Axis launches instant auto loan scheme

The third largest private sector lender Axis Bank today launched an instant car loan approval facility which will work out of the bank8217;s branches and select vehicle dealerships.

The facility,christened 8216;Insta Car Loans8217;,will initially be operational at 50 dealerships in Mumbai,Delhi NCR,Pune,Ahmedabad,Kolkata,Hyderabad,Chennai and Bangalore,the bank said in a statement.

The bank also has plans to further expand it to nearly 200 dealerships across 30 cities,but did not give a time frame.

The feature has been developed in tie-up with the website bankbazaar.com.

The facility offers customers instant in-principle approvals for car loans,based on real time credit checks,the statement added.