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Old 21st October 2009, 20:37   #1
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Default Car Loans for self employed from Axis

Last month I booked a Cedia New Sports and was dreading the loan process since I am self employed.

The loan from Axis Bank was relatively easy. I had very clear documentation and IT returns but there is one complication.

Axis was looking for some kind immovable property in my name. Now I don't own any property but we are a quasi joint family and the agent himself suggested this procedure.

We took the electricity bill on my grandfather's name. My passport had my parents' names with the same address and my passport had the same address.

If your bank statements and IT returns are good, loans should be pretty easy even with the current tightening and caution by banks.

I got 8% diminishing which was apparently a special scheme that ended last month.
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Old 22nd October 2009, 11:02   #2
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Its definately safer for banks to go with people who have an asset in their name but its not a fixed rule, I dont think it should be a problem as long as you have good IT returns.

Axis bank has refused to give me more then 9.5% dimnishing with processing fee of 3500, Please do ask your agent if he cant get the me the same from delhi. Thanks.
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Old 22nd October 2009, 11:45   #3
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I stay away from Axis like hell. Had really bad experience with banking and dmat services from Axis. I also advice the same to my friends and relatives.

This is my personal opinion.
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Old 2nd November 2009, 18:25   #4
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Quote:
Originally Posted by somebodystopme View Post
Its definately safer for banks to go with people who have an asset in their name but its not a fixed rule, I dont think it should be a problem as long as you have good IT returns.

Axis bank has refused to give me more then 9.5% dimnishing with processing fee of 3500, Please do ask your agent if he cant get the me the same from delhi. Thanks.

I could not get a Delhi contact but have messaged you the mobile number of the Hyd manager. You can get in touch with him and take a Delhi contact.
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