A loan against car is a means to get a top-up loan on your existing car loan or refinance if no 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.
Do you have a vehicle purchased through a Bank loan, the EMI’s for which you are paying consistently and timely?
You are then eligible to get an additional loan, called as a “Top-Up” on the existing vehicle. You can exercise this option if you are in an urgent need of funds to meet any other financial commitments/requirement.