Key Highlights of Loan Against Car
- Competitive interest rates starting from 9% per annum
- Get up to 70% of car's current market value
- Continue using your car while repaying the loan
- Quick processing and same-day disbursement
- Flexible repayment tenure from 12 to 60 months
- No end-use restrictions for loan amount
- Minimal documentation with digital processing
Best Banks & NBFCs Offering Loan Against Car
| Bank/NBFC | Loan Amount | Interest Rate | Processing Fee | Max Tenure |
|---|---|---|---|---|
| HDFC Bank | ₹1L - ₹50L | 9% - 16% | Up to 2% + GST | 60 months |
| ICICI Bank | ₹50k - ₹40L | 9.5% - 17% | Up to 2.5% + GST | 60 months |
| Bajaj Finserv | ₹25k - ₹25L | 11% - 20% | Up to 4% + GST | 60 months |
| Tata Capital | ₹30k - ₹30L | 12% - 18% | Up to 3% + GST | 48 months |
| Mahindra Finance | ₹50k - ₹35L | 10% - 19% | Up to 3% + GST | 60 months |
Features & Benefits of Loan Against Car
Keep Using Car
Continue driving your car while the loan is activeQuick Valuation
Fast car valuation and instant loan amount calculationHigh Loan Value
Get up to 70% of current market value of your carFlexible Usage
Use loan amount for any personal or business purposeDigital Process
Complete online application and approval processInsurance Protected
Car insurance ensures protection during loan tenureTypes of Loan Against Car
Eligibility & Documents
Eligibility Criteria
| Age | 21 to 65 years |
| Income | ₹20,000 per month minimum |
| Employment | Salaried/Self-employed with stable income |
| Credit Score | 650 and above preferred |
| Documents | Car papers and income proof required |
How to Apply for Loan Against Car
1
Car inspection and market valuation
2
Submit application with required documents
3
Document verification and credit check
4
Loan approval and amount confirmation
5
Car hypothecation and agreement signing
1
Car inspection and market valuation
2
Submit application with required documents
3
Document verification and credit check
4
Loan approval and amount confirmation
5
Car hypothecation and agreement signing
EMI Calculator
₹50,000₹1,00,00,000
6 months360 months
8%30%
In Total:
₹5,64,882Principal: ₹5,00,000
Interest: ₹64,882
EMI: ₹23,537