The Axis Bank car loan offers funding for new and used cars, with flexible repayment options for salaried and self-employed applicants. Axis new car loan funding starts from ₹1 lakh and can cover up to 100% of the on-road price for select models, subject to eligibility. The bank also offers used-car finance, balance transfer and top-up options, giving borrowers different ways to fund or manage their vehicle purchase.
Axis Bank Car Loan Overview
A car loan from Axis Bank covers new vehicles as well as selected used-car requirements. The amount, funding percentage and tenure depend on the type of vehicle loan you choose. Here is a detailed overview of the car loans provided by Axis Bank:
| Particular | Details |
|---|---|
| Loan type | Secured vehicle loan |
| New car loan amount | From ₹1 lakh onwards |
| New car funding | Up to 100% of the on-road price for select models |
| New car loan tenure | 12 to 84 months |
| Used car loan amount | From ₹1 lakh onwards |
| Used car funding | Up to 95% of the vehicle valuation for sale-purchase loans |
| Used car loan tenure | Up to 5 years |
| Interest type | Fixed rate for the standard new car loan |
| Security | The financed vehicle remains hypothecated to Axis Bank during the loan period |
| Application mode | Online, Axis Bank Loan Centre or participating dealership |
Also Read: Loan for Car Purchase
Eligibility for Salaried and Self-Employed
Axis Bank accepts applications from both salaried and self-employed borrowers. It looks at income, employment or business continuity and the applicant’s repayment capacity before deciding the eligible Axis auto loan amount.
| Eligibility Factor | Salaried Applicant | Self-Employed Applicant |
|---|---|---|
| Minimum age | 18 years | 18 years |
| Maximum age at loan maturity | 60 years | 75 years |
| Minimum annual income for approved models | ₹4 lakh | ₹3.5 lakh net annual business income |
| Minimum annual income for other models | ₹6 lakh | ₹6 lakh |
| Income assessment | Latest salary slip and Form 16 | Latest Income Tax Returns |
| Employment or business continuity | Minimum 1 year of continuous employment | Minimum 3 years in the same line of business |
Axis Bank also considers the selected car, requested amount, existing liabilities and credit profile. Meeting the basic criteria does not automatically guarantee approval or 100% funding.
Interest Rate of Axis Bank Car Loan
Axis Bank offers fixed interest rates for its standard new car finance. The rate remains unchanged during the agreed tenure, which makes the monthly repayment easier to plan. These are the latest interest rates offered by the bank:
| Loan Type | Current Effective Interest Rate | Maximum Tenure |
|---|---|---|
| Axis new car loan | 8.90% to 11.70% p.a. | Up to 7 years |
| Axis used car loan | 12.95% to 14.55% p.a. | Up to 5 years |
Axis Bank can offer different rates within these ranges based on factors such as income, credit history, loan amount, tenure, vehicle and existing relationship with the bank. Used-car rates are generally higher than new-car rates.
Also Read: Axis Bank Personal Loan
Features & Benefits of Axis Bank Car Loan
An Axis Bank car loan combines longer repayment periods with multiple vehicle-finance options, helping borrowers choose a structure that suits both their car and their monthly budget.
- Funding from ₹1 lakh: Borrowers can explore Axis vehicle loan options for cars across different price ranges.
- Up to 100% new-car funding: Axis Bank can finance the complete on-road price of select car models, subject to eligibility.
- Tenure up to 7 years: A longer tenure can reduce the monthly EMI, although it can increase total interest paid.
- Used-car finance: Axis Bank also provides loans for eligible pre-owned vehicles.
- Fixed interest rate: The standard new-car loan keeps the contracted rate stable during the tenure.
- Online application: Applicants can complete much of the process digitally and upload the required documents online.
- Pre-approved options: Eligible existing Axis Bank customers may receive pre-approved car loan offers based on their financial profile.
Axis Bank Car Loan Fees and Charges
The total cost of an Axis Bank car loan includes processing and servicing charges in addition to interest. Here are some of the main charges currently published by Axis Bank.
| Charge | Current Amount |
|---|---|
| Processing fee | Up to 2% of the loan amount plus applicable GST |
| Documentation charge | ₹700 plus applicable GST |
| Repayment instruction or instrument return | ₹500 per instance plus applicable GST |
| Loan cancellation or booking charge | ₹550 per case plus applicable GST |
| Registration certificate collection | ₹600 per instance plus applicable GST |
| Foreclosure | 5% of principal outstanding plus applicable GST |
| Part-payment | 5% of the amount prepaid plus applicable GST |
| Penal charge for financial default | 8% p.a. on the overdue amount, subject to Axis Bank’s stated minimum and maximum limits |
| Used-car valuation charge | ₹750 per instance plus applicable GST |
Axis Bank does not apply foreclosure and part-payment charges to eligible fixed-rate loans of up to ₹50 lakh granted to micro and small enterprises, subject to the applicable conditions.
Also Read: Axis Bank Personal Loan for Women
Documents Required for Axis Bank Car Loan
The documentation can change slightly according to employment type. Axis Bank asks for basic KYC and vehicle documents along with records that show the applicant’s income and financial continuity.
| Document Category | Salaried Applicant | Self-Employed Applicant |
|---|---|---|
| Common documents | Application form, proforma invoice, photograph and KYC documents | Application form, proforma invoice, photograph and KYC documents |
| Income proof | Latest 2 salary slips and latest Form 16 | Applicable ITR and financial records |
| Bank statement | Latest 3 months | Latest 3 months |
| Age proof | PAN, Driving Licence, Passport or Birth Certificate | Applicable KYC and identity documents |
| Employment or business proof | Appointment letter, joining details or other accepted continuity proof | Business registration, MSME registration, shop and establishment certificate or other accepted proof |
Axis Bank Car Loan EMI Calculator
A car loan EMI calculator can help you estimate the monthly repayment before applying. It also shows an amortisation schedule, making it easier to understand how the principal and interest change during the loan tenure.
Is it good to pay off your car loan early?Paying off a car loan early can reduce the interest you would otherwise pay over the remaining tenure and can free up money for other financial priorities. However, early repayment does not automatically make financial sense in every case. Axis Bank currently charges 5% of the principal outstanding plus applicable GST for foreclosure and 5% of the prepaid amount for part payment, subject to applicable exemptions. Compare this cost with the interest you expect to save. If the savings comfortably exceed the charges and early repayment does not leave you short of emergency funds, closing the loan sooner may be useful. |
How to Apply for Axis Bank Car Loan
Axis Bank allows borrowers to apply online or complete the process through a loan centre or participating car dealership. The online route lets applicants submit their basic information and supporting documents digitally.
- Visit the Axis Bank Car Loan page and select Apply Now.
- Log in or register using your mobile number and date of birth or PAN.
- Enter your income, required loan amount and other personal information.
- Provide the details of the car you plan to purchase.
- Complete the application and upload the requested documents.
- Allow Axis Bank to verify your eligibility and documents.
- Review the sanctioned amount, interest rate, tenure and charges.
- Complete the agreement and other formalities after approval.
- Axis Bank then releases the approved amount to the vehicle dealer according to the loan terms.
What If You Do Not Have Funds for Upfront Car Costs?
A car loan can cover a large part of the vehicle cost, and Axis Bank even offers up to 100% on-road funding for select models. However, borrowers may still need money for expenses such as processing fees, documentation charges and other costs connected with the purchase. If you do not have enough savings available for these initial expenses, a personal loan can be another option worth considering.
Unlike a car loan, a personal loan does not require the vehicle as collateral, and the approved amount is generally credited to your bank account. This gives you more flexibility to use the funds for eligible expenses related to the purchase. If you are looking for a personal loan, Buddy Loan can help you compare personal loan offers from multiple banks and NBFCs through a single digital application.
Also Read: Axis Bank Personal Loan for Salaried
How to Apply for a Personal Loan Through Buddy Loan
- Visit the Buddy Loan website or open the Buddy Loan app.
- Go to the personal loan section and verify your mobile number using the OTP.
- Enter the amount you want to borrow and provide your email address.
- Select your employment type and enter the requested work or business details.
- Provide your personal information, including PAN, date of birth and address.
- Enter your income and other required financial details.
- Submit the application to view suitable offers from Buddy Loan’s lending partners.
- Compare the rate, fees, tenure and EMI carefully before proceeding with a lender.
Please note that Buddy Loan is a loan aggregator and not a direct lender. Final approval, interest rate, fees, loan amount and disbursal depend on the lending partner and your eligibility.
Factors Affecting Loan Approval
Axis Bank considers more than basic income eligibility while evaluating an auto loan. A balanced application should show that the borrower can manage the proposed EMI without putting excessive pressure on existing finances.
- Credit score: A strong repayment record can improve both approval prospects and the rate offered.
- Income: Higher and stable income generally supports a larger eligible loan amount.
- Employment or business continuity: A stable job or an established business gives the bank greater visibility into future repayment capacity.
- Existing debt: Heavy loan and credit-card obligations can reduce the amount available for another EMI.
- Down payment: Paying more upfront reduces the amount borrowed and can strengthen the overall application.
- Vehicle and loan amount: The chosen model, purchase price and requested funding affect the final Axis car finance structure.
- Banking relationship: An established relationship with Axis Bank can give the bank more financial history to assess.
- Complete documentation: Accurate income, KYC and vehicle records help prevent avoidable processing delays.
Suggested Read: Axis Bank Two Wheeler Loan
Axis Bank Car Loan vs Axis Bank Two-Wheeler Loan
In simple words, both products help finance a personal vehicle, but the loan amount and repayment period differ significantly. The suitable option depends mainly on the vehicle you intend to purchase and its overall cost.
| Comparison | Axis Bank Car Loan | Axis Bank Two-Wheeler Loan |
|---|---|---|
| Vehicle financed | Eligible passenger cars, SUVs and multi-utility vehicles | Regular two-wheelers, electric two-wheelers and superbikes |
| Minimum loan amount | ₹1 lakh | ₹25,001 for regular two-wheelers |
| Maximum funding | Up to 100% of on-road price for select new cars | Up to 100% on-road funding for eligible regular two-wheelers |
| Regular maximum tenure | Up to 84 months | Up to 48 months |
| Special vehicle tenure | Used-car sale-purchase loan up to 5 years | Superbike loan up to 60 months |
| Repayment | Monthly EMIs | Monthly EMIs |
| Best suited for | Borrowers purchasing a new or eligible used four-wheeler | Borrowers purchasing a bike, scooter, electric two-wheeler or superbike |
Axis Bank Car Loan Customer Care
Axis Bank provides several ways to manage an existing car loan or get help with a new application. Depending on the requirement, borrowers can contact phone banking, use WhatsApp banking, access digital loan services or visit an Axis Bank Loan Centre. Existing borrowers can also request account statements, check repayment details and raise service requests without visiting a branch.
| Support Channel | Contact Details |
|---|---|
| Toll-free customer care | 1800 209 5577 or 1800 103 5577 |
| Phone Banking | 1860 419 5555 or 1860 500 5555 |
| Calling from outside India | +91 22 6798 7700 |
| WhatsApp Banking | Send “Hi” to 7036165000 from the registered mobile number |
| Customer care email | email.services@axis.bank.in |
| Loan account servicing | Axis Mobile, WhatsApp Banking, Phone Banking or Loan Centre |
| Offline assistance | Nearest Axis Bank Loan Centre |
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