Personal Loans

Jul 10, 2026 · Horizon of Assets Editorial Team

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Choosing Between SBI and Axis Car Loans

A detailed comparison of car loan options to help you decide

Top Car Loan Options

Choosing the right car loan can save you thousands. We compare two top contenders: SBI and Axis Bank. Here's what actually matters when picking between them.

Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.

SBI New Car Loan

SBI offers a reliable choice for new car financing with rates ranging from 8.90% to 9.85%.

SBI New Car Loan

SBI's car loan is ideal for borrowers seeking a transparent rate structure. They offer up to 100% financing of the on-road price and have no prepayment charges, which is a significant advantage for those who might pay off their loan early. However, expect more documentation compared to fintech lenders.

Most Flexible

SBI New Car Loan

8.9%

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If you're looking for competitive rates with added convenience, Axis Bank might catch your interest.

Axis Bank Car Loan

Axis Bank combines competitive rates with quick processing and convenient doorstep service.

Axis Bank Car Loan

Axis Bank offers car loans starting at 8.75%, slightly lower than SBI, which could benefit cost-conscious borrowers. Their doorstep service and quick processing time are appealing, but the processing fee and income criteria might be a drawback for some.

Axis Bank Car Loan

8.75%

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For those who want even faster digital processing, HDFC Bank offers a compelling alternative.

HDFC Bank New Car Loan

HDFC Bank impresses with its rapid digital processing and competitive rates starting from 8.15%.

HDFC Bank New Car Loan

HDFC Bank's new car loan is best for borrowers who prioritize speed. With a 30-minute disbursal claim, it beats others in terms of digital efficiency. However, note that the best pricing is often profile-dependent.

Fastest Approval

HDFC Bank New Car Loan

8.15%

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After considering these options, your choice will depend on what you value most: transparency, convenience, or speed. For a full breakdown and more insights, check out our related article on car loans for Indian borrowers in Comparing Car Loans: Best Picks for Indian Borrowers.

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● Best for: Salaried individuals or self-employed professionals with a stable income looking to finance a vehicle purchase up to ₹1 crore.

With an APR range of 8.75% to 12.5%, Axis Bank's car loan is a good option for those seeking quick funding and flexible terms. However, applicants should be prepared for the income verification process, which can be stringent.

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● Best for: This loan is ideal for both salaried and self-employed individuals looking to finance new or pre-owned vehicles.

ICICI Bank's car loans provide a flexible financing option for buyers looking for competitive rates and quick approval.

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● Best for: Individuals with a stable income above ₹3 lakh annually who want to finance a new vehicle purchase.

With competitive fixed rates and a generous loan tenure of up to 84 months, SBI's New Car Loan is appealing for those looking to finance a new vehicle. However, the requirement of a minimum annual income of ₹3 lakh may exclude some potential borrowers.

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