Thursday, February 22, 2024

Loan Against Car How Can Your Car Help You Take A Loan

Loan Against Car Interest Rate: If you use a car, then you must read this news. Do you know that Loan Against Car can be taken. Your car can also arrange money in your bad times. If you suddenly need money for an emergency, and you do not have any arrangement, then your car can become your big support.

This is how you can take loan

You can also take a loan against the car from financial institutions like banks, non-banking. This type of loan comes under the category of a secured loan. Your car is capable of repaying the loan amount in case of default to the fund. The process of issuing loan against car has now become faster. The car is considered an ideal option for use during an emergency.

Loan is available on cars

News Reels

Before issuing a loan on a car, banks assess the value of the car according to its cost. Cars that have been lost or that do not have the necessary government approval are not taken into account for arriving at their value. The model of the car that is prohibited from driving. Despite that one can apply for loan against the car of that model, then such applications are rejected by the banks.

You will get this much loan

According to media reports, the loan amount against the car can be 50 to 150 percent of its value. The tenure of the loan against the car varies from 12 months to 84 months. In some cases, the loan tenure can also be extended. For processing the loan on core, you have to pay a charge of 1 to 3 percent. Like a personal loan, this loan can be spent to meet any target.

Apply like this

There are many banks and financial institutions that offer car loans today. These banks and institutions accept loan applications both online or offline. You will have to find for yourself such banks which are offering loan against car. You can visit the bank to inquire about the terms and conditions of the car loan. In case of taking a loan on a car, the owner of the car should visit the website of the bank and find out.

find car value

The lending banks and financial institutions do the value and verification of the car. In case of a pre-approved offer, the lending bank gets the basic valuation of the vehicle done before issuing the loan against the car. If you want, you can repay the loan on the car in the form of monthly installment (EMI) on time. If these loans are not repaid for any reason, then the bank or financial institution has the legal right to seize the car. In case of default on such a loan, only the car is used to repay the loan amount.

read this also- Senior Citizens FD Scheme: This bank is giving the highest interest on FD to senior citizens, know how much return they are getting

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