About Personal Loan - Airtel Flexi Credit Car Loans

Aspiring to buy a car? Tired of using public transport or cab Pools? Get rid of these hassles and get your family on board to a new experience. But what if you don't have enough funds? Not to worry as the Airtel Thanks app is here to your rescue. You can take an instant loan up to 9 lakh without the hassle of visiting any bank. Airtel's own financial service is aspiring to be the game changer when it comes to loan amounts, interest rates and the overall process. Flexi Credit, offered by Airtel Payments Bank Ltd, can offer you a car loan in a matter of minutes. Let us know more about it.

Features and Benefits of Airtel Car Loan

1. Fully Digital: No more need of handling your physical documents. Just upload all of them online and you are good to go.

2. Instant Approval: Your loan application is usually approved within minutes of document submission.

3. Flexible EMIs and Tenure: You have the option to choose the loan amount, tenure and the EMI amount according to your needs. You can use Airtel's own Loan EMI Calculator for calculating the monthly EMI.

4. You can get the best offer based on your profile verification.

5. Low Processing Fee: Just 2-4 % of the amount + GST

Factors Affecting Airtel Car Loan

1. Credit Score: The Borrower should have a minimum credit score of 720 to be eligible for Airtel Flexi Credit Car Loan.

2. Income Source: Whether it is a salary or your business income determines your loan amount.

3. Loan Tenure: While this can vary from 3 to 60 months, the rate of interest can vary for the duration.

4. Existing Debt: The person's existing debt such as Home Loan or a gold loan or an education loan can affect the credit score.

How to Apply for Airtel Car Loan

• Before applying for a loan from Airtel, it is important to read the terms and conditions for the Instant Loan.

• Airtel Personal Loan requires you to Login (using your mobile number) via Airtel Thanks App. In the ' Airtel Finance ' Section. You will find Airtel Personal Loan.

• Fill in your PAN and Aadhar Details to receive the best offer.

• Finally enter your bank account to receive the loan amount instantly.

Eligibility Criteria for Applying Car Loan

To get a loan online, Airtel follows the existing RBI guidelines which are:

1. An Indian citizen who is at least 21 years old and not more than 65 years old can get a car loan.

2. Whether you are self-employed, running a business or salaried, you need to have a steady source of income and at least two years of work experience.

3. The person applying must have a good credit history and a credit score of at least 700.

4. You may have to pay a down payment of about 10 to 20% of the car's value if asked to.

Documents Required for Airtel Flexi Credit

Airtel Payments Bank Limited has joined with some trusted RBI regulated banks to offer flexible loans, be it car loan, personal loan or any other category. To get a personal loan from Airtel Payments Bank, you require the following loan documents to be submitted online:

1. PAN Card

2. Aadhar Card

3. Bank Account Details : The front page of your Passbook or Bank Statement.

4. Contact Details: Includes contact number, and address details

Pros and Cons of Airtel Car Loan

While Airtel is offering financial services to its customers, it is important to analyse if it is worth your use. Here are some key pointers.

Pros:

• The loan amount will be disbursed in a matter of minutes.

• Hassle-free personal loan application.

• Online handling of documents, less documentation required.

• Car loan tenure can vary from 3 to 60 months.

• Online loan facility is the new normal.

• Has a great customer care facility.

Cons:

• The loan amount is small- only up to 9 lakhs.

• Late payment conditions are not entertained.

• Higher interest rates than usual car loans,

• Market has better options at lower interest rates.