Axis Bank Used Car Loan

A used car loan, also called a pre-owned or second-hand car loan, is financing extended to a borrower to purchase a previously owned vehicle rather than a new one. It is typically used by buyers who want to acquire a car at a lower outlay than a new model, and the vehicle being financed generally serves as security for the loan.

Axis Bank, a private-sector bank founded in 1993 and headquartered in Mumbai, offers a pre-owned car loan for buyers of used vehicles. The bank's material for this product emphasises that a wide range of vehicles can be funded and that the application is processed with a limited documentation set. Axis Bank also states that it supports balance transfer for borrowers who wish to move an existing used-car loan to the bank.

Applicants can apply at a Loan Centre or branch, online, or through the bank's mobile application, and the bank offers account-servicing options such as checking the outstanding amount and requesting a repayment schedule. Because the loan is secured against the vehicle, the sanction depends on the bank's assessment of the car and the applicant, and approval is not guaranteed. Borrowers should confirm the applicable terms, the vehicle's eligibility and the security arrangements with the bank before proceeding.

At 11%, Axis Bank has one of the lowest starting rates of the 11 lenders we track for used car loans.