Loan against Car
If you are in need of crucial cash requirement, then the best option is to put your car into use by availing a cash loan against it. Anyone who has a car can apply for a loan since no credit checks are essential. So cash loan against vehicles is an easy and faster way to acquire some cash.
How it works?
It is similar to getting loan against a property or any other assets. The loan lender will evaluate the car based on its whole sale value in the market and offer you an immediate loan based on his assessment. Also this loan is a short-term loan but with higher rate of interest. Failing to repay the debt within the stipulated time generally means you have sold your car to your lender. If you still owe any interest or principal over your car loan, then you may not be able to get a loan against it.
Features:
- The interest rates are lower than the personal loans by 2-3%.
- Maximum loan can be obtained based on the assessed value of the car.
- Both used vehicles and new vehicles can be used for getting a loan against your car.
- Approved in a very short time, HDFC banks approve loan against used cars in just 30 minutes.
Benefits:
- The EMI is substantially lower.
- Also the banks find it cheaper to source cash over your cars.
