Unlock Extra Fundswith Your Existing Car Loan
One easy application
Funding based on car loan
No asset security required
Get Up to 200% of Your Car's Value with Our Top-Up Loan!
Are you looking for extra funds for personal needs? A car top-up loan is an additional loan that you can take on top of your existing car loan. It allows you to borrow more money based on the equity you have built up in your car. This type of loan is often used for purposes such as car upgrades, repairs, or other personal financial needs. The terms and conditions, such as interest rates and repayment periods, will depend on your lender’s policies and your creditworthiness.
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Happy Customers
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Years of Experience
Benefits
Empowering Your Financial Freedom
Additional Borrowing
Unlock extra funds effortlessly with our Additional Borrowing option for existing car loan customers.
Flexible Usage
Use your funds for any personal need with our Flexible Usage loan option.
Quick Processing
Get fast approval and access to your funds with our Quick Processing service.
Competitive Interest Rates
Benefit from our attractive and Competitive Interest Rates for your loan needs.
Repayment Terms
Flexible repayment options may be available, often extending the tenure of the existing loan.
No Need for New Collateral
The existing car is usually used as collateral, eliminating the need for additional security.
Credit Score Impact
Timely repayments can positively affect your credit score, but missed payments can have the opposite effect.
Existing Loan Tenure
The top-up loan tenure is typically aligned with the existing car loan’s remaining period.
*These features can vary based on the lender’s policies and the borrower’s financial profile.
Our goals:
"Empower Financial Flexibility, Deliver Exceptional Service, Build Trust and Reliability "
Empowering Your Financial Freedom
Pros
- Lower Interest Rates: Since it's secured by the car, interest rates are typically lower.
- Quick Approval: Faster processing due to the existing relationship with the lender.
- Higher Loan Amounts: Based on the value of the car and equity built up.
Cons
- Secured by Car: The car serves as collateral, so defaulting can result in repossession.
- Limited Purpose: Primarily for those who already have a car loan.
- Tenure Limitations: Often linked to the existing loan tenure.
Who is eligible for car top up loan ?
- Existing Car Loan: You must have an active car loan with the lender.
- Repayment History: A good repayment track record on your existing car loan.
- Equity in the Car: The value of the car minus the outstanding loan amount should be sufficient to cover the top-up loan.
- Credit Score: A good credit score is often required, reflecting your creditworthines.
- Income Proof: Sufficient and stable income to demonstrate your ability to repay the loan.
- Employment Stability: Proof of stable employment or business income, typically for a specified period.
- Age: Usually, applicants need to be within a certain age range, often 21 to 65 years.
- KYC Documentation: Valid identity and address proof as per the lender’s KYC (Know Your Customer) requirements.
- Loan Tenure: The remaining tenure of the existing car loan may influence eligibility, with some lenders preferring a minimum remaining period.
Currently Repaying a Car Loan? Apply Now
Documents
– Passport
– Aadhaar card
– Voter ID card
– Driver’s license
– PAN card
– Utility bills (electricity, water, gas)
-Rental agreement
– Passport
– Aadhaar card
–Voter ID card
–driving licence
- Salaried Individuals
– Salary slips (usually last 3-6 months)
– Bank statements showing salary credits (last 3-6 months)
– Form 16 or Income Tax Returns (ITR)
2. Self-Employed Individuals
– Bank statements (last 6-12 months)
– Income Tax Returns (ITR) for the last 2-3 years
– Business financials (profit and loss statement, balance sheet)
- Current Car Loan Account Statement
– Detailing the outstanding loan amount and repayment history.
2. Car Registration Certificate (RC)
– Proof of car ownership.
- Application Form
– Duly filled with all required details.
- Photographs
– Recent passport-sized photographs.
- KYC Documents
– As required by the lender for compliance.
- Proof of Business Continuity
– For self-employed individuals, to establish stable income.
- Proof of Office Address
– For self-employed individuals, to verify the business location.
Lending partners
Frequently Asked Questions
To be eligible for a car top-up loan, you must have an active car loan with a good repayment history, sufficient equity in the car, a good credit score, stable income or employment, be within the age range of 21 to 65 years, and provide necessary KYC documentation.
The repayment periods for a car top-up loan are flexible, often ranging from 12 to 60 months, and may extend the tenure of your existing car loan.
To determine your eligibility for a car top-up loan, ensure you have an active car loan, maintain a good repayment history, have sufficient equity in the car, a good credit score, stable income, and provide necessary KYC documents. Check with your lender for specific requirements.
Typically, vehicles eligible for a car top-up loan must be privately owned, not older than a certain age, such as models from 2016 onwards, and should not be used as taxis or for commercial purposes.
While income documents are usually required to demonstrate your repayment capacity, some lenders may offer loans without income proof, particularly if you have a strong credit profile and a good repayment history with them. Check with your lender for specific requirements..
No, taxi or commercial vehicles are generally not eligible for a car top-up loan. The loan is typically available only for privately owned vehicles.
Address
Option Financial Services, Veeyes building Second floor, Mahakavi vylopilli road Palarivattom, Kochi - 682025
Contact
Mobile: 9388890767