Top-Up Loan on Your Existing Car Loan
If you have availed a car loan and require additional funds for purposes such as home renovation, wedding, medical emergencies, etc., you can take a top-up loan on your existing car loan.
The greatest benefit that this option offers is that it is processed quickly and requires minimal documentation as the lender will already have your details.
You can get a top-up loan on your existing car loan for up to 150% of its value if you maintain a clear payment record for at least 9 months. This requirement may vary from lender to lender.
Lenders Offering Top-Up Loan on Existing Car Loan
Top-up loans on existing car loans are offered by many lenders to help borrowers meet additional financial needs without new documentation. These loans come with competitive interest rates and quick disbursal, making them a convenient option for existing customers.
HDFC Bank Top-up Loan on Existing Car Loan - Features
- You can get a top-up loan on your existing car loan from HDFC Bank for up to 150% of its value.
- To be eligible for the top-up loan from HDFC Bank, you are required to maintain a clear payment record for at least 9 months.
- The amount of loan you can avail as a top-up loan will depend on various factors such as the value of your existing car loan, your repayment track record, age and model of the car, etc.
- HDFC Bank offers you a top-up loan on your existing car loan even if you have taken a car loan from another bank provided you hold a bank account with them.
- Existing customers of HDFC Bank can either login to their net banking accounts or visit an HDFC Bank ATM to avail the top-up loan on their existing car loans.
ICICI Bank Top-Up Loan Features for Existing Car Loan
- The top-up loan availed can be used to fund additional expenses such as home renovation, business development, wedding, etc.
- The processing of ICICI Bank top-up loan is quick and requires minimal documentation.
- Can be availed by customers who have availed a car loan from ICICI bank.
- Loans are offered at attractive interest rates.
- You can apply for a top-up loan online on its official website, by calling its customer support helpline number, or by visiting its nearest branch.
Axis Bank Top-Up Loan Features for Existing Car Loan
- Loans are offered at attractive interest rates.
- You can apply for a loan online.
- The minimum amount of loan that you can avail as a top-up loan on your existing Axis Bank car loan is Rs.1 lakh.
- Existing customers of Axis Bank can enjoy pre-approved offers on top-up loans without the need for any documentation.
- Cash loan facility is offered on Axis Bank top-up loans on existing car loan.
Kotak Mahindra Bank Top-Up Loan Features for Existing Car Loan
- Kotak Bank offers top-up loan to its car loan customers under 2 products - Kotak Prime Track Record (KPTR) and Replus.
- Under the Kotak Prime Track Record loan offering, only loyal customers of Kotak Mahindra Prime who have maintained a good repayment track can avail the top-up loan.
- The Replus is a 2 in 1 loan offer where customers can avail the benefits of both personal loan and refinance at the same time. It offers an easy pre-approved top-up loan on your existing car loan.
- To avail the top-up loan on your existing car loan, you will have to successfully run a car loan with Kotak Mahindra Bank for at least 12 months.
- You can close the KPTR loan along with your car loan if you wish to remove the hypothecation from your car by obtaining a No Objection Certificate (NOC).
FAQs on Top-Up Loan on Existing Car Loan
- I wish to avail a top-up loan on my Kotak Mahindra Bank car loan. What are my choices in terms of repayment tenures?
You can avail a top-up loan from Kotak Mahindra Bank and choose from to repay it in 12 months, 24 months, and 36 months.
- What is the maximum amount of top-up loan that I can avail from Kotak Mahindra Bank?
Kotak Mahindra Bank offers top-up of up to 25 times of the EMI on your existing car loan.
- I have availed a car loan from HDFC Bank. Will the bank inspect my car if I apply for a top-up loan on my existing car loan?
When you apply for a top-up loan on your existing car loan, the bank may not necessarily inspect your car. It will lie at the discretion of the bank.
- How do I know if I am eligible for a top-up loan on my existing HDFC Bank car loan?
If you availed a car loan from HDFC Bank and have been paying your equated monthly instalments (EMIs) regularly, you are eligible for a top-up loan on your existing car loan. As stated earlier, you can also avail the top-up loan even if you have taken a car loan from a different lender but it is recommended that you approach the bank directly to check your eligibility.
- Do I have to submit any physical documents if I wish to avail a top-up loan on my existing HDFC Bank car loan?
No, since you are already an existing HDFC car loan customer, you will not be required to submit any documents. Once you apply for a top-up loan through your net banking account or an HDFC Bank ATM, you will receive the funds instantly in your HDFC Bank account.
- Can I apply for a top-up loan if I have recently taken a car loan, or is there a waiting period?
Lenders may have different waiting periods. While some require a minimum tenure of 9 months, others might stipulate a longer duration. It's essential to confirm this requirement with your specific bank.
- Are top-up loans available for commercial vehicles financed through a car loan?
Top-up loans are usually designed for personal use, and eligibility criteria might exclude commercial vehicles. It's advisable to check with your lender to understand their specific terms.
- Is there a limit on how I can utilize the funds obtained through a top-up car loan?
While the primary purpose is often stated (like home renovation, medical emergencies, etc.), the usage of funds may not be strictly monitored. However, it's recommended to use the funds for legitimate purposes.
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