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About Car Loan

Car Loan Refinance: The car refinance loan is essentially a secured loan like a home mortgage loan. However, the process is much simpler and much faster. The car refinance loans allow you to take a loan on your existing car, by pledging the car registration papers at the lenders.



There is a difference between the traditional car loan and a car refinance loan – The former is used to purchase of a car while the latter is used to solve your money requirement by pledging a car you already own.

It’s not widely advertised, but a few banks and non-banking finance companies (NBFCs) provide loans against used cars

Fulfil Your Every Need

Loan offers available upto 150% of the original loan value of the car, and don’t worry, a wide range of manufacturers and their models/variants are approved and considered. Valuation of the car isn’t mandatory.

Flexible Repayment Tenure

Decide whether you’d like your loan tenure to be just 12 months, or 84 months, with our pocket-friendly EMI repayment options.

Competitive Rates

Get an easy loan up to Rs 25 lakhs and up to 2% lower rates of interest as compared to personal loans available in the market.

Quick & Transparent Loan Disbursal

Quick, 30 minute approvals and hassle-free loan disbursals. Check your eligibility in just 60 seconds here.

Easy Repayment Options

Benefits from our low EMI repayment option



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FAQ

The amount of the loan depends upon:
  • The cost of the vehicle.
  • The type (standard/premium).
  • The percentage financing offered.
If you are buying a used car, you can get up to 150% financing but some banks have a limit beyond which they do not offer loans. Also different banks have different terms for different models standard/premium, new/old The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car.
Well if you have a good repayment record for an earlier transaction, YES! You are also most likely to get a lower lending rate and your process is sure to move faster. However, do check out some other offers from other banks as well, before taking a final decision. And this is where Rupyaapaisa.com can assist in getting you multiple quotes from various banks really fast.
No, you don’t need to give collateral. But you will have to hypothecate the car in the banks name and an endorsement made in the Registration Certificate (RC) book of the vehicle.
To banks, your credit profile is the most important factor they will consider before funding you. Your credit profile tells banks if one is able to and intends to pay back the loan.
The components of credit profile are age, profession/occupation, income/financials, previous credit history etc.
If your credit profile does not match the banks requirement you can reinforce it by bringing in a co-applicant/guarantor who would be able to match the requirement.
Yes, you need a guarantor. The guarantor could be your father, mother, son, daughter, husband, brother,sister, son’s wife etc. However for consideration of these relatives as guarantors for the loan, they should comply with the age and other such norms of the company.
A co-applicant has as much responsibility as the primary applicant and is equally liable to the banks from which the loan is taken. The guarantor however, promises to pay the bank in case the applicant(s) default on the payment. Both the co-applicant and the guarantor are liable for re-payment and the banks have the right to collect from either of them.
Not really. There are other charges like processing fees, advance EMI’s, other up-front payments (stamp charges), registration charges, insurance which need to be factored in before comparing the various deals.
Normally, all banks ask for a Post Dated Cheque (PDC) for the entire repayment period or at least for the first two years. Sometimes, the installment is directly taken from your salary if there is an agreement between the bank and your employer.
In an annual reducing basis, the outstanding principal gets adjusted once a year while in the monthly reducing balance; the principal gets adjusted on a monthly basis. Therefore, more of your principal gets repaid in monthly reducing basis than in annual basis. However, some banks, calculate EMI’s on a daily or a quarterly basis too.
The interest is usually calculated on a flat rate or on a reducing balance which can be either daily, monthly, quarterly or annually. You can use the online calculator from Rupyaapaisa.com to do the quick math’s on EMI.
A loan taken on floating rate of interest is a better option when the interest rates are falling, but when the interest rates are rising, opt for a fixed rate loan. Also if you go for a fixed rate loan, you will know in advance what your EMI’s will be like and this will help you in your financial budgeting. If you choose a floating rate, you may not be able to budget properly. So do the math and choose wisely.
Usually car loan tenure is available from 1 to 5 years. However some banks with schemes, offer loans tenure for 7 years. The tenure also depends on the type of car you wish to purchase. If it is a super-premium car the tenure is restricted to 3 years only. Also know that, higher the tenure, lower is the EMI. But the total interest outflow is higher.
Yes you can change the tenure and amount of the loan. But this would imply that the interest rate and the amount of installment will change accordingly.
NO. You cannot sell the car unless you repay the loan. An NOC is required from the banks before you can sell the car.

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Now apply for a Car Loan online, All you need to do is provide your details below application form.



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