3 MinsSep 11, 2020
Veena lives with her two-year-old daughter and in-laws who are senior citizens. Currently, she is working from home. But with the lockdown easing, she will have to go back to her office. The long commute to work is making her worried about her
and her family’s health. She is planning to buy a new car so that she can travel safely. But can she apply for a car loan without stepping out of her home? Read on to know more about how Veena got her new set of wheels, effortlessly.
To avoid exposing herself to the virus, Veena preferred not visiting the bank branch to apply for the car loan or calling a bank relationship manager to her home. Being an Axis Bank customer Veena could get her car loan sanctioned online. The
Bank has ensured that the whole process happens digitally and instantly with its all-new digital offering - 24x7 Car Loans.
24x7 Car Loan is a digitally processed pre-qualified loan offer providing instant sanction to select Axis Bank customers that can be availed anytime through Axis Mobile or Internet Banking.
So, all Veena had to do was to check her pre-qualified loan offer by logging into Axis Mobile or Internet Banking. She could apply for the loan from the comfort of her home as the process was online and the documentation involved was minimal.
Her loan was sanctioned digitally and in a jiffy. And, today, she is the proud owner of a brand new car.
[Also Read: How you can get the best out of your car loan]
How much loan did Veena take?
Veena was prudent and kept her family’s needs in mind when deciding on the loan amount. She knew that merely because the loan is easily available, she should not stretch her budget, but should borrow within limits.
Because a car is seen as a reflection of the owner's personality, there may be a tendency to go overboard while buying. Remember, an expensive car is of no use if you will struggle to service your car loan.
The thumb rule, according to experts, is that the on-road cost of the vehicle shouldn't exceed 60% of one's annual income and the EMI shouldn't exceed 15% of the post-tax monthly income.
How did Veena select the car?
Veena had a rough idea of the kind of car she wanted to purchase, based on her needs. But she was not sure about which model or make to buy. To her delight, she was able to research and select the car model, variant, price and the dealer she wished
to buy the car from, with just a few clicks, via the digital loan availing process. 24x7 Car Loans by Axis Bank thus offered her a complete digital experience.
If you are an Axis Bank customer like Veena and wish to know whether you have a pre-qualified offer on 24X7 Car Loans click
here.You can also login to the Axis Mobile App and Internet Banking to avail your 24x7 instant Car Loan.
Disclaimer: The Source, a Mumbai-based content creation, and curation firm, has authored this article. Axis Bank does not influence the 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.
