Is it possible to apply for used car loans online?

Yes, you can apply for a used car loan today online. The process is designed to make the whole process as easy and efficient as possible to make you save time and money. You will need a computer or mobile phone, internet access and your required documentation ready for upload before you can get started.

Simply log into the lender's website or download the app. The first step is to register your mobile number. You will receive an OTP to verify your mobile number to make sure your application is secure. You then enter in your basic personal information. Many of the platforms will guide you through the process so you don’t miss anything you need to complete your application.

Once you submit your application, the lender will then verify your identity and your income. This may include you uploading your Aadhaar, PAN card, salary slip or bank statement. If you are self-employed, you may be required to upload a type of income tax returns or adequate evidence of business activity. If you already had a used car in mind, the lender may arrange for a quick inspection or valuation of a used car before proceeding.

Most lenders offer a speedy approval service ranging from a few hours to by the end of the next business day. Once you submit your application, you are able to see the status of your application online, and the lenders may automatically send you updates on the application via email or SMS. Once approved, the lender will send the loan amount (money) to your bank account or seller directly (depending on how the lender works). This is available for both salaried and self-employed applicants.