Loan against car interest rate & charges
At LOANS24, we offer loans against your car with competitive rates, extended tenures, and fully transparent processing fees. Here’s a breakdown of our fees and charges:
| Types of fee | Applicable Charges |
|---|---|
| Interest rates | 11.49% p.a. onwards |
| Processing Fees | Upto 5% of loan amount |
| Pre-Closure Charges | Flat 5% of the outstanding loan amount |
| Loan cancellation charges | Upto Rs. 5000/- per instance In case of event of cancellation, interest charges will be borne by the customer. Processing fees, stamp duty, Documentation, Valuation and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. Loan cancellation is allowed within 15 days from the date of loan disbursal. |
| Penal Charges on default of repayment | Rs. 10 per day of the overdue loan amount i.e. EMI due but not paid (per instance) |
| Bounce | Rs. 1,000/- per instance |
| Late Payment charges | Rs. 250/- per instance |
| Statement of Account Charges | Rs. 500/- ( If requested again in the same month) |
| Bureau Report Charges | Rs. 100/- per instance |
| Non Objection Certificate upon Loan Closure | Rs. 1,000/- per instance |
| No Objection Certificate for conversion from Petrol to LPG/CNG & vice-versa thereof | Rs. 5,000/- per instance |
| Any Duplicate NOC | Rs. 1000/- per instance |
| RTO Charges | RTO charges shall be charged by the Lender's Business Partners only |
| Collection Visit Charges | Rs. 500/- per instance |
| Legal Notice Charge | Rs. 5000/- per instance |
| Arbitration Charges | Rs. 10000/- |
| Repossession Charges | Rs. 25000/- |
| Blacklisting charges | Rs 20,000 |
| Pre-Closure Letter Charges | Rs. 500 per instance |
| Car Valuation / Inspection Fees | Upto Rs. 1000/- |
| Documentation Fees & Stamp duty charges | Upto Rs. 5,000/- |
| Loan insurance charges | As per actuals |
| Motor insurance charges | As per actuals |
| Car Health Monitor (“CHM”) Charges | Upto Rs. 10,000/- |
| Financial Wellness report | Upto Rs. 15000/- |
| Annual Maintenance contract charges | As per actuals |
| Assured Buyback cover charges | As per actuals |
| Extended Warranty charges | As per actuals |
For any other charges and modifications in the charges list, kindly refer to the Lender’s webpage. The above is exclusive of all applicable taxes, statutory fees, government charges and any other charges as fixed by the regulators. The Lender or the Service Providers have the exclusive right to amend the charges from time to time with due disclosures to customers.
Loan Against Car interest rates
For a loan against your car, the interest rates can vary based on your vehicle's age, credit score, and loan tenure. We at LOANS24 offer competitive rates starting at just 10.49%* p.a., ensuring you get the best loan against car rates.
Why choose LOANS24 for loans against cars?
We understand that your car is more than just a vehicle—it's an asset that can help you secure the financial support you need. Here's why you get the best loan against car rates with LOANS24:
- Personal loan up to 200% of the car's value: We provide loans up to 200% of the value of your car, ensuring you have ample funds for your needs.
- Interest rates starting at 11.49%* p.a.: Get the best loan against car interest rates starting at 11.49%* p.a.
- Receive loan offers in minutes: With our quick approval process, you can get the loan amount in your bank account in just a few minutes.
- Longer tenure of up to 72 months: Enjoy the flexibility of a more extended repayment period of up to 6 years, enabling manageable EMIs.
- Keep your car during the loan period: Your car is in your possession, so you can continue using the car without any interruptions.
- Fully digital process for convenience: Apply, get approved, and manage your loan online.
- Available 24x7: Apply for a loan against your car anytime. Our services are available around the clock so you can apply at your convenience.
- Minimal paperwork required: We've streamlined our process to require the least amount of paperwork, making it hassle-free and quick.
Factors affecting Loan Against Car interest rates
Several factors affect your loan against car interest rates. These include:
- Car age and condition: Newer cars typically attract lower interest rates. The condition of your car is also crucial—well-maintained cars are seen as lower-risk assets.
- Credit score: Your credit score reflects your creditworthiness. A higher score (650 and above) usually means a lower loan against car interest rates.
- Loan tenure: Shorter loan tenures might come with lower interest rates, while longer tenures could have higher rates due to increased risk.
- Market conditions: Economic factors and market trends can influence interest rates, sometimes causing fluctuations.
- Lender's risk assessment: Lenders will assess various risks associated with the loan, including your financial stability and the car's resale value.
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