The third
largest private sector lender Axis Bank on Monday launched an instant car loan approval facility which will work out of the bank's branches and select vehicle dealerships.
The facility, christened 'Insta Car Loans', 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.
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