A top-up loan on your existing car loan to meet your personal needs
Leverage the power of your car to pay off your debts by availing this loan scheme
Axis Bank Balance Transfer and Top-up Car Loan
This loan helps Axis Bank Auto Loan borrowers to get access to funds for personal expenses ranging from medical expenses to child’s wedding expenses. This loan can also be repurposed into as consolidation loan to pay off their debts. The maximum loan amount sanctioned by the bank under this loan scheme is up to 150% of the original loan amount.
Features of Axis Bank Balance Transfer and Top-up Car Loan
Why this Loan?
- The Axis Bank Balance Transfer and Top-up Car Loan is meant for borrowers who want to get access to funds by pledging their car funded by the Axis Bank Auto Loan to meet their financial needs
- This secured loan can also be availed by borrowers to pay off their high-interest debts, thereby consolidating their loans
Loan Amount
- The minimum loan amount sanctioned under this loan is Rs. 1 lakh. The maximum loan amount sanctioned by the bank under this loan scheme is up to 150% of the original loan amount
Interest
- The interest rate applicable to this loan can be anywhere from 14.80% to 16.80%
Repayment
- This loan is repayable within 5 years
Eligibility
- Axis Bank Auto Loan borrowers are eligible for this loan provided the loan tenure is higher than 2 years with a moratorium of at least 1 year
Security Needed
- The bank asks for the hypothecation of the car funded with the Axis Bank Auto Loan to secure this loan
Processing Charges
- The bank charges up to 1.00% of the loan amount with a maximum of Rs. 6,000 for processing this loan
Documents Needed
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 419 5555, 1860 500 5555