Axis Bank Car Loan – Low Rates, Quick Approval & Flexible EMI

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Key Features of Axis Bank Car Loans

Loan Amount: New Cars: Axis Bank offers car loans for up to 100% of the on-road price of a new car.
Used Cars: The loan amount offered is up to 85% of the on-road price for a used car.
Competitive Interest Rates: Axis Bank provides competitive interest rates starting at 8.50% per annum.
Rates may vary based on the applicant’s credit score, income level, and the car model.
Flexible Loan Tenure: Loan tenures range from 12 months (1 year) to 84 months (7 years), giving flexibility in repayment.
Fast Loan Processing and Quick Approval: Axis Bank ensures quick loan approvals and fast processing times.
Pre-approved customers may receive same-day approval.
Minimal Documentation: The loan application requires minimal documents, making it convenient for applicants.
Basic documents include:
- Identity Proof (Aadhaar, PAN, Passport, etc.)
- Address Proof (Utility bills, Passport, etc.)
- Income Proof (Salary Slips, Form 16, ITR, etc.)
- Car Documents (Invoice, RC Book, Insurance, etc.)

- No Hidden Charges: Axis Bank car loans are transparent with no hidden charges, allowing you to clearly understand the cost of the loan before committing.
- Easy Repayment Options: Axis Bank offers flexible repayment options, including the ability to choose your EMI amount and loan tenure to suit your financial capacity. Auto Debit options are available for hassle-free EMI payments.
- Prepayment and Foreclosure Facility: Foreclosure and part-prepayment options are available, allowing you to pay off your loan early with minimal or no charges depending on your loan terms.
- Top-up Loan Facility: Existing Axis Bank car loan customers can apply for a top-up loan to cover additional costs such as accessories, insurance, or other vehicle-related expenses.
- Loan for Both New and Used Cars: Axis Bank offers car loans for both new and used cars. Loan terms and eligibility may differ slightly between new and pre-owned vehicles.
- No Guarantor Required: Typically, no guarantor is required for eligible salaried or self-employed applicants, simplifying the loan process.
- Special Offers for Women and Salary Account Holders: Special interest rate discounts or processing fee waivers may be available for women borrowers and those holding Axis Bank salary accounts.
- Availability of Joint Loan: Applicants can avail a joint car loan with a co-applicant such as a spouse or parent, which can enhance eligibility and approval chances.
- Loan Transfer Facility: You can transfer your existing car loan from another bank or NBFC to Axis Bank to take advantage of better interest rates and flexible terms.
- Car Loan Insurance: Axis Bank also offers car loan insurance to safeguard the loan repayment in case of unexpected events like the borrower's death or disability.

Benefits of Axis Bank Car Loan

Competitive Interest Rates: Axis Bank offers competitive interest rates, starting at 8.50% per annum, making the loan affordable and cost-effective for borrowers. The rates vary based on factors like your credit score, income, and the car model.
Flexible Loan Tenure: Axis Bank provides flexible loan tenures ranging from 12 months to 84 months (7 years). This allows you to choose a repayment period that best suits your budget and financial situation, with the option to adjust the EMI amount according to your needs.
Minimal Documentation: The loan process is quick and hassle-free, requiring minimal documentation. You’ll only need basic documents such as identity proof, address proof, income proof, and car-related documents. This makes applying for a loan easy and straightforward.
Fast Loan Approval and Disbursal: Axis Bank has a quick approval process for car loans, with fast processing times and quick disbursal of funds once the loan is approved. This ensures that you can get your car loan sanctioned and the money disbursed in a timely manner, allowing you to make your car purchase without unnecessary delays.
No Hidden Charges: Axis Bank car loans come with no hidden charges, ensuring complete transparency. The bank clearly outlines all the applicable fees, including processing fees and prepayment penalties, so you know exactly what to expect throughout the loan term.

Prepayment and Foreclosure Options: Prepayment and foreclosure options are available, allowing you to pay off your loan earlier than scheduled.
Special Offers for Women and Salary Account Holders: Axis Bank often provides special offers for women borrowers and those who hold a salary account with the bank.
Convenient Repayment Methods: Bank of Baroda offers flexible EMI options, which can be paid via standing instructions, post-dated cheques.
Daily Reducing Balance: Interest calculated on daily reducing balance, saving you money compared to monthly reducing methods.
No Prepayment Penalty: Zero foreclosure charges if you wish to close your loan early, giving you financial flexibility.
Special Schemes for EVs: Lower interest rates and extended tenures for electric vehicles to promote green mobility.
Online Application: Easy application process through SBI website or YONO app with real-time tracking.
Customer Support: Dedicated assistance throughout your loan journey, from application to closure.

How to Apply for Axis Bank Car Loan

1. Apply Online (Through Axis Bank Website): Visit the official Axis Bank website and navigate to the Car Loan section.
2. Fill in the Application Form: Enter basic details such as your name, age, employment and income information, and car details (new or used).
- Personal Details: Name, age, contact number, etc.
- Car Details: Type of car (new or used), price, brand, etc.
- Employment & Income: Monthly income, employer/business type, etc.
3. Eligibility Check: Axis Bank's system will auto-check your eligibility based on the submitted information.
4. Choose Loan Amount and Tenure: Select the desired loan amount and repayment tenure (from 12 to 84 months).
5. Upload Documents: Upload scanned copies of your ID proof, address proof, income proof, and bank statements. Make sure they are clear and legible.
6. Receive Loan Approval: After reviewing your application and documents, the bank will notify you of approval along with loan terms.
7. Sign the Agreement: After approval, you’ll receive a loan agreement. Review it carefully, sign, and submit to finalize the loan process.
8. Disbursement: Once the agreement is signed, the loan amount will be disbursed either to your bank account or directly to the car dealership.
9. Apply Offline (at Branch): You can also apply by visiting your nearest Axis Bank branch. Submit the form and documents physically, and complete the process with the help of a bank representative.
10. Apply via Mobile App: Use the Axis Bank mobile app to apply. Log in, go to the Loans section, select Car Loan, fill in the details, and upload the documents.
11. Apply via Call or SMS: You can initiate the process by calling Axis Bank customer care at 8885545255 / or by sending an SMS with the keyword “CAR” to 5676782.

Eligibility Criteria for Axis Bank Car Loan

Age Limit:
- Salaried Individuals: Minimum 21 years at the time of application and maximum 60 years at loan maturity.
- Self-employed Individuals: Minimum 21 years at the time of application and maximum 65 years at loan maturity.
Employment Status:
- Salaried: Should be employed with a government, private organization, or have a stable salaried job.
- Self-employed: Should be a professional or business owner with a minimum of 2 years in the current business or practice.
- Pensioners: Eligible if income criteria are met.
Income Criteria:
- Salaried Individuals: Minimum monthly income should typically be ₹15,000 to ₹25,000 depending on location and job profile.
- Self-employed: Income is evaluated based on business stability, profitability, and last 2 years' financial records (e.g., ITR, balance sheet).
Credit Score: A credit score of 750 or above is preferred. A good score enhances loan approval chances and may lead to better interest rates.
Loan Amount: Axis Bank offers:
- Up to 100% financing for new cars depending on the car’s price and applicant eligibility.
- Up to 85% financing for used cars, subject to the age and condition of the vehicle.
Maximum Loan Tenure: Up to 84 months (7 years), based on applicant’s repayment capacity and loan amount.
Nationality: Indian citizens and NRIs can apply. NRIs must provide valid overseas income proof, address proof, visa/work permit, and passport.

Documents Required for Axis Bank Car Loan

Identity Proof (for all applicants): Any one of the following:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driver’s License
- Government-issued ID card
Address Proof (for all applicants): Any one of the following:
- Aadhaar Card
- Passport
- Electricity Bill/Water Bill (latest)
- Bank Statement (last 3 months)
- Rent Agreement (if applicable)
- Telephone Bill
- Ration Card
Income Proof:
- For Salaried Employees:
  - Latest Salary Slips (last 3 months)
  - Form 16 or ITR (last 2 years)
  - Bank Statement (last 6 months)
- For Self-Employed Professionals/Business Owners:
  - Business Profile
  - ITR (last 2 years)
  - Bank Statement (last 6 months)
  - Profit & Loss Statement and Balance Sheet (last 2 years)
Proof of Car (for used car loan):
- Registration Certificate (RC)
- Insurance Document
Passport-size Photographs: Typically 2–3 recent photographs of the applicant and co-applicant (if any).
Bank Account Statements: Last 3–6 months for applicant and co-applicant (if applicable).

Factors Affecting Axis Bank Car Loan Approval

Credit Score (CIBIL Score): A score above 750 increases approval chances and may offer better interest rates, while a score below 650 can lead to rejection or higher rates.
Age:
- Salaried: 21 to 60 years
- Self-Employed: 21 to 65 years
- Loan tenure must not exceed the age limit upon maturity
Income:
- Minimum ₹15,000–₹25,000/month based on location & profile
- Stable, consistent income improves eligibility
- Self-employed: Business stability proven via ITR & balance sheets
Employment Status:
- Salaried: Minimum 6 months with current employer
- Self-employed: At least 2 years in the current business
- Pensioners: Eligible based on pension income
Loan Amount & Vehicle Type:
- New Cars: Up to 100% on-road price
- Used Cars: Financing up to 85%
- Depends on income and repayment capacity
Loan Tenure: Ranges from 12 to 84 months. Longer tenure reduces EMI but increases total interest. Tenure eligibility also depends on age and repayment ability.
Debt-to-Income Ratio: Lower DTI (ideally under 40-45%) is preferred. Indicates better capacity to manage EMIs alongside other debts.
Co-Applicant (if applicable): A financially stronger co-applicant can improve approval chances. Their credit score and income are also assessed.
Car’s Age (Used Cars): Axis Bank typically finances cars not older than 5 years. Car condition, model, and resale value are considered.
Documentation & Accuracy: Complete and correct documents are crucial. Missing or inaccurate information can delay or lead to rejection.
Past Loan Repayment History: A good repayment history improves approval chances. Recent defaults or missed payments negatively impact eligibility.
Location: Loan criteria may vary by city/town. Applicants from metro cities may face more relaxed norms than those from smaller towns.

Frequently Asked Questions (FAQs)

How much car loan can I get from Axis Bank?

Up to 100% of on-road price (model-specific and subject to eligibility).

How long does it take to get loan approval?

Pre-approved loans may be sanctioned within 1 working day.
Standard applications take 2–5 days.

Can I foreclose my car loan early?

Yes. Foreclosure charges may apply:
- Typically 5% in the first year
- Lower charges after that

Is there an option to apply online?

Yes. You can apply fully online via Axis Bank’s website or mobile app.

Do I need a guarantor?

Not usually, but Axis may request one based on your profile.

What is the interest rate for Axis Bank car loans?

✅ New Cars: Starting from 8.75% p.a. (floating rate)
✅ Used Cars: From 10.50% p.a.
✅ Electric Vehicles: Special rates with 0.25% discount
Note: Final rates depend on credit profile, loan tenure, and car model.

How much loan can I get from Axis Bank?

New Cars: Up to 100% of on-road price* (*for select models)
Used Cars: Up to 85% of valuation (max 5 years old)
EVs: Up to 90% financing including charger cost

What is the maximum repayment tenure?

New Cars: Up to 7 years
Used Cars: Up to 5 years
Electric Vehicles: Up to 8 years

What documents are required?

For Salaried:
- KYC (PAN + Aadhaar)
- 3 months payslips + Form 16
- 6 months bank statements

For Self-Employed:
- 2 years ITR + P&L statement
- Business proof (GST/Shop Act)
- 12 months bank statements

How long does approval take?

Pre-approved customers: Instant approval
Regular applications: 24–48 hours
Fast-track processing available for prime customers

Are there any prepayment charges?

✅ No penalty for:
- Full prepayment after 12 EMIs
- Partial prepayment anytime

Does Axis Bank offer loans for used cars?

✅ Yes, for vehicles:
- Not older than 5 years
- Must pass technical inspection
- Loan up to 85% of valuation

What special benefits are available?

✔ Lower rates for women borrowers
✔ Free accidental insurance cover
✔ Top-up loans for accessories
✔ Balance transfer facility

How can I check my eligibility?

- Use Axis Bank's online eligibility calculator
- Check via Internet Banking/Mobile App
- Visit any Axis Bank branch

Can NRIs apply for Axis Bank car loans?

✅ Yes, with conditions:
- Indian co-applicant usually required
- NRE/NRO account needed
- Additional documents (visa/work permit)

List of Axis Bank Car Loans

Axis Bank New Car Loan
Axis Bank Used Car Loan (Pre-Owned Car Loan)
Axis Bank Electric Vehicle (EV) Car Loan

Axis Bank Car Loan for Agriculturists
Axis Bank NRI Car Loan
Axis Bank Top-up Car Loan

Axis Bank Loan Against Car (Car Refinance Loan)
Axis Bank Commercial Vehicle Loan
Axis Bank Luxury Car Loan

Axis Bank Insta Car Loan (Instant Approval Online)
Axis Bank Pre-approved Car Loan
Axis Bank Car Loan for Women (Special Offers)
Axis Bank Car Loan Balance Transfer

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