Need funds urgently? Instead of selling your car, you can simply take a loan against your car and get your hands on much-needed cash instantly
Picture this: You’re driving home and you get a call. A close family member has been rushed to the hospital and needs immediate surgery. Or a deal has fallen through in your business and you need funds to fix it. Or that great new apartment that you’ve had your eye on will slip out of reach unless you make a down payment in the next few days.
Or a social event that you’ve spent months planning has encountered a few hiccups and expenses are piling up. Of course, it does not always have to be grim. Maybe you’d like to send your child for a slightly expensive higher education, or an eagerly awaited family vacation abroad is on the cards. Wouldn’t it be nice if you could take a loan that could be used for any purpose you wish, but without the hassles of taking out a personal loan or business loan?
That’s exactly what you can do with a loan against car, a secured loan that you can get by pledging your car as collateral. It’s not just a quick and hassle-free way to get your hands on cash easily, but can also be used to pay off your current car loan, also known as refinancing your car.
Car refinance means you take a loan against your car to pay off your existing car loan. Any extra cash you obtain through the loan is then yours to spend as you deem fit. Wondering if you’re eligible for such a loan? Read on to know the eligibility criteria and other benefits of a loan against car.
Easy Eligibility
To get a loan against car you need to own a car. That’s it. If you’ve got proof of ownership such as your original RC, you’re eligible to get a loan against your car. You could be salaried or self-employed. And if you have a running car loan, you need to have paid at least 12 EMIs before you can apply for car refinance. And if you don’t have an existing loan, you can <apply for a loan against car> immediately.
Minimal Documentation
We mentioned that you need to submit your original RC. Along with that you only need to provide a bank account statement, KYC documents, and a copy of your PAN card. If you have an existing car loan, you’ll also need to submit a 6-months bank statement from which the current EMI is paid. That’s all, really. With CarDekho at your side, you’ll never have to deal with loads of paperwork.
Quick Disbursal
Unlike a business loan which may take weeks to be processed, the loan amount will be credited into your bank account in just 48 hours. Even if there is a delay in getting the NOC from your current lender in the case of an existing car loan, 90% of the amount will still be credited straight to your account, with the remaining deposited as soon as the NOC is collected. So if you need funds urgently, you can rest assured that with a loan against car, you’ll definitely have access to the cash you require.
Hassle-free Process
Not only is paperwork kept to a minimum, but the entire process of getting a loan against your car is designed to be as convenient as possible. We do all the legwork and provide doorstep service so that you can stay stress-free through it all.
Choice of Financiers
Since we partner with the leading financiers in the country, you can choose from any of them to get a loan against your car. Our lending partners include HDFC Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, ICICI Bank, Tata Capital, Bajaj Finserv, Hero FinCorp, and Mahindra Finance. If you’re already a customer of one of these banks or lending institutions, it will be even easier for you to get a top-up loan from your own bank.
Low EMIs, High Loan Amounts
When you take a loan against car, you can get a loan of up to ₹25 lakhs all while paying EMIs as low as ₹2,300 per lakh. That’s a win-win situation any way you look at it. Add to this the favourable interest rates that car refinance offers, and a loan against car becomes a wonderful option for anyone looking to fund their dreams or handle a crisis.
Now you know if you’re eligible for a loan against your car and exactly what you get when you opt for car refinance. Want to know about some great offers curated especially for you, as well? Just click here