Loan against car in Mysore
Located in the foothills of the Chamundi Hills, Mysore is the third most populous and largest city in the state of Karnataka. Being the major industry to tourism, the city attracts millions of tourists every year. The city also houses some of the major companies like Infosys, Wipro, ArisGlobal and Larsen & Toubro Infotech. With Rupyy, you can get a loan against your car in Mysore of up to Rs. 25 Lakh.
What is loan against car?
Loan against car or car refinancing is additional funding that can be obtained from banks and other financial institutions that allows you to borrow money over and above your existing car loan. In practice, loan against car is the process of paying off your current car loan with a new one from your existing or new lender. Low-interest rates and nominal processing charges make loan against car preferable compared to a personal loan. We give you plenty of options from major lenders in Mysore if you are looking for loan against car.
Reasons to apply for loan against car
Cash in hand received from a loan against car can be used for various personal and professional financial needs. A few reasons to get a loan against car are:
Pay off expensive debts
You can choose to avail a loan against your car to pay off other debts like credit card debts, personal loan, car loan and any other loan(s).
Business expansion
Funding received from bank through a loan against your car is a great option when it comes to expanding your existing Business or starting something new of your own.
Meet other financial needs
You can use the loan amount for family vacations, or to meet medical expenses, wedding expenses, educational expenses of your children, to fulfil working capital needs or other reasons
Benefits of loan against car
Higher loan amount
Typically, a loan against car can be availed to the extent of 200% of the current value of your car. The cash in hand is higher if you have paid more Equated Monthly Instalments (EMIs) of your existing car loan.
Minimal documentation
The documentation required to apply for a loan against car is minimal.For loan amounts under 10 lacs, most financiers don’t even ask for ITRs or Balance sheets.
Quicker processing
Loan against car application is faster to process in banks. This is mainly because of the presence of an existing loan. Physical verification of your residence/office generally gets waived off.
Lower interest rate
Interest rates for loan against car are much more attractive as compared to other kinds of unsecured loans, which makes it a cost-effective solution. Other alternatives for meeting your funding needs like personal loan or gold loan are provided at higher rates ranging from 16% to 24% per year.
Eligibility criteria for loan against car in Mysore
The following people are eligible to apply for a loan against car in Mysore
Salaried Individuals
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of ₹ 2,50,000 per year, including the income of the spouse.
- Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.
Self Employed Individuals
- Individuals who are a minimum of 25 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure.
- Individuals who have been in business for minimum 2 years.
- Those who earn a minimum of ₹2,50,000 per year.
- Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.
Documents required for loan against car in Mysore
To apply for a loan against your car, lenders need your documents to process your application based on your profile.
If you have an existing loan on car
- ID Proof
- Current Address Proof
- PAN Card
- Registration Certificate of the car
- Existing loan repayment track
- Last 6 months bank statement
If you do not have an active loan on car
- ID Proof
- Current Address Proof
- PAN Card
- Registration Certificate of the car
- Income Proof
- Last 6 months bank statement
Compare and apply auto loan online
- You should have your own car
- Cars with or without running loan can be funded
- At least 12 EMIs should have been paid
Locations for Loan Against Car
Rupyy currently provides Loan Against Car across 22 other cities in India.
Ahmedabad
Bangalore
Bhubaneswar
Chandigarh
Chennai
Coimbatore
Delhi NCR
Guwahati
Hyderabad
Indore
Jodhpur
Jaipur
Kochi
Ludhiana
Lucknow
Mumbai
Mysore
Nagpur
Pune
Surat
Vadodara
Visakhapatnam- +29More
