Car Loan: Is applying online better than offline
Have you been eyeing that latest Sedan from your favourite Italian automobile company? Are you considering getting a family-friendly multi-utility vehicle from a sustainable Japanese car brand? Whatever your dream car may be, you can bring it home with help from a Car Loan. Yes, you can get the funds you need to book your favourite car at your chosen auto dealership today. You can apply for Car Loans online and offline. Let us assess the benefits of applying for a Car Loan online and check how it compares to offline applications.
Car Loan online vs offline application – Which is better
- The convenience: A significant advantage of applying for Car Loans online is that you can easily compare the various lenders. You can assess the maximum amount they loan, the time taken for the loan to be processed, and the repayment terms offered by multiple lenders. If you are looking for an Xpress Car Loan, the online forum is your best bet. In contrast, offline applicants may spend time visiting one bank after another to assess a good lender in terms of the interest rates, loan eligibility and other factors. Offline applications are more time consuming and involve multiple visits until the loan is sanctioned.
- Documentation and eligibility: While speaking of the benefits of applying for a Car Loan online vs offline, we must mention the simple and minimal documentation process. You can assess your Xpress Car Loans eligibility online, and apply for a loan with minimal documents within seconds. With offline applications, you usually need photocopies of various documents that you may have to submit during different stages of the loan and the lender may take some time to check if you are eligible for the loan.
- Approval and fund disbursal: The distinguishing factor that makes Car Loan applications online better than the offline process is the approval and fund disbursal process. With offline applications, you may have to wait a few days to get your loan approved and disbursed. Once you get the loan, you can pay the dealer and book your car. But with Xpress Car Loan features like a 30-minute application process and fund disbursals quickly, you can book your dream car in the shortest time frame. You can get the funds before shortlisting the vehicle. If you have already chosen your preferred car, the bank directly transfers the funds into the auto dealer’s account.
- Payment Calculators: Would it not be fantastic if you could compute the payable Equated Monthly Instalment (EMI) against your Xpress Car Loan before the loan was sanctioned? This is another under-rated benefit of applying for a Car Loan online. You can use online eligibility and EMI calculators to assess the loan amount you can obtain and the possible EMI you would have to pay based on the amount sanctioned. Offline applications, on the other hand, involve complex manual calculations that may lead to errors.
Car Loan online vs offline application – The Verdict
While there is no doubt that offline applications give you access to instant verbal communication, they also require you to be physically present for all conversations, thus eating into your precious time. You may also need to travel back and forth. With online Xpress Car Loan applications, you can still access a dedicated customer care channel to clarify your doubt and get the loan approved.
Apply for Xpress Car Loans with HDFC Bank
If you are contemplating buying a new car, consider Xpress Car Loans by HDFC Bank. You can apply for the loan online by simply providing your date of birth, mobile number and PAN details. Enjoy up to 90% of on road funding on select cars, and ₹1 lakh to ₹20 lakhs on other cars, along with flexible loan repayment terms, and an entirely digital process. Click here to get started.
Click here to read more about the requirements of a Car Loan.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Car Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.