Loan Against Car

Avail loan against your existing car and meet any of your personal needs easily

Refinance (Loan Against Car)

Loan against car is one viable option if you require immediate finances. This type of loan will allow you to raise funds against your un-hypothecated asset i.e. your car and meet any emergency need easily.

Features & Benefits
Eligibility & Documentation
Calculators
Interest Rates & Charges
Important Links
FAQs

Features & Benefits

Get high-value loans

You can avail up to 140% of your vehicle valuation as loan

Attractive rates

Enjoy lower rates than any personal loan on your loan against car

Easy documentation

Get your loan approved with minimal paperwork
fast, simple, and hassle-free

Eligibility Documentation

Eligibility loan against car

Salaried individuals who are eligible for a loan against car

Min age: 21 at time of disbursement
Max age : 60 at end of tenure
Minimum net annual income: ₹2.40 lakhs
1 year of continuous employment

Self-employed Individuals

Min age: 21 at time of disbursement
Max age : 70 at end of tenure
Minimum net annual income: ₹2 lakhs
2 years in the same business

Self-employed non-individuals

Minimum net annual business income: ₹2.50 lakh - ₹3.50 lakh
2 years of business continuity
Latest 2 years’ ITRs and audited financials

Documentation loan against car

Salaried Individuals

Application Form
KYC Documents
Income Proof: Latest 2 Salary Slips & Form 16
Bank Statement for the last 3 months
Age Proof: PAN Card, DL, Passport or Birth Certificate
Sign Verification Proof: PAN Card or Passport / Banker’s Verification
Employment Continuity Proof: Appointment Letter, ITR or Form 16

Self-employed individuals

Application Form
KYC Documents
Income Proof: Latest ITR
Bank Statement for the last 3 months
Age Proof: PAN Card, DL, Passport or Birth Certificate
Sign Verification Proof: PAN Card or Passport / Banker’s Verification
Employment Continuity Proof: Sales Tax / VAT / Shop Registration

Partnership firms / trust / societies

Application Form
KYC Documents
Income Proof: Audited Balance Sheet, P&L, and latest 2 years’ ITR
Bank Statement for the last 3 months
Age Proof: PAN Card / Authority Letter by Partners
Sign Verification Proof: Authority Letter & Board Resolution
Employment Continuity Proof: Sales Tax / VAT / Shop Registration

Private / Limited companies

Application Form
KYC Documents
Income Proof: Audited Balance Sheet, P&L, and latest 2 years’ ITR
Bank Statement for the last 3 months
Age Proof: PAN Card / Board Resolution
Sign Verification Proof: List of Directors & Shareholding Pattern
Employment Continuity Proof: Certificate of Commencement of Business

Used Car Loan EMI Calculator

Loan Amount

₹

1L

1Cr

Interest Rate (p.a)

%

7% 17.5%

Tenure (Months)

M

1M60M

Your EMI*₹8,653

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*Equated Monthly Installment

Total Amount Payable

₹1,03,832

Step-by-step guide to apply for a Loan Against Car online and offline

Here are the steps you can follow when applying for a car loan and submitting your application:

Online Process

01
Visit the official website of Axis Bank for Car Loans.
02
Fill out the application form online and upload the required documents on the lender's official portal.
03
The bank will carefully review your application, and you will receive updates on your car loan application status via SMS or email.

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Offline Process

01
Visit the closest Axis Bank branch office and complete the loan application form. Include the necessary photo ID and other required documents. Submit the completed form at the lender's office.
02
Once the registration is complete, the bank employees will keep you posted on the details of loan approval.

Visit Axis Bank Branch

Interest Rates & Charges

Interest rates and charges for Refinance (Loan against Car)

Loan Tenure	1 Yr MCLR	Spread over MCLR	Effective ROI Range	Reset	Processing Fee	Documentation Charges
Up to 36 months	8.80%	4.50% - 6.75%	13.30% -15.55%	No reset	1% + GST of loan amount	₹700
Above 36 months	-	-	13.30% -15.55%	-	1% + GST of loan amount	₹700

Loan Against Car Charges

At Axis Bank, we offer Loan Against Car at highly competitive interest rates and minimal processing charges, which are completely transparent. Find out the Loan Against Car charges below.

Sr. no	Type	Charges
1	Cheque/ECS/NACH Bounce / Instrument Return Charges	₹339/- per instance
2	Cheque / Instrument Swap Charges	₹500/- per instance
3	Duplicate Statement Issuance Charges	₹250/- per instance
4	Duplicate Repayment Schedule Issuance Charges	₹250/- per instance
5	Duplicate No Dues Certificate / NOC	₹50/- per instance
6	Penal Charges	^Financial Default: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance)
7	Loan cancellation / Re-booking	₹550/- per case
8	Foreclosure/Part Payment Closure	5% of the Principal Outstanding
9	Stamp Duty	Actual cost
10	Issuance of Credit Report	₹50/- per instance
11	Documentation Charge	₹700/-
12	Registration Certification Collection Charge	₹250/- per instance
13	Valuation Charges	₹590/- (inclusive of GST) ₹1,180/- (inclusive of GST) if the loan amount is >=25 lacs

*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

^Financial Default includes all types of payment or financial defaults/irregularities with respect to your Loan Account. There shall be no capitalisation of Penal Charges.

Pre-Payment charges are not applicable for fixed rate loans up to ₹50 lakhs to Micro and Small Enterprise (MSE)

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A car loan to zip around the city!

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Key resources for your Car Loan needs

List of Loan Centers

Fair Practice Code for Lenders

Already Applied? Track your application here

It's important to check on your loan application status if you have applied for a car loan.

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Frequently Asked Questions

Axis Bank provides pre-approved offers for loans against your existing car at competitive interest rates and affordable charges. Before applying for a Parallel Loan (Loan Against Car), make sure to read the Frequently Asked Questions (FAQs) below.

Terms & Conditions

The Bank reserves the right to reject any application without assigning reasons thereof. It shall be the sole right of the Bank to consider the proposal on case to case basis after taking into consideration, the credentials/credit worthiness of each of the customers.
The applicant will undertake to inform the Bank as and when there is a change in address or employment.
Axis Bank may, at its sole discretion, utilize the services of external service provider(s) or agent(s) and on such terms as required or necessary, in relation to its products.
The interest rates and processing fees are subject to change without prior notice and the offer expiry date mentioned is subject to interest rate fluctuations and will only be accommodated on a best effort and non-obligatory basis by the bank.
Axis Bank or its agent(s) shall not be responsible for the delivery / model / colour / make / performance of the asset applied for under this application The borrower undertakes to hypothecate the vehicle in favour of the Bank immediately after purchase of the vehicle.
Axis Bank is not responsible for the contract entered into by the Customer with Vehicle Dealer nor does the Bank make any representation with regard to the Dealer or the Vehicle supplied by the Dealer.
Axis Bank is authorised to disclose from time to time any information relating to the loan to any credit bureau (existing or future) approved by Government of India and Reserve Bank of India without any notice to the borrower. Axis Bank is also authorised to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report.
In case of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his loan account, by post, fax, telephone, email, SMS messaging and/or through third parties appointed for collection (as per RBI Guidelines) purpose to remind, follow-up and collect dues.
The product and services of the bank are subject to applicable law and regulations and would be modified / discontinued based on the prevailing law / regulation at any point of time and neither party shall be under any liability or obligation or continue the product and services of the bank till such time the terms are modified by the Parties as per the prevailing/ amended law at that point of time. In the event, that the product and services of the bank cannot be continued without total compliance of the prevailing law at any point of time, the product and services of the bank shall be deemed to be discontinued forthwith from the date when the amended law restricting / prohibiting the product and services of the bank comes into force.
Any dispute relating to the Offer or the Terms & Conditions shall be subject to the jurisdiction of the courts in Mumbai only.
The Terms & Conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at the Bank's discretion.

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Refinance (Loan Against Car)