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Loan Against Car

Get a Quick Loan Against Car Up To ₹ 25,00,000 with a hassle-free process, easy documentation, and faster approvals.

Apply Loan Now
- Already Applied?
- Track Application

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Features of Loan Against Car

We understand the importance of quick processing and approvals to get a loan against your used car in case of emergencies. So, here are the advantageous features of Piramal Finance's Loan Against Car.

Attractive Interest Rates
We present competitive interest rates that would not burden you in your repayments. Be rest assured to make repayment with minimum interest rates.
Minimal Documentation
Apply for your loan with easy steps and hassle-free documentation. You will be eligible for a loan with just basic KYC and income-proof documents. These documents are sufficient.
Dynamic Repayment Period
We ensure flexibility and convenience in your loan repayment. You can select a suitable tenure between 12 months and 60 months as per your financial status.
Speedy Loan Sanction
Your loan is sanctioned quickly once the documents are verified. The loan amount is disbursed at the earliest.
Complete Digital Process
Apply and get your loan against a car sanctioned with a complete digital process. No complicated paperwork and time-consuming procedures.

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Key Aspects To Consider For Taking a Loan Against Car

Before applying for a loan against a car, you must be prepared beforehand. There are several important points to understand before a loan application.

Credit Score:
The primary aspect to consider is the credit score. A good credit score results in minimum interest rates and faster loan disbursement.
LTV Ratio:
Check the Loan To Value (LTV) ratio before applying for a loan. It is the percentage of the total value of a car that can be borrowed. The remaining amount has to be paid as a down payment.
Loan Eligibility:
Know your eligibility as a borrower considering your age, annual net income, credit score, availability of required documents, etc.
Loan Period:
Loan Period is the duration the borrower will have to repay the loan. Minimum tenure results in low interest rates and maximum loan tenure results in savings on EMIs.
Processing Fees:
A processing fee has to be paid with every EMI, exclusive of interest rates. So, you must consider these charges as well before opting for a loan.
Interest Rates:
Interest rate is the cost you will have to pay for the loan. Higher the interest rate, costlier the loan repayment. Hence, it is vital to know the interest rate before applying for a loan.

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Eligibility Criteria For Loan Against Car

Row 1
- Requirements
- For Salaried Individuals
- For Non-Salaried Individuals
Row 2
- Age
- Annual Income
- Documents
Row 3
- 21 years to 60 years
- Minimum ₹ 2,50,000
- Employment Proof: 1 year of employment continuity
Row 4
- 25 years to 65 years
- Minimum ₹ 3,50,000
- Business Proof: Valid Registration and 2 years of business continuity

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Step-by-Step Process To Apply Loan Against Car

You can simply apply for Piramal Finance’s loan against car online with these easy steps.

Step 1:
Visit the official website of Piramal Finance - www.piramalfinance.com
Step 2:
From the loan products, open the other products option and select loan against car
Step 3:
Click on Apply Now
Step 4:
Register yourself with your contact number and do OTP verification
Step 5:
Then provide the required details
Step 6:
Once it is submitted, our loan expert will connect with you shortly
Step 7:
Our loan against car expert will guide you thoroughly in your loan application

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Eligibility Criteria

For Salaried For Self Employed Must be an Indian Resident Must be an Indian Resident Loan applicable only for personal usage Loan applicable only for personal usage Age Requirement: 21-65 years Age Requirement: 23-65 years Minimum Net Income: Rs 2,16,000 per annum for Salaried & Pensioner Minimum Net Income: ₹2,50,000 per annum Car should not have had more than two previous owners Car should not have had more than two previous owners Car should not be more than 12 yrs old at the end of loan tenure Car should not be more than 12 yrs old at the end of loan tenure Maximum Loan Amount: Rs 25,00,000 for income based and Rs 15,00,000 for non-income based Maximum Loan Amount: Rs 25,00,000 for income based and Rs 15,00,000 for non-income based

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Interest Charges and Processing Fees For Loan Against Car

Row 1
- Fees
- Details
Row 2
- Loan Against Car Interest Rate
- 15.5%* onwards
Row 3
- Processing Fees
- Up to 5% of the total loan amount + applicable taxes
Row 4
- Documentation Fees
- Up to ₹ 1,000 + applicable taxes
Row 5
- Pre-closure Fees
- 5% of the principal amount + applicable taxes
Row 6
- Part-payment Fees
- 5% of the principal amount + applicable taxes
Row 7
- Car Valuation & Inspection Charges
- ₹ 1,500 + applicable taxes

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Documents Required For: Loan Against Car

For Salaried & Self employed Passport Size Photograph KYC Proof Additional Address Proof, wherever required NACH Income & Banking Document (Salary Slip) RC Copy Insurance Copy Vehicle Valuation Report E-Agreement

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Advantages of Piramal Finance’s Loan Against Car

Digital Process

Get your loan against car online with Piramal Finance. Visit the official website and get end-to-end assistance in loan application. The documents are also submitted quickly in digital formats to avoid any hassle. You can track your application whenever you want or to check the progress.

Transparency

We believe in honest and transparent procedures. Every detail and charge provided are valid. There are no hidden or unethical fees involved. All charges and processing fees are kept up front.

Easy Access

We believe in a convenient process for our customers. You can get every detail on our website. You can check the status of the application for a loan online.

Support

Our experts are there to guide you at every step. We extend complete support to our customers right from the application till the loan repayment.

Quick Results

Get yourself quickly verified with simple registration and OTP generation. Once the submitted documents are considered valid, the loan amount is sanctioned quickly and disbursed at the earliest.

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Frequently asked questions

What is a loan against car?

It is basically an amount you borrowed against your car. It is an easy option to get an immediate loan against your asset for emergency funding.

What is an LTV ratio and why is it important in loan against car?

TLV is a percentage of the loan amount that you can borrow from the financial institution. The remaining amount needs to be paid as a down payment. Hence, you must consider this beforehand to get to know how much loan you will get on your car.

Can a non-salaried person apply for a loan against car?

Yes, a non-salaried or self-employed individual can apply for a loan against car. He/she must provide a registered business proof along with 2 years of continuity proof.

How does my credit score influence my eligibility for a loan against car?

Credit Score determines your financial stability, which is vital while applying for any kind of loan. A higher credit score leads to quick loan disbursement with lower interest rates.

What is the difference between a loan against a car and a used car loan?

A loan against a car is a type of secured loan where you use your existing car as collateral to borrow money. This can be used for various financial needs, not just purchasing a vehicle.

A used car loan, on the other hand, is specifically designed to finance the purchase of a pre-owned vehicle. The loan amount is based on the value of the used car being purchased.

What is the minimum repayment tenure for a loan against car?

The minimum repayment tenure for a loan against car is 12 months.

How can I apply for a loan against car online?

You can apply for a loan against car online by visiting the official website of Piramal Finance. Visit the loan against car page and register with your phone number. Our loan experts will get in touch with you and give you end-to-end guidance

Why should one consider the loan tenure before applying for a loan against car?

The loan tenure determines the interest rate and EMI on your loan amount. The shorter tenure leads to minimum interest rate and longer loan tenure leads to lower EMIs.

How much is the processing fee on loan against car?

The processing fee on la loan against car is 5% of the loan amount plus applicable taxes.

Can I pre-close my loan against car?

Yes, you can do a pre-closure of your loan against car. For this, you need to pay 5% of the principal amount plus applicable taxes.

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