Car Loan Topup

Get a top-up loan on your existing car loan if you need money quickly for something like a wedding, home renovation, medical issue, etc. Depending on the car's value, you can borrow a top-up loan on car loan. In order to top up your car loan, most lenders want you to maintain a good payment record for at least 9 months. Top-up loans on existing auto loans are quick and require minimal paperwork.

• 1. The ability to negotiate the loan amount

  Generally, top-up loans are only available to borrowers with existing car loans. Usually, a track record of just 6 months or more will make you eligible for a top-up loan. In most cases, top-up loans or additional loans are available for 70% of the existing automobile loan. Applicants who have been loan customers for a long time should receive higher credit guidelines. It is possible to negotiate for a better loan amount if your income has increased over time or if you have paid off a significant portion of the car loan, which may improve your overall top-up loan on car loan eligibility.

• 2. The process is fast and convenient

  If you are applying for a car loan, you must submit all the original documentation to the lender. By paying installments on time, you would have also established your creditworthiness. Consequently, while applying for a car loan top-up from the same lender, the steps of documentation and verification are eliminated. The lender would also not require any further security.

• 3. Low-interest rates

  An average top-up loan has an interest rate about 1.5 to 2% higher than an average car loan. Regardless, a top-up loan carries an interest rate of around 11%-12.5%, which makes it a cost-effective solution. Personal loans or loans against gold or shares are other options to meet your funding needs. Banks typically provide these loans at higher rates ranging from 14% to 24% a year. Education loans and land loans are available at lower interest rates, but the documentation requirements and the requirement for a guarantor complicate the process.

• 4. EMI is lower than a personal loan

  A top-up loan typically lasts between 15 and 20 years. Personal loans have a shorter repayment period ranging from 12 months to 5 years. In comparison to a personal loan, top loans have lower interest rates. A top-up loan will incur lower monthly loan installments than a personal loan because the term is longer and the interest rate is lower.

• You can apply for a top up loan on car loan if you're an Indian citizen in good standing with a regular income, whether you're employed, self-employed, or businessman.
• Applicants should be at least 18 years of age if self-employed, 21 years if salaried, and up to 65 years old if retired.

• The following are acceptable forms of identification: passport/voters' ID/driving license/PAN card
• A valid address proof is one of these: a passport, a voter ID card, a driving license, a phone bill, an electricity bill, a gas bill, a ration card, or an insurance policy.
• The following proof of income can be used: ITR, form 16, payslips, and statements for salary credit bank accounts.
• A recent passport-size photo.

• Bhumi Finance's car loan top-up helps customers with existing auto loans meet their immediate needs. We offer a Top-Up loan with a very competitive interest rate customized to your monthly obligations. It is our mission to help you get a top-up loan for car quickly, easily, and with minimal documentation.
• As one of the leading loan providers and financial institutions in India, Bhumi Finance provides a platform for unbiased analysis and comparison of any available deals in the market.
• Besides providing a one-stop shop for comparing the rates offered by different banks/NBFCs, Bhumi Finance allows you to evaluate deals based on the loan amount, interest rate, repayment period, eligibility criteria, etc.
• We offer doorstep document pick-up at customers' places, so used car buyers of India will gain additional value through our service.
• Get a competitive rate on Car Refinance with expert support.