Need a Car Loan? Here's how you can quickly get one

The rush in buses, trains, and metros makes cars a necessity. While you can use your savings, the best way to finance a car is through a car loan

The demand for cars has risen dramatically in recent years. Many factors, including time and health, have made cars a necessity more than a luxury. As a result, buyers are always on the lookout for auto financing alternatives. Despite the array of options at their disposal, most people still avail of car loan services from banks.

The reason is simple. A car loan from a leading bank, such as IDFC FIRST Bank, helps finance a car faster and more efficiently than savings or any other financing mode ever would. Car loans from banks are also sanctioned within a few hours, which helps reduce the wait for getting a car.

How to quickly get a car loan?

The procedure for applying for a car loan is straightforward. Begin by researching the differences in car loans offered by different banks. When you find the one that suits your need, check the eligibility criteria to get the loan. Remember, though, that you can only get a loan from a bank if you match the eligibility criteria.

You can apply for a car loan in person at a bank branch or online at the bank's website. The online application procedure is quicker, easier, and more convenient. To apply for the loan, you must submit the following documents:

• Three months' payslips or bank statements, or three years' worth of income tax returns.
• PAN card
• Voter ID
• Driver's license
• Passport
• Aadhaar card

If you opt for the online mode to get your car loan, the process will be relatively fast. You can get the loan amount in your account in as soon as two days.

Car loan approval process

Before technology came to the fore, bank loan applications were processed after weeks or even months. The process relied heavily on human intervention, which led to delays.

Today, however, the story is different. Thanks to data analytics, machine learning, and other technologies, banks can approve loan applications within a few hours. After you submit the paperwork, the approval process takes less than a day, with the loan amount subsequently reaching your account.

In the approval process, banks verify your documents and evaluate your credit score. Your credit history tells banks everything they need to know about your repayment behaviour. A good credit score shows you are a dependable borrower, while a bad credit score shows you might be a risky asset. The bank grants the loan immediately if your application fits the bill.

The funds are deposited to your account hours after the loan application is accepted. As soon as money is deposited into your account, you can buy the car you want. If you want to get a car loan quickly, the best thing to do is check that you meet the prescribed eligibility criteria of the bank you are applying to. Choose a bank such as IDFC FIRST Bank, as the eligibility criteria is straightforward. With their easy online loan application process and customer-first approach, IDFC FIRST Bank helps you get the loan amount in your account in no time.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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 mentioned. Please consult your financial advisor before making any financial decision.