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Car Loan Top Up
Get an instant top up of up to ₹ 15 lakhs with an easy process on your existing car loan.
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Features Of Car Loan Top Up That Will Benefit You
Car Loan Top Up is an addition to your existing car loan. It is beneficial to get extra funds in a cost-effective manner. The entire process is convenient and speedy with immense flexibility. So, here are the special features of Piramal Finance's Car Loan Top Up.
- Complete Digital Process
The best aspect of Piramal Finance's car loan top up is its end-to-end digital process. You can simply apply for a top up on your existing car loan through our official website. - Competitive Interest Rates
Like your existing car loan, the interest rates imposed on your top up are competitive. The interest rates are kept at a minimum and there are no hidden charges. - Easy Process
The process to apply for a car loan top up is quick and seamless. As you are an already existing customer, the process will be short and swift with relatively minimal documentation. - Quick Approvals
Get a quick turnaround on your top up application. Once all the requirements are met and documents are verified, the specified top up will be sanctioned and quickly disbursed. - Less Documentation
Being an existing customer at Piramal Finance, you need to submit only a few documents to validate your financial stability and continuous income. - Flexibility
You have a liberty to choose your loan tenure and amount according to your requirements and financial capacity. We offer a range of customised loan options to meet your dynamic needs.
Eligibility Criteria
While applying for a car loan top up, you need to meet the specific eligibility requirements. These are mentioned below:
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Row 1
- Description
- Salaried Individuals
- Non-Salaried Individuals
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Row 2
- Age Limit
- 21 Years To 60 Years
- 23 Years To 65 Years
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Row 3
- Min. Annual Income
- Minimum ₹ 2,50,000 annually
- Minimum ₹ 3,00,000 annually
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Row 4
- Validation
- Employment proof with at least 1 year of continuity
- Registered business proof with at least 2 years of continuity
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Row 5
- Credit Score
- Minimum 750 and above
- Minimum 750 and above
With these simple eligibility criteria, you can conclude beforehand if you are eligible or not for the application of a car loan top up.
Step-by-Step Procedure To Apply For Car Loan Top Up
Step 1:
Visit the official website of Piramal Finance and apply for the car loan top up.
Step 2:
Fill in your basic information and loan details.
Step 3:
Submit validated documents of employment and car.
Step 4:
Once the documents are verified, our car loan expert will connect with you for further procedures.
Things To Keep In Mind Before Taking Car Loan Top Up
Consider the following points while planning for a car loan top up. Analysing these makes your car loan top up more reliable and assuring.
- Credit Score:
Maintaining a good score is always beneficial while applying for any kind of loan. A higher credit score ensures low interest rates and savings on EMI. It increases your chances for loan sanction. - Cleared Payments:
The most important aspect while opting for car loan top up is to maintain clear payment records. You must have a full payment record of 6 to 9 months to get the top up on an existing car loan. - Loan Amount:
Check the amount you will get against the actual value of the car. This will be helpful to estimate the top up amount on your existing car loan. - Interest Rate & Processing Charges:
Similar to a car loan, you should know the prescribed interest rate and processing fees on your top up amount. Knowing this beforehand helps you to plan your EMIs. - Loan Tenure:
Know if there is a flexible loan tenure for repayment. Customised repayment options prevent abrupt financial burdens while paying the EMIs.
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
Interest Rates and Processing Fees On Car Loan Top Up
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Row 1
- Description
- Amount / Charges
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Row 2
- Interest Rates
- 15.5%* p.a. onwards
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Row 3
- Processing Fees
- 5% of the loan amount plus applicable taxes
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Row 4
- Pre-closure Charges
- 5% of the principal amount plus applicable taxes
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Row 5
- Documentation Fees
- Up to ₹ 1,000 + applicable taxes
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
Frequently asked questions
What is a car loan top up?
Basically, a car loan top up is an additional funding taken on the existing car loan. It is generally utilised for personal commitments, business needs or home renovations.
What is the process of applying for a car loan top up?
At Piramal Finance, the car loan top up application process is quick and easy. You can apply with basic KYC, submission of loan documents and income proofs.
What is the minimum required income for a car loan top up application?
The minimum required income for a car loan top up application is ₹ 2.5 Lakhs annually for salaried individuals and ₹ 3 Lakhs annually for non-salaried individuals.
What is the applicable processing fee for car loan top up at Piramal Finance?
The applicable processing fee for car loan top up at Piramal Finance is 5% of the loan amount plus applicable taxes.
How much car loan top up can I get at Piramal Finance?
At Piramal Finance you can get a top up of up to ₹ 15,00,000.
Will my credit score impact the car loan top up sanction?
Having a healthy credit score is always beneficial. High credit will secure your car loan top up at lower interest rates.
What is the required credit score at Piramal Finance?
The required credit score at Piramal Finance is 750 and above to secure a car loan top up.
What is the maximum car loan tenure at Piramal Finance?
The maximum car loan tenure at Piramal Finance is 60 months. You can choose your suitable car loan top up tenure from the flexible options.
What is the age limit for applying for a car loan top up?
The age limit for applying car loan top up ranges from 21 years to 60 years for salaried individuals and 23 years to 65 years for non-salaried individuals.
Can a non-salaried individual apply for a car loan top up?
Yes, a non-salaried or self-employed individual can apply for a car loan top up. He should provide a registered business proof with 2 years of business continuity.