New Delhi:
If you suddenly need money and don’t have any other option, you can take a loan on your car. Both banks and non-banking financial companies (NBFCs) offer loans against cars ranging from 50% to 150% of the current price of the vehicle.
You will have to pay 15% as interest while the processing fee is 1-3%.
Banks see track records
Most banks look at the applicant’s loan repayment track record of at least 9 months before approving a loan against the car. You will get the loan only if you repay all the EMIs of the existing loan (if any) on time.
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Required documents
Voter ID Card / Photo Ration Card / Passport
PAN card, Aadhaar card
Three-year income tax return
Three months salary slip
Salary account statement
RC of the car
Car insurance papers
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Eligibility for loan against car
Banks and NBFCs usually give loans for cars less than 10 years old.
The applicant must have a fixed source of income such as a job or business.
The age of the applicant should be minimum 21 years and maximum 65 years.
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