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Car Refinancing
Do you need immediate access to funds but want to avoid the hassle of selling your car? Shriram Finance Car Refinancing allows you to leverage the value of your car and gain access to funds, provided there are no current loan on the vehicle. This convenient option provides cash for unexpected expenses, home renovations, debt consolidation, or any other pressing needs.
It's important to note that refinancing requires you to pay off any existing loan on the car before a new loan is issued.
We offer competitive interest rates and flexible repayment plans, making it a responsible way to access funds and keep your car. Get a free quote today and see how this smart financial tool can empower you.
Car Refinancing Features & Benefits
Here are the features and benefits of loan against car:
Competitive Interest Rates
Avail interest rates as low as 10%* p.a., making it a cost-effective way to access funds.
Flexible Repayments
Choose the tenure that fits your budget and financial needs.
Get Up to 85%* Financing on Car’s Value
Get loan of up to 85%* of your car’s value, making it a cost-effective way to access funds.
Minimal Paperwork
Our car financing process comes with minimal paperwork, making it a hassle-free experience.
Quick Application Process
Experience quick and convenient online application process, making it easier to access funds faster.
Faster Approvals & Disbursals
Get the money you need quickly. Our approvals and disbursals are quick and convenient.
Car Refinancing Calculator
Use our simple online loan against car calculator to calculate your monthly payments.
Regular Reminders
Our automated reminders keep you informed and in control. Avoid late fees and build a strong credit score.
Car Refinancing EMI Calculator
Our simple and easy to use Car Refinancing EMI Calculator lets you determine your monthly payments quickly.
Loan Summary
Loan
How to Apply for Car Refinancing Online
You can apply for Shriram Finance Car Refinancing in just 4 simple steps:
Step 1
Visit our website and register using your registered mobile number.Step 2
Verify with OTP sent to your mobile number.Step 3
Provide your name, address and contact details.Step 4
Upon applying for car refinancing, our representative will get in touch with you to process the application.
Eligibility & Documents Required for Car Refinancing
Securing a loan against your car can be a convenient way to access funds. This section details the eligibility criteria you'll need to meet, and the documents required to submit a successful loan application.
Salaried Individuals
Applicants must be Indian residents, aged 21 to 59 years old at loan maturity, with minimum income based on the car's model and age, and repayment term.
Self-Employed
Indian residents aged 21-59 can apply, with minimum income determined by car’s model and age, and repayment tenure.
Documents Required
Application form, Registration Certificate (RC) of the vehicle and Know Your Customer (KYC) Documents.
Car Refinancing Interest Rates & Charges
Unexpected expenses can arise at any point in our lives. At Shriram Finance, we understand that your car can be a valuable asset. That's why we offer car refinancing with competitive interest rates and minimal charges. Unlock the value of your car and get the funds you need quickly and easily. Here are the interest rates and charges for a loan against car:
Interest Rate
Shriram Car Refinancing Interest Rate Starts from 10%* p.a.
Loan
Avail Loan Against Car from ₹1 lakh
See our interest rate policy for details on rates and fees : Interest Rate Policy
FAQs
What is Car Refinancing?
Car refinancing or loan against car is a type of loan that lets you pledge your vehicle to avail a loan.
Can I continue to use my car when availing a loan against car?
Yes, you can continue to use to your car. However, the lender will have a lien on your car’s title until to you pay off the loan.
Can I avail Car Refinancing with an existing loan on the vehicle?
There must be no existing loan on the vehicle when applying for refinancing. Any existing loan on the vehicle must be fully paid off before applying for refinancing.
Are there any drawbacks or risks associated with Car Refinancing?
Loan amounts are typically limited by the car's value. Refinancing usually involves higher interest rates compared to other types of loans.
What are the benefits of Car Refinancing with Shriram Finance?
We provide up to 85%* financing of your car’s value. Additionally, our seamless process with minimum documentation provides an extraordinary lending experience to our customers.
Are there any specific requirements or eligibility criteria for Car Refinancing?
To refinance your car, lenders typically look at your credit score, value and age of your car, income and employment stability, insurance coverage, residency and the loan amount you're seeking. Meeting all criteria improves your chances of approval for car refinancing.
Can I avail a loan against my car if I have bad credit?
Yes, but a better credit score can help you get lower interest rates. Your credit score affects whether you can refinance your car and how good the deal will be. A good CIBIL score increases your chances of availing car refinancing. You can check out your eligibility criteria, submit documentation and get quick approval.
What are the charges associated with Shriram Finance Car Refinancing?
Charges associated with a car refinancing from Shriram Finance include processing fees, prepayment charges, late payment charges and cheque bounce penalties (if applicable).
What is the average interest rate and charges for Car Refinancing?
The interest rate on car refinancing can vary based on factors like your credit history and the loan tenure. Shriram Finance offers refinancing with interest rates starting from 10%* p.a.
Financing your used car is easy and quick
