Why You Should Take A Car Refinance Loan?
Car refinancing is a type of secured mortgage loan offered by many leading banks and NBFCs in India. Car refinancing is also known as loan against car. One can mortgage his/her car to the bank or NBFC to take a loan against it. Banks and NBFCs have very specific eligibility criteria to approve a car refinance loan. There are many reasons as to why one should take a car refinance loan in India... Easily available: Car refinance loan is a fairly new type of loan in Indian market. But still many leading banks and NBFCs offer this type of loan. A car refinance loan is approved within 48 working hours* after submitting all the required documents. The disbursal of loan amount is also quick. Low interest rate: Car refinance loan is a type of secured loan. That means one has to mortgage his/her car to the bank or NBFC to get a loan against it. As you provide collateral to the bank, the interest rate is also very low. The interest rate for car refinance loan starts from 9.35%