Loan against car in

What is loan against car?

Loan against car or car refinancing is additional funding that can be obtained from banks and other financial institutions that allows you to borrow money over and above your existing car loan. In practice, loan against car is the process of paying off your current car loan with a new one from your existing or new lender. Low-interest rates and nominal processing charges make loan against car preferable compared to a personal loan. We give you plenty of options from major lenders in jaipur if you are looking for loan against car.

Reasons to apply for loan against car

Cash in hand received from a loan against car can be used for various personal and professional financial needs. A few reasons to get a loan against car are:

  1. Pay off expensive debts

    You can choose to avail a loan against your car to pay off other debts like credit card debts, personal loan, car loan and any other loan(s).

  2. Business expansion

    Funding received from bank through a loan against your car is a great option when it comes to expanding your existing Business or starting something new of your own.

  3. Meet other financial needs

    You can use the loan amount for family vacations, or to meet medical expenses, wedding expenses, educational expenses of your children, to fulfil working capital needs or other reasons

Benefits of loan against car

  1. Higher loan amount

    Typically, a loan against car can be availed to the extent of 200% of the current value of your car. The cash in hand is higher if you have paid more Equated Monthly Instalments (EMIs) of your existing car loan.

  2. Minimal documentation

    The documentation required to apply for a loan against car is minimal.For loan amounts under 10 lacs, most financiers don’t even ask for ITRs or Balance sheets.

  3. Quicker processing

    Loan against car application is faster to process in banks. This is mainly because of the presence of an existing loan. Physical verification of your residence/office generally gets waived off.

  4. Lower interest rate

    Interest rates for loan against car are much more attractive as compared to other kinds of unsecured loans, which makes it a cost-effective solution. Other alternatives for meeting your funding needs like personal loan or gold loan are provided at higher rates ranging from 16% to 24% per year.

Eligibility criteria for loan against car in jaipur

The following people are eligible to apply for a loan against car in jaipur

Salaried Individuals

  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of ₹ 2,50,000 per year, including the income of the spouse.
  • Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.

Self Employed Individuals

  • Individuals who are a minimum of 25 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure.
  • Individuals who have been in business for minimum 2 years.
  • Those who earn a minimum of ₹2,50,000 per year.
  • Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.

Documents required for loan against car in jaipur

To apply for a loan against your car, lenders need your documents to process your application based on your profile.

If you have an existing loan on car

  • ID Proof
  • Current Address Proof
  • PAN Card
  • Registration Certificate of the car
  • Existing loan repayment track
  • Last 6 months bank statement

If you do not have an active loan on car

  • ID Proof
  • Current Address Proof
  • PAN Card
  • Registration Certificate of the car
  • Income Proof
  • Last 6 months bank statement

Compare and apply auto loan online

  • You should have your own car
  • Cars with or without running loan can be funded
  • At least 12 EMIs should have been paid

Locations for Loan Against Car

Rupyy currently provides Loan Against Car across 22 other cities in India.

  • Loan against car in AhmedabadAhmedabad
  • Loan against car in BangaloreBangalore
  • Loan against car in BhubaneswarBhubaneswar
  • Loan against car in ChandigarhChandigarh
  • Loan against car in ChennaiChennai
  • Loan against car in CoimbatoreCoimbatore
  • Loan against car in Delhi NCRDelhi NCR
  • Loan against car in GuwahatiGuwahati
  • Loan against car in HyderabadHyderabad
  • Loan against car in IndoreIndore
  • Loan against car in JodhpurJodhpur
  • Loan against car in JaipurJaipur
  • Loan against car in KochiKochi
  • Loan against car in LudhianaLudhiana
  • Loan against car in LucknowLucknow
  • Loan against car in MumbaiMumbai
  • Loan against car in MysoreMysore
  • Loan against car in NagpurNagpur
  • Loan against car in PunePune
  • Loan against car in SuratSurat
  • Loan against car in VadodaraVadodara
  • Loan against car in VisakhapatnamVisakhapatnam
  • +29More

Lending Partners

  • HDFC BANK
  • ICICI Bank
  • Axis Bank
  • IDFC First Bank
  • Kotak Mahindra
  • Tata Capital
  • Bajaj Finserv
  • Hero Fincorp
  • Mahindra Finance
You can always reach out to us on support@rupyy.com
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