How can I get a loan against car?

Did you know you can use your car to raise funds quickly with a loan against car?

What is a loan against car? 

A loan against car is a means to get a top-up loan on your existing car loan.  It is an excellent option if you need funds quickly for any other financial requirement. 

Am I eligible for a loan against car?

You are eligible only if you have already taken a car loan and paid EMIs on that loan consistently. 

If you’ve taken a car loan from HDFC Bank, you can apply for a loan against car provided you have a clear payment record for at least nine months. You can also apply for this top up loan, if you have a bank account with HDFC Bank and taken a car loan from another bank. 

How much loan can I get? 

The amount of loan against car depends on your repayment track record, the value of your existing car loan, and other factors like the model and age of the car. 

You can get a loan against car of up to 150 percent of the original loan value of the car.

What are the benefits of a loan against car? 

A top-up loan against car is usually easier to get, especially if you have a good track record with your bank. It is also a way to get funds faster. 

How do I apply for a loan against car? 

Contact your bank to inquire and check your eligibility. You can check your eligibility for HDFC Bank here.

The bank may or may not require a valuation or inspection of the car against which you are taking the loan. 

What documents do I need for a loan against car? 

You will need to submit proof of income, identity, age and address. 

If you are a salaried person, provide your recent salary slips and tax returns as proof of income. 

If you are self-employed, submit the latest income tax returns or tax assessment order. 

For more details about the document requirements, you can check here

HDFC Bank offers a completely paperless and instant top-up loan against car on a fixed reducing rate of interest to existing car loan customers. You can apply for the loan via NetBanking or by visiting the nearest branch or through an ATM.

Looking to apply for a loan against car? Click here to apply now!

* Terms & conditions apply. Loan disbursal at sole discretion of HDFC Bank Ltd