Balance Transfer
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Features of Car Loan Balance Transfer
We understand your need for faster car loan balance transfer for a relatively lower interest rate and a better loan tenure. Here are the special features of Piramal Car Loan Balance, ensuring quick turnaround and convenience.
- Quick Sanction
Get your application for a car loan balance transfer processed quickly with easy procedures. We make sure to approve and disburse the loan amount faster after document verification. - Holistic Digital Process
Apply for a car loan balance transfer through an end-to-end process. You can check and submit your KYC details and required documents online. Once verified, our car loan expert will get in touch with you to further process the loan. - Flexible Repayment Tenure
Select your repayment tenure as per your preferences and financial capacity. Our flexible loan tenure options allow the borrower to choose the most suitable one. - Cost Savings
Car loan balance transfer at Piramal Finance is cost-effective. With lower interest rates and flexible repayment tenure, you can save on your EMIs.
Points To Be Considered While Opting for A Car Loan Balance Transfer
Taking note of the below mentioned points will ease your car loan balance transfer process. You must be first aware of the requirements and fees regarding the balance transfer before applying for it.
- Check Loan Agreement:
The foremost step is to check your existing loan agreement. Confirm whether you are allowed to transfer your car loan balance from the current lender to the new one. Only if it is mentioned in the agreement, then you can apply for a car loan balance transfer. - Suitable Lender
Before planning for a car loan balance transfer, find a suitable financial institution that allows the same. Check the details regarding its interest rates, processing fees, loan terms, and loan tenure. - Lender's Credibility
Once you find a suitable financial institution to transfer the car loan balance, check its credibility. There should not be any discrepancies in the terms and conditions of the new lender and no controversy against it. - Bank Charges
When you are transferring the car loan balance from the existing lender to the new one, the bank may levy certain fees. You must be aware of the required processing fees from the bank. - Credit Profile
You should have a good credit profile while applying for a car loan balance transfer. It will increase your chances of getting your transfer sanctioned easily.
Step-by-Step Process Of Apply A Car Loan Balance Transfer
Follow these easy steps to successfully apply for your car loan balance transfer at Piramal Finance. Keep your necessary documents ready beforehand for quick and smooth submission.
Step 1- Application
Visit the official website of Piramal Finance. Go to the car loan balance transfer page and click on Apply to proceed further.
Step 2 - Contact Verification
As the initial step, add your contact number and verify it with the shared OTP on the given number.
Step 3 - Personal Details
After OTP verification, submit your required details like date of birth, employment details, bank statements, salary slips, etc.
Step 4 - Car Details
Add the details of your car such as the model, date of purchase, current loan details, and more.
Step 5 - Submission Of Documents
After entering your car details, update and verify your KYC details. Also, make sure to submit every required document such as income proof, bank statements, and evidence of clear EMI payments for the last 6-9 months.
Step 6 - Submission
At the end, submit your application. Once your documents are assessed and verified, our car loan expert will contact you for an appointment.
Important Aspects And Necessary Charges For Car Loan Balance Transfer
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Row 1
- Feature
- Details
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Row 2
- Loan Amount
- Up to ₹ 5,00,000
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Row 3
- Loan Tenure
- 12 months to 60 months
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Row 4
- Interest Rate
- 15.5% p.a. onwards
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Row 5
- Processing Fees
- Up to 5% of the total loan amount + applicable taxes
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Row 6
- Documentation Fees
- Up to ₹ 1,000 + taxes
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Row 7
- Pre-closure Fees
- 5% of the principal amount + applicable taxes
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Row 8
- Minimum Annual Income
- ₹ 2,50,000 for salaried individuals and ₹ 3,00,000 for non-salaried individuals
Benefits of Used Car Loan Balance Transfer
- Quick Process:
Get your car loan balance transfer sanctioned with quick processing. We understand the need and urgency. Once your documents are verified, we will connect with you. - Easy Application:
The application process for car loan balance transfer is simple and digital. No hectic paperwork and complications. It also involves minimum documentation, which is to be submitted online. - Customised Tenure:
Transfer your car loan balance and choose your suitable repayment tenure. Our flexible options let you select a tenure as per your needs and preferences. - Transparency:
We have an end-to-end digital process for car loan balance transfer. You can visit our official website, check your eligibility and accordingly apply for the transfer online. All the applicable charges are duly mentioned with no hidden charges. - Competitive Rate of Interest:
The interest rates are flexible and competitive. You can save generously on your car loan balance transfer at Piramal Finance. The attractive interest rates help you save on EMIs. - 24/7 Customer Support:
Our car loan balance transfer experts are always at your service. We provide constant and transparent customer support service right from your application to your full repayment.