Loan Against Car In Faridabad
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Loan Against Car In Faridabad
A loan against a car, also known as a car title loan or auto equity loan, is a type of secured loan where the borrower uses their vehicle as collateral to obtain a loan.
Loan Against Car in Faridabad:Loan Amount and Terms:
Once the valuation is done, the lender will offer a loan amount based on a percentage of the car's value. Review the terms and conditions, including the interest rate, repayment period, and any associated fees.
Loan Against Car In Faridabad: Documentation:
Gather the necessary documents, which typically include:
- Registration certificate (RC) of the car.
- Insurance papers.
- Identity proof (Aadhar card, passport, etc.).
- Address proof.
- Income proof (salary slips, income tax returns, etc.).
- Passport-sized photographs.
Simplified Processes of Loan Against Car In Faridabad
We have simplified banking for you by ensuring transparency in dealings. Our team will lead you through the whole process, including sourcing and documentation.
Benefits of Loan Against Car In Faridabad
- 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 you existing car loan.
- 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.
- 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.
- 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.
Loan Against Car In Faridabad:Check Eligibility:
Review the eligibility criteria set by lenders. Typically, they consider factors such as the age and condition of your car, your income, and credit history.
