Car Loan Balance Transfer And Top Up
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About Car Loan Balance Transfer + Topup
Sometimes, one encounters a car loan lender who provides a much lower interest rate. In such cases, car loan applicants go for a car loan balance transfer wherein the overdue amount is transferred to the new lender from the old lender.
A car loan top-up is the availing of a loan on your existing car loan. These days, many people are opting for car loan top-ups.
Features of the car loan balance and top up
Wondering why you should opt for a car loan balance transfer or top-up for that matter? Well, consider these pros:
Such processes are usually hassle-free
To be honest, getting a car top-up is easier than availing an actual car loan. This is because balance transfers and top-ups are pretty hassle-free.
They can be availed at a lower interest rate
The most cherished benefit of a car loan balance transfer and car loan top-up is that they are extended at a lower interest rate. Hence, you can save a lot of money.
How to apply for a car loan balance and top up?
In order to apply for a car loan balance and top up, you can approach us online as well as offline with a set of documents. These include:
Documents required
- KYC
- Picture the size of a passport
- Statement of accounts
- Income tax returns or salary slips
Requirements
Employed
- The borrower must be 21 years old when applying for the loan and no younger than 60 at the end of the loan agreement.
- Individuals who have worked for a minimum of one year and earn at least Rs. 20,000 per month.
- There should be a minimum of 11 months of repayment history on the vehicle.
Self-employed individuals
- It includes self-employed sole proprietors with a minimum age of 25 to apply for the loan and no older than 60 at the end of the loan tenor.
- An individual’s ITR of a minimum of Rs. 250000 and two years of ITR are required.
- There should be a minimum of 11 months of repayment history on the vehicle.
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A refinance loan involves taking out a new loan at a lower interest rate or extending the repayment period to lower your monthly payments.