The step-by-step procedure to avail the Loan Against Car facility is mentioned below:
The main advantages and features of the Loan Against Car facility are mentioned below:
The eligibility criteria that must be met vary for salaried employees and self-employed individuals. The eligibility for both categories are mentioned below:
The documents that must be submitted in order to avail the Loan Against Car facility are mentioned below:
Yes, the car that is being pledged will have to undergo verification or valuation.
At the time of loan completion, the car cannot be more than 10 years old. The car must also be used only for private purposes.
Under the Loan Against Car category, all Sedans and Hatchbacks apart from ones that have been discontinued will be financed. However, finance is not provided for commercial vehicles.
No, a guarantor or security need not be provided as the car acts as the security.
Any individual who owns a car can avail this facility.
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