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%*.

Best for credit score:
Having a strong credit score is very important to get any loan. If you have a minimum/low credit score, then you can build it by taking a car refinance loan. Pay your EMIs on time and finish your loan in the given tenure. This will easily build a strong credit score for you.

Flexible use of loan funds:
You can use the funds taken for car refinance loan to suit your needs. You can use to pay emergency medical bills, to finance a wedding or to consolidate your debts. One does not need to disclose the reason to the bank/NBFC to take a loan against your car.

Apply for a quick car refinance loan here!

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