Though Mumbai is known as the city of dreams, it actually never sleeps. The transport systems in Mumbai keep the city awake 24*7! Be it rail, road, air or water, transportation is a crucial part in the development of this magnificent city. The financial capital of the country is also the home for many businesses and cultural activities. As per 2017, the city’s population has touched the number of 22 million*. As the population increases, so does their needs. Mumbai is a host to nearly one million cars and SUVs running on the road length of 2000km. The rate of vehicles on road of Mumbai is increasing nearly 4% to 5% every year.
Mumbaikars take personal loans or LAPs to fulfill their personal needs. But unfortunately very few people know that they can also get a loan against their car. This type of loan is also known as ‘Car Refinancing’.
Reasons to choose Car Refinancing in Mumbai:
- A Secured Loan in a Secured City:
Car refinancing is a type of secured loan. You can avail lower interest rate by choosing a secured loan like this. By taking a car refinance loan in Mumbai, you have to put your car as collateral to the bank or NBFC to get funds. Your car’s original documents will be given to the bank. They will be returned once you pay off the loan. But great news is you can run the car on Mumbai’s roads even until the loan is being paid off. If by any chance you fail to pay off the loan, bank will confiscate your mortgaged car. So while you drive through narrow lanes of suburban Mumbai or the humongous Sea link, you can keep your car as mortgage to meet your financial needs.
- A Loan For Various Needs:
Living in Mumbai is surely isn’t cheap. Whether it’s paying utility bills, getting married or any other personal reason, you can use funds from this loan to meet with any of your needs. You can use it for a medical emergency or for debt consolidation; you can use it for anything. You don’t have to disclose the reasons behind taking this loan to the bank or NBFC.
- Flexible Loan Terms:
People in Mumbai are experts in many things, including bargain! They manage to get good deals on any and everything by negotiating. Banks understand this threat of Mumbaikars and offer flexible loan terms. They offer loan amount up to 60% to 70% of the cars’ on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. It’s the best thing for a Mumbaikar who is acquainted to the fast pace of the city. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.
- Minimum Documentation:
Mumbaikars enjoy a life of speed and pace. They hate complications in any manner. That’s why banks and NBFCs ask for minimum documentation when it comes to car refinancing. You have to submit your KYC details, your car’s purchase history, car’s model details, RC book, insurance copy and your financial detail. Your financial details will include 6 months bank statements and salary slips or ITR (depending on your profession). And voila! It’s done!
So even if you are fascinated by the features of car refinancing, click here to check your eligibility now!
