Loan against Car is a type of secured loan. You can avail funds by keeping your car as collateral to the bank or NBFC. This type of secured loan is getting popular day by day. Banks and NBFCs are also willing to give this loan. By opting for loan against car, one can get smaller loan amounts for shorter tenure. Until your car is kept as collateral to the bank, you can still use your car. Banks give loan on the basis of car's current condition, borrower's financial history, credit score, ability to repay the loan and other debt obligations. The amount of loan is decided on the current on road value of the car. Banks give loan amount up to 60% to 70% of the car value for the tenure of maximum 60 months i.e. 5 years.
To determine whether you are eligible to get a loan against car or not, there are various criteria involved. Such as income, employment status, loan tenure etc. The criteria differ from bank to bank. Banks have divided eligibility criteria on applicant's professions but there are some general criteria too which applies to everyone.
Banks divide their applicants into two categories to determine the Eligibility Criteria :
The list of documents for availing a loan against car changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a loan against car can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria.
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for a car mortgage loan with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your car mortgage loan. We help you borrow right.
A. It is not mandatory to apply for a bank account before taking a car mortgage loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A: Yes, you can track your car mortgage Loan application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your car mortgage Loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org