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About Loan Against Car
The immediate need of cash can arise anytime such as medical expenses, home renovation, debt consolidation, etc, that can compel you to look for an external financial help as soon as possible.
Traditional loan schemes demand a huge time, to get approved and granted to the customer. If you have your own car, then you can utilize it in getting a loan. Loan Against Car is specially designed to support you in the financial crisis.
Under this scheme, the customer places the car as collateral with the lender and the lender provides the required amount according to the market value of the car. You can use that loan amount to meet your requirements and to cover your expenses.
How Does Loan Against Car Work?
- Select an online lender and fill an online application form
- Fill your details like your name, age, address, cell number, bank account number, Email ID, etc and submit it online.
- No faxing of documents or lengthy paperwork is required.
- As soon as the loan gets approved, the loan amount is instantly transferred to your account.
Features of Loan Against Car
- Quick and hassle free processing
- Fast approval in 3 hours
- Lower monthly installments
- Up to 2% less interest as compared to personal loan available in the market
- Maximum loan based on assessed car value
Eligibility for Loan Against Car
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: For Salaried 1 year in current employment and minimum 2 years of employment / For Self- Employed at least 3 years in business
- Minimum Annual Income: For Salaried Rs 100,000 net annual income / For Self- Employed Rs. 60,000/- p.a.
- Telephone: Must at residence.
Documents for Loan Against Car
- Proof of Identity: Passport copy, PAN Card, Voters ID card, Driving License ( Laminated, Recent, Legible)
- Income Proof: For Salaried Latest salary slip with form 16 / For Self- Employed Latest ITR
- Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy PAN Card
- Bank Statement: Last 6 months
- Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date ( laminated, recent , legible), Credit Card statement with credit card copy, Banker’s verification, Copy of margin money paid to bank.
- 9-month repayment track for vehicle under personal usage and 12 month repayment track for vehicles under commercial usage.
Leading Car Loan Providers (Click to Apply)
- HDFC Car Loan
- Bank of Baroda Car Loans
- Canara Bank Car Loan
- Indusind Bank Car Loan
- State Bank of Hyderabad Car Loan
- SBI Car Loan
- ICICI Bank Car Loan
- AXIS bank Car Loan
- IDBI Car Loan