Buying a car is a big step, and if you’re looking for financial help to make it happen, a car loan can be the perfect solution. Axis Bank offers car loans with simple terms, quick approvals, and flexile repayment options. Whether you want a brand-new car or a used one, the bank provides support to make the purchase easy and stress-free.
This blog will explain all the important details you need to know about getting a car loan from Axis Bank — including its features, who can apply, interest rates, required documents, and answers to common questions.
🚗 Key Features of Axis Bank Car Loan
- Loan Amount: You can get funding for up to the full price of the car in some cases.
- Loan Tenure: Choose a repayment period between 1 year and 7 years.
- Interest Rate: Starts from around 8.70% per year (may vary based on your profile).
- Fast Approval: Loan can be approved and disbursed in 2–3 working days.
- Flexible EMI Options: Pay monthly instalments that suit your income.
- Simple Process: Less paperwork and a smooth application process.
- Special Offers: Better rates and terms for existing customers or company tie-ups.
✅ Who Can Apply for a Car Loan?
Axis Bank gives car loans to both salaried and self-employed individuals. Check below to see if you qualify:
For Salaried Employees:
- Age should be between 21 and 60 years when the loan ends.
- Minimum monthly income should be ₹20,000.
- You must have at least 1 year of work experience.
- Must be a resident of India.
For Self-Employed Individuals:
- Age should be between 21 and 65 years at loan maturity.
- Your business should be running for at least 2 years.
- Minimum annual income required is ₹2 lakhs.
- Valid business documents and income proofs are required.
📄 Documents Needed
If You Are Salaried:
- Loan application with photo
- ID proof (like Aadhaar, PAN, Passport)
- Address proof (like utility bill, Aadhaar, Passport)
- Income proof (last 3 salary slips, Form 16, or bank statement)
- Car quotation or invoice from showroom
If You Are Self-Employed:
- Loan application with photo
- ID and address proof
- Last 2 years’ income tax returns, profit & loss statement, and balance sheet
- Last 6 months’ bank statements
- Business proof (like GST or registration)
- Car quotation or invoice
📝 How to Apply for the Loan
You can apply for an Axis Bank car loan in two simple ways:
1. Online Application:
- Fill out your personal, job/business, and car details
- Upload the required documents
- Submit the application for approval
2. Visit a Branch:
- Go to the nearest Axis Bank branch
- Talk to the bank officer and fill out the loan form
- Submit your documents
- Wait for approval and loan disbursal
🎯 Why Choose Axis Bank for a Car Loan?
- Trusted banking partner with reliable service
- Financing available up to 100% of the car’s value
- Low processing charges
- Quick disbursal and doorstep service
- Insurance and add-on services available
- Convenient EMI calculator and tracking options
❓ Frequently Asked Questions (FAQs)
1. How much money can I borrow?
You can borrow from ₹1 lakh up to ₹75 lakhs, depending on your income and the value of the car.
2. Can I get the full car cost covered?
Yes, in some cases Axis Bank offers up to 100% of the on-road price for select cars.
3. What is the loan processing charge?
The processing fee is usually around 1% of the loan amount or ₹5,000 — whichever is lower.
4. Can I repay the loan early?
Yes, you can repay the loan early. However, you may have to pay some foreclosure charges, usually around 5% of the remaining amount.
5. Can I apply with someone else as a co-borrower?
Yes, you can apply jointly with a family member like your spouse or parent to increase loan eligibility.
6. How much will my EMI be?
For a ₹5 lakh loan over 5 years at 9% interest, your EMI will be around ₹10,377. You can use an EMI calculator to get an accurate amount based on your interest rate.
7. What if I miss an EMI payment?
Missing an EMI may lead to penalties and can affect your credit score. Try to pay on time every month.
8. How long does it take to get the loan?
Usually, the loan gets approved and disbursed within 2 to 3 working days after verification.
🏁 Final Thoughts
Axis Bank offers a smooth and fast car loan service that helps you buy your dream car without financial stress. Whether you are a working professional or a business owner, you can apply easily and enjoy flexible repayment terms, attractive interest rates, and quick approval.
If you are ready to drive your new car home, now might be the right time to consider a car loan from Axis Bank.
