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Get Loan Against Car in Simple Steps
Delhi is the capital city of India and is regarded as the heart of the nation. The city is popular for its rich culture and heritage. With Rupyy, you can get a loan against your car in Delhi of up to Rs.25 lakh.
Loan Against Car
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.
Benefits of Loan against Car
- 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.
We have simplified banking for you by ensuring transparency in dealings. Our team will lead you through the whole process, including sourcing and documentation.
Loan Against Car Eligibility
You are eligible to avail a car loan if you meet the below criteria
- Those who earn a minimum of ₹2,50,000 per year.
- Individuals who have been in business for minimum 2 years.
- 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 car.
Secured Loan Against Car:
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. Here's a comprehensive overview of key information about loans against cars:
Yes you can get loan against your car from all leading financers
Yes you get loan against car even it is already financed, your previous loan will be closed
Yes you can get car loan without income proof
Yes you can get top up on your running car loan from the same bank or even other banks too
The rate of interest against your car is aproximately 13.75% if your credit score is perfect
It's starts from 9.00% reducing depending upon your credit history
It's starts from 9.00% reducing depending upon your credit history
Individuals minimum 21 years of age at the time of applying the loan, and not older than 60 years at the end of the loan tenure. Also have a total job stability for at least 2 years.
You can get upto 100% loan depending upon your credit history
Used car loan can be done maximum for 60 months subject of age of the car
