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Used Car Loan
Used Car Loan from Axis Bank makes owning a pre-owned vehicle hassle-free. Our competitive rates, flexible terms and quick approvals are tailored to ensure a stress-free application process. Whether you are upgrading or buying your first car, Axis Bank ensures a seamless financing experience. Drive home in your dream car today with the trusted support of Axis Bank’s affordable Car Loan.
Features & Benefits
High loan amount coverage
Axis Bank provides loans up to 100% of the used car’s value, allowing you to purchase your desired vehicle without a significant upfront cost.
Unmatched customer service
Enjoy personalised assistance throughout your loan application process.
Customisable repayment terms
Choose repayment terms that suit your financial goals.
Quick and convenient processing
With streamlined digital services, you can apply, submit documents, and track your loan status online seamlessly.
No income documentation required
Self-employed individuals and those with variable income can benefit from loans that require minimal paperwork.
Car buying assistance
Axis Bank offers access to a network of trusted dealerships and sellers, ensuring you find quality pre-owned cars. Their buying assistance helps you make well-informed decisions by connecting you with verified sellers and offering valuable guidance for a simplified purchase process.
Used Car Loan EMI Calculator
Total Amount Payable
1,03,832
Steps to apply for a used car loan
- 01
Visit the Axis Bank website and click on the ‘Explore products’ option.
- 02
Click on ‘Loans’ -> ‘Car Loan’ -> ‘Used Car Loan' option.
- 03
Click on ‘Apply online’ button and log in to your account with your credentials or debit card details.
- 04
Next, choose the car and the car loan EMI options and fill in the application form.
- 05
Go through deals on the website and proceed with the application after selection.
- 06
Upload all your documents for verification. If approved, your loan amount will be disbursed to the seller or directly to the dealer.
Used Car Loan Interest Rates
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Frequently Asked Questions
Banks or financial institutions offer financing options for individuals who want to buy a used or pre-owned vehicle. You'll need to repay the borrowed amount with interest over the loan tenor.
A second-hand car loan provides good funding, enabling you to cover a part of the vehicle's purchase price. Buying a used car on loan can be a suitable option for many individuals, but you must assess your financial situation and choose a loan that aligns with your needs and preferences.
A Used Car Loan is a type of financing that helps you borrow money to purchase a pre-owned vehicle. This used car finance is repaid in fixed monthly instalments over an agreed-upon period, making vehicle ownership more affordable.
Yes, many banks and financial institutions offer loans for second-hand cars. For example, Axis Bank offers easy Used Car Loans, which are specifically designed to finance the purchase of a pre-owned vehicle.
The loan amount you can get for a used car depends on several factors, such as the car's value, your credit score, income, and the bank’s policies. For instance, Axis Bank offers up to 100% of the car’s value under its Used Auto Loan.
If you can comfortably afford the monthly installments and interest, a Used Vehicle Loan is a practical option for purchasing a vehicle without making a large upfront payment.
Yes, if you meet the eligibility criteria, you can easily apply for a Used Car Loan online using the Axis Bank website.
Depending on the application and the borrower's eligibility to repay the loan, the Used Car Auto Loan is generally sanctioned between 2-7 days. With the right eligibility, Axis Bank offers quick Car Loan approval and sanctions within two days.
The maximum loan amount for second-hand car finance depends on factors like income, credit score and vehicle value.
Compare low-interest Car Loans and favourable tenures to choose an option that aligns well with both your financial capacity and goals.
You can avail up to 100% of the valuation amount for a pre-owned car loan funding.
The maximum loan tenure for pre-owned car loans is 5 years.
You can avail of a pre-owned car loan funding of up to 95% of the valuation amount (Sale-purchase) and up to 85% of the valuation amount (Refinance)
Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:
- Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
- Excess amount equal to (=) EMI: If service request (SR)/instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded back to your operative account.
- Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the loan account for 15 days; post 15 days the excess funds shall be adjusted towards principal outstanding as a part payment.
Yes, banks offer loans specifically designed for second-hand or used cars. These loans function similarly to those for new cars. You can contact your bank to apply for a Used Car Loan. Upon approval of your application, you can utilize the loan amount to buy the pre-owned vehicle you desire.
The amount you can get for a Used Car Loan depends on your creditworthiness, the lender's policies, and the age and value of the used car. Most banks offer 80-100% financing for used car loans.
The minimum age for applying for a used car loan is 21 years.
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