100% Transparent Rates and Charges
A top-up loan with LOANS24 allows you to borrow additional money based on your existing car loan. Our top-up loan on an existing car loan is designed to be straightforward and transparent. We offer competitive interest rates with no hidden fees, so you know exactly what you're paying for. Here’s a breakdown of our fees and charges:
| Types of fee | Applicable Charges |
|---|---|
| Interest rates | 11.49%* p.a onwards (reducing) |
| Processing fees | 2.5% of the loan amount onwards |
| Car Health Monitor (CHM) charges | ₹4,300 onwards |
| Documentation fees and stamp duty charges | ₹2,500 onwards |
| Pre-closure charges | 1) Within 6 months- lock-in period (loan cannot be closed) 2) After 6 months- 5% of the outstanding loan amount + GST |
| Pre-closure letter charges | ₹500 per instance |
| Loan insurance charges | As per actuals |
| Motor insurance charges | As per actuals |
| Penal/Default interest | Up to ₹5,000 per instance |
| Deal cancellation charges | ₹5,000 (post-loan agreement is executed and pre-disbursal of the Loan) |
| Statement of Account charges | Free of cost once a month, any additional SOA request would invite charges of ₹500 per instance. |
| Loan rescheduling/rebooking charges | ₹1,000 per instance |
| Document/information default | ₹500 per instance |
| No Objection Certificate upon loan closure | ₹1,000 per instance |
| NOC for conversion to LPG/CNG | ₹5,000 per instance |
| Duplicate NOC | ₹1,000 per instance |
| Value-added services | As per actuals |
*These charges are all exclusive of GST. GST will be applied over and above these.
Top-Up Loan Interest Rates
A top-up loan allows you to borrow additional money based on your existing car loan.The top-up loan interest rate can vary based on credit score, loan tenure, and outstanding loan amount, amongst other factors. However, with LOANS24, you can get the top-up loan interest rate and leverage the existing loan on your vehicle.
Factors affecting top-up loan interest rates:
- Credit score
Your credit score is a significant factor impacting the top-up loan interest rate in India. A high credit score (650 and above) usually translates to a relatively lower interest rate. - Loan duration
The overall duration remaining on your existing car loan can impact the top-up loan interest rate charged; longer loan durations may limit the amount you can borrow. - Past repayment of current loan
The existing loan must be over 12 months old, with all EMIs paid timely. Having a positive and reliable record of the repayment of your existing loan can assist in getting a lower top-up loan interest rate. - Continuity in income
We will consider your financial health and stability while trying to assess your ability to repay the existing loan amount and the top-up loan. Staying employed continuously while also increasing your sources of income enhances your chances of getting a lower top-up loan interest rate. - Value of the vehicle
The existing value of the car will be taken into consideration when deciding the loan amount and interest rate. Newer cars tend to have more reliability and higher value, and will result in favourable top-up loan finance interest rates.
Need Help? Find Answers Here
What is the rate of interest for a top-up loan?
What is the maximum top-up loan?
Will the interest rate of the top-up loan be lower than the regular car loan?
Will the repayment tenure of the top-up loan be the same as the car loan or personal loan?
What does bounce charge mean?
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