Loan Against Car is a type of secured loan where you use your car as collateral to borrow money from a lender. It allows you to unlock the value of your vehicle without having to sell it, providing you with quick access to funds for various needs like business expansion, medical emergencies, or personal expenses. The loan amount is typically based on the current market value of the car, and you can continue using the car while repaying the loan. One can get Loan against car even if the car is already financed, in such cases owner can get upto 250% loan on the value of car.
- Affordable Interest Rates
- Flexible Loan Tenure
- Quick Disbursal
- Maximum Loan Amount
Contents
- 1 Loan Against Car – Key Features
- 2 Documents Required for Loan Against Car
- 3 Frequently Asked Questions
- 3.1 What is Loan Against Car?
- 3.2 Can I get Loan Against Car?
- 3.3 How does a Loan Against Car work?
- 3.4 Can i get a Loan Against already financed Car?
- 3.5 Are there any charges if i apply for Car Refinance through Loan Help India?
- 3.6 How much loan can be approved for my Car?
- 3.7 How do I apply for a loan through your platform?
Loan Against Car – Key Features
Here are the some features and advantages of taking Loan Against Car
Loan on Already Financed Car
Loan against car can be availed against already financed cars also providing that the owner has paind alteast 6 EMI and all EMI’s are paid on time. In such cases upto 250% loan is available against the Car value.
Fast Loan Approvals
The process is fast and the loan can be disbursed witin three days after successful verification of documents provided by the applicant.
Flexible Loan Tenure
One can choose flexible loan tenure ranging from 12 months to 60 months.
Attractive Interest Rates
The interest rates ranges from 11% to 18% based on the customer profile and CIBIl score.
Continue Using Car
Applicant can continue using the Car as before after taking Loan.
Documents Required for Loan Against Car
Here is the list of documents required for Loan Against Car for Salaried & Self-Employed person.
| Car Documents | RC(Registration Certificate) & Insurance of Car |
| Proof of Identity | Aadhaar Card/ Passport/ Voter ID Card/ Driving Licence/ Photo ID issued by GOI/ Job Card issued by NREGA |
| Proof of Address | Aadhaar Card/ Voter ID Card/ Driving Licence/ Utility Bill (Electricity, Water, Gas or Internet)/ Lease or Rent Agreement/ Letter issued by National Population Register containing Name & Address Details |
| Office/ Business Proof | Utility Bill/ GST Registration/ MSME Certificate/ MSME or SSI Registration Certificate/ Registered Lease Agreement(For Self Employed Individuals) |
| Proof of Age | PAN Card/ Passport/ Driving Licence/ Birth Certificate. |
| Occupation Proof | For Salaried: Three months salary slip with Joining Date mentioned/ Job Appointment Letter/ ITR/ Form 16/ Experience Certificate/ Relieving Certificate. For Self-Employed: Shop & Establishment Registration Certificate/ MSME Registration Certificate/ GST Certificate |
| Verification of Signature | Pan Card/ Passport Copy/ Banker’s Verification |
| Proof of Income | Latest Three Months Salary Slips/ 6 Months Bank Statement/ Form 16/ Previous 2 Years ITR/ Audited Balance Sheet/ P&L Statement |
| Statement of Account | Loan Statement in case the Car is already financed |
Loan Against Car Process
At Loan Help India, we ensure that your Loan Against Car experience is smooth, transparent. We provide quick access to funds, competitive interest rates, and complete transparency in the loan process. The complete process for Loan Againsr Car is as follows:
- Share your requirement: Talk to our Loan Against Car representative, shaare your details and know your eligibility.
- Submit Documents: Arrange the documents required for loan application and Submit to our representative.
- Apply for Loan: Our executive will fillout the loan application form of the bank most suited to your profile on your behalf.
- Bank Verification: The lender bank will verify the documents submitted and further information will be collected by bank.
- Car Valuation: The valuation of Car will be done by Bank appointed company based on which loan amount will be decided.
- Loan Approval & Disbursal: Once approved, your loan will be disbursed directly into your bank account, allowing you to use the funds immediately.
Frequently Asked Questions
What is Loan Against Car?
Loan Against Car is an easy finance option where one pledges his/her car as collateral for loan and continues using the car as before.
Can I get Loan Against Car?
Yes, If you are the authorized owner of the car, you can get Loan against car.
How does a Loan Against Car work?
When a person takes a loan against a car, the car’s Registration Certificate(RC) is reissued with Hypothecation(HP) in the name of the lending bank. Once the loan term is over you can get NOC from the lending bank and remove the hypohthecation from the RC.
Can i get a Loan Against already financed Car?
Yes, one can get up to 250% of the car value of an already financed car. The loan amount here depends on the repayment track record, the value of the loan pending, and car details like model and year of manufacturing.
Are there any charges if i apply for Car Refinance through Loan Help India?
No, we don’t charge any fees from customers seekiing car loan. We are registered DSA and get payout from banks.
How much loan can be approved for my Car?
One can get upto 250% loan on already financed car and upto 90% loan on free cars.
How do I apply for a loan through your platform?
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