How loan against car works?

1. You should own a car, with or without an outstanding loan

2. Provide basic car and personal details

3. Our finance partner do a few simple checks

4.    Get money in your account and continue driving your car

Why should you buy a used car?

Buying a used car is affordable Opting for a pre-owned version of your desired car model would cost you much less than the brand new version of the same car model. So you save more money and also get an option to buy a bigger car in the same budget

Depreciation on used cars is lower The moment your new car leaves the showroom, its value starts depreciating, usually 20% per year summing up to approximately 50% in the early years itself. Selecting a pre-owned car helps you avoid value depreciation.

Avoid paying extra for road taxes By choosing a pre-owned car, you can avoid the government taxes and registration fees as the first owner would have already paid the money at the time of registration. So you get to drive a used car without having to pay big money.

Pay lower EMI every month when you purchase a pre-owned car, you pay a lower price for the car. This means, you apply for a smaller loan amount, thereby, paying lower EMI every month. It is always beneficial to consider a pre-owned car over a new one.

Eligibility for Vehicle Loan

You are eligible to avail a loan against your car if you meet the below criteria

Salaried Individuals

• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
• Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
• 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 their car

Self Employed Individuals

• Individuals who are a minimum of 25 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
• Individuals who have been in business for minimum 3 years
• Those who earn a minimum of ₹2,50,000 per year
• Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car

*Final eligibility is subject to your profile and credit score

Documents Require for Vehicle Loan

You need to submit the following documents for processing your application

Salaried Individuals

• KYC documents
• PAN Card
• Salary Slip(latest 3 months)
• Salary account statement(latest 6 months)
• Registration Certificate of the car
• Loan track (if there is an active loan on the car)

Self Employed Individuals

• KYC documents
• PAN Card
• Last 2 years ITR as proof of income
• Salary account statement(latest 6 months)
• Signature Verification Proof
• Registration Certificate of the car
• Loan track (if there is an active loan on the car)

*Final list of required documents is subject to the lender you apply in and your profile.