Some dreams are considered to be so sacred that they never come true. Owning a car which will enhance your reputation was one such dream until recent times due to the high price of any vehicle in India. But with easy EMI options and attractive interest rates, banks and NBFCs started offering car loans. These loans are specifically designed to buy a car or any other vehicle for that matter. By opting to take a car loan, now you can touch the golden dream of owning a car. Many banks and NBFCs also offer Used Car Loans. If you are interested in buying a previously used car or a second hand car, banks will help you in that aspect too.
Car refinance 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 car refinance, 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, CIBIL 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.
There are various reasons to opt for a car refinance loan in India. We have listed some of them below:
Car refinancing is a type of secured loan. You get lower interest rate when you opt for a secured loan. Here you have to put your car as collateral to the bank to get funds. The car’s original documents will be with the bank. They will be returned once you pay off the loan. But you can use the car until the loan is being paid. If by any chance you fail to pay off the loan, bank will confiscate your mortgaged car.
You can use funds from this loan to meet with any of your personal needs. Be it a medical emergency or a wedding or for debt consolidation; you can use it for anything. You don’t have to disclose the reasons behind taking this loan to the bank.
Banks offer loan amount up to 60% to 70% of the cars on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.
To determine whether you are eligible to get a car refinance loan 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 car refinance loan changes whether you’re a salaried applicant or a self-employed professional/ businessman. The process of getting a car refinance loan 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 refinance loan with Ruloans’ latest online application process. You can choose from a plethora of banks and NBFCs on our website for your car refinance loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a car refinance loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a car refinance loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your car refinance loan as per your budget.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
It is not mandatory to apply for a bank account before taking a 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.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org