Axis Bank offers Insta Car Loan Facility

Tuesday 27 December 2011, 10:56 AM by Vikas Yogi

Amidst a series of new car launches in recent months, one of the leading private sector banks in India – Axis Bank Pvt. Ltd. – has launched special ‘Insta Car Loan’ facility. This newly offered facility is not only aimed at benefitting customers but also car dealers by providing instant approvals on car loan applications at the dealerships end, saving their costs in terms of extra manpower or technology.

This facility has enabled car dealers to secure car loan approvals for their customers instantly through the medium of internet. It is the first of its kind facility in the automobile finance sector, where the consent on car loans can be sought either at the car dealerships or at any of the Axis Bank branch. It is a combined initiative of the Axis Bank and BankBazaar.com.

The Head of Retail Lending & Payments Department, Mr. Jairam Sridharan was quoted as saying “After we launched our internet based application process, we have seen a tremendous response from customers. It is clear that the Indian car buyer is ready to get loans approved instantly on the internet. The Instant Approval process is a logical extension of that desire into the physical world. ”

Axis Bank is at the moment, launching this facility across various cities in India, such as Mumbai, Chennai, Bangalore, Ahmedabad, Kolkata, Delhi NCR, Pune and Hyderabad, covering more than 50 dealerships of the car makers in India. Moreover, it is aiming to extend this ‘Insta Car Loan’ facility to over 30 cities comprising of around 200 dealerships