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How to Get Approved for a Car Loan in Minutes

5 MinsMay 25, 2019

Getting a car loan approved is easy. Just follow these simple steps

All of us want to own a car that reflects our personality and attitude. While you spend time in selecting the right model that meets your requirements, do spend some time to ensure you get a car loan easily. It’s not tough to get car loan. It’s about getting all your documents in order, knowing what your eligibility is, and planning for your auto loan in advance. You’ll see that once you get your prep work done, the rest of it is a cakewalk.

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Below are the steps for getting an Axis Bank New Car Loan in the shortest time possible:

  • Know Your Eligibility
    An Axis Bank New Car Loan, like every other loan, starts with knowing and understanding one’s eligibility. This means taking into account your income and credit score. Your credit score is very important because it decides what loan amount you are eligible for. A bad credit score would put your chances of getting a loan in jeopardy. You’ll have to get a copy of your credit score before you even apply for a loan. Once you know your score, you can find your Axis Bank New Car Loan eligibility. This will help you choose a car that fits in your budget.
  • Get Your Documentation in Place
    Once you apply for an Axis Bank New Car Loan, the bank will ask you for various details: Are you self-employed, or salaried? Salary slips, employer’s name, proof of residence (AADHAR card, electricity bill, rent agreement, landline telephone bill or driving license), income tax returns, photo identity proof (PAN card or AADHAR card) and bank statements. Once you have all these documents, you can to upload them on the bank’s website or hand them over to an Axis Bank representative.
  • Disbursal
    The loan amount is sanctioned based on your income level and credit score. It will also depend on any other loan that you are currently servicing. For example: If you are already servicing other loans – say personal or home loans – then the income available for repaying a new car loan may be lower and hence affect the loan amount you are eligible for. Axis Bank New Car Loans cover 100% of the ‘on-road’ price of the car. Once the loan is approved and sanctioned, the amount is disbursed directly to the dealer.
  • Tenure and EMI Options
    Axis Bank New Car Loans come with flexible tenure options ranging from one year to eight years. Rate of Interest starts at 9.25%.

Axis Bank New Car Loans start at Rs. 1 Lakh up to 100% on-road price along with benefits. Visit our Car Loan EMI Calculator to calculate your EMI.

With such attractive terms, why wait to own your dream car? Apply now!

Disclaimer: This article has been authored by The Source, a Mumbai-based content creation and curation firm. Axis Bank does not influence views of the author in any way. Axis Bank and The Source shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.

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