans, personal loans, car loans, two wheeler loans, and a variety of savings accounts. The clientele of the bank segment consists of MSME, corporates, and retail businesses among others. It has an extensive network of 2589 branches in India. This number is inclusive of extension counters, 12,355 ATMs (as on 31st March, 2015) spread across the country. Axis Bank also has a presence overseas with eight international offices in different countries. These countries are Hong Kong, Singapore, Dubai, Sri Lanka, and China.

Two-Wheeler Loan

Given the condition of old roads and dense traffic conditions in India, it is a smarter choice to own a two-wheeler than a car. Apart from being more convenient and time effective, a two-wheeler is also comfortable on your pocket and affordable to maintain than a car irrespective of what income bracket you fall in. Banks realize this need of every Indian, hence offer loans to their customers at reasonable rates. So go ahead and achieve your dream of owning a two-wheeler, with the help of financial aid from Axis Bank.

Features of Axis Bank's Two-Wheeler Loan

• Both salaried and self-employed borrowers can apply for two-wheeler loans.

• The interest rates are practical, reasonable, and lucrative, in comparison to the competitors.

• 'No income proof schemes' is the USP of Axis Bank's two-wheeler loans.

• Axis Bank's priority and salary account holders are eligible to leverage special schemes if they avail two wheeler loans.

• The bike loans are available between Rs. 20,000 to Rs. 70,000.

• The duration of the loan payment ranges from a period of 1-3 years.

Eligibility for Axis Bank Two-Wheeler Loan

The eligibility criteria for availing bike loan is as follows:

For Salaried Individual:

• The applicant needs to be at least 18 years old during the commencement of the loan, and be at a maximum of 65 years of age during termination of the credit.

• The applicant's minimum annual income should be between Rs. 60,000 to Rs. 75,000. It is also based on the model of the two-wheeler for which he/she is applying for the loan.

• The loan margin provided is 15% to 20% on some selected models of the two-wheeler.

For Self-Employed Individual:

• The applicant should be minimum 21 years old while applying for the loan and be of 60 years old during termination of its tenure.

• Income eligibility  is as per latest ITR

• The loan margin provided is 15% to 20% depending on the bike's model

Documentation

Mentioned below are the documents required to avail a two wheeler loan from Axis Bank:

• Applicant's valid identity proof such as a voter ID card/ driving license, passport/ PAN card/ etc. is required.

• Passport size photograph of the applicant

• Income proof of the applicant like the latest salary slip/ form 16/ITR, assessment order.

• Duly filled loan application form and the other legal documents.

• Address evidence/residence proof: passport, telephone bills, electricity bills, rental agreement, credit card bill, etc.

• Dealer invoice

• Bank statement for the last three months

• RTO forms

Interest Rates

• Axis Bank provides two-wheeler loans at an extremely reasonable rate of 17% per annum on a monthly basis.

• The processing fee is charged as 2% of the loan amount for two wheeler loan.

FAQs

Q1. I want to purchase a two-wheeler by availing a loan from Axis Bank. Will my vehicle also get insurance coverage?

Yes, the vehicle will be inclusively insured for the full amount lent by the bank. It is one of the attractive features provided by the bank.

Q2. Are there any pre-payment charges levied on two-wheeler loan of Axis Bank?

Yes, a prepayment fee of 4% on the outstanding principal is levied.

Q3. What are the schemes under Axis Bank Two Wheeler loans?

• No income proof scheme where income proof documents need not be provided and can be availed on loan margin of 30% or above.

• Salary account scheme is available exclusively for Axis Bank salary account customers.

• Priority account scheme is available exclusively for Axis Bank priority account customers.