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.
Answers: 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.
Answer: Kotak Mahindra Bank offers top-up of up to 25 times of the EMI on your existing car loan.
Answer: 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.
Answer: 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.
Answer: 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 Netbanking account or an HDFC Bank ATM, you will receive the funds instantly in your HDFC Bank account.
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