Both teams had emphatic victories in the semifinals as India knocked out defending champion England with a 68-run win in Guyana and South Africa blew away Afghanistan for 56 runs in Trinidad.
India seeks to break their ICC trophy drought since the 2013 Champions Trophy and clinch their first T20 World Cup title since the inaugural 2007 edition in South Africa.
South Africa reached their first final with a nine-wicket win over Afghanistan in Trinidad & Tobago, while India joined them by defeating England by 68 runs in the second semi-final in Guyana.
Kohli, who was the highest run-getter at this year's IPL with 741 runs, is yet to make a significant contribution in the tournament, having scored only 75 runs in seven innings
Axar was named the 'Player of the Match' after his stupendous performance in the second innings. He bagged three wickets for 23 runs in his four-over spell at an economy rate of 5.80.
The Aussie accomplished the feat against Afghanistan, dismissing skipper Rashid Khan (17.6 over), Karim Janat (19.1 over), and Gulbadin Naib (19.2 over) with three consecutive deliveries in two overs.