Q: What's the difference between Loan Against Car and Personal Loans?

Loan Against Car Quick approval process. Lower interest rates & processing fees due to collateral. Access to funds without selling the car. Expand Your Borrowing Power with Higher Loan Limits Freedom to Use Funds as You Need Personal Loan Fast approval process No collateral required Competitive interest rates Online application options Access to funds for emergencies

Q: What is the process involved around these loan offerings?

Step 1: Application Fill out the application form digitally or request a callback from our team to move forward with the application. Step 2: Document Submission (Relevant for loan against car) Submit a minimal documentation list based on your employment type (Salaried vs. Self-employed). Step 3: Verification Our team will verify your KYC documents, income, and other relevant information. For personal loans, these verifications are digital and system-enabled Step 4: Approval Upon successful verification with no discrepancies, receive instant approval for your loan on your car. Step 5: Disbursal Once approved, we will sanction your loan and disburse the amount directly to your bank account.

Question 1

What is a Loan Against Car?

Accepted Answer

A loan against your car or car refinancing is an option that helps you take care of urgent financing requirements by simply using  your car as collateral. This can help you access funds to cover immediate  financial needs like wedding costs, education fees, medical expenses, or unexpected emergencies.

Question 2

What is typical ROI offered in these offerings?

Accepted Answer

Interest rates in loan against cars begin as low as 13%. ROI fluctuations are smaller due to secured lending involved in this offering
For personal loans, the rates begin from 10% subject to credit evaluation and income worthiness

Question 3

How much is the loan amount offered?

Accepted Answer

For loan against car, the ticket sizes range from INR 1,00,000-50,00,000
For personal loans, the ticket sizes are usually smaller and range from INR 50,000-25,00,000

Question 4

What are the loan repayment tenures around it?

Accepted Answer

Up to 72 months for Loan Against Car and Personal Loan

Question 5

Does loan against car require car valuation and verification?

Accepted Answer

A valuation and verification shall be performed on the car you choose to use as collateral

Question 6

Who are the lending partners with whom I shall be interacting in this process?

Accepted Answer

For loan against car, our current lending partners are Bajaj Finserv, HeroFin FinCorp, IDFC First Bank, AU Small Finance bank, Poonawalla Finance limited, TVS Credit, Piramal Finance, HDB Financial services.
For personal loan, we have tied up with Aditya Birla Finance, Tata Capital, SMFG, Bajaj

Question 7

What will happen to my existing car loan in case I choose a loan against a car?

Accepted Answer

If you have a running loan, our lending partner will close your older loan and give you the remaining loan amount as a top-up 
CARS24 works with the banks to help you close the loans faster and get the NOC (No-Objection Certificate) from the banks. This will help you get the loan amount at the earliest.

Question 8

What's the difference between Loan Against Car and Personal Loans?

Accepted Answer

Loan Against Car

Quick approval process.
Lower interest rates & processing fees due to collateral.
Access to funds without selling the car.
Expand Your Borrowing Power with Higher Loan Limits
Freedom to Use Funds as You Need

Personal Loan

Fast approval process
No collateral required
Competitive interest rates
Online application options
Access to funds for emergencies

Question 9

What is the process involved around these loan offerings?

Accepted Answer

Step 1: Application
Fill out the application form digitally or request a callback from our team to move forward with the application.
Step 2: Document Submission (Relevant for loan against car)
Submit a minimal documentation list based on your employment type (Salaried vs. Self-employed).
Step 3: Verification
Our team will verify your KYC documents, income, and other relevant information.
For personal loans, these verifications are digital and system-enabled
Step 4: Approval
Upon successful verification with no discrepancies, receive instant approval for your loan on your car.
Step 5: Disbursal
Once approved, we will sanction your loan and disburse the amount directly to your bank account.

Question 10

How much time does it take for the loan amount to get disbursed?

Accepted Answer

It usually takes 24-48 hours to get a loan against your car disbursed, basis your documentation completeness
 However, for personal loans, the processing time can be as low as 30 mins.

Loans tailored for you approved in 5 minutes!

Why trust CARS24 for quick & easy loans?

Loan application steps

Types of loans we offer

Lending Partners

Frequently asked questions