🔑 Key Features of Auto Loan Refinancing
| Feature | Details |
|---|---|
| Eligibility | Ongoing car loan (usually with at least 6–12 months of payments made) |
| Loan Amount | Based on the current value of the car and outstanding loan amount |
| New Interest Rate | Usually lower than your existing loan (but not always guaranteed) |
| New Tenure | 1 to 5 years (based on remaining value of car) |
| Vehicle Ownership | Still stays with you; car remains hypothecated to the new lender |
✅ Why Refinance an Auto Loan?
| Reason | Benefit |
|---|---|
| Lower interest rates available | Reduce total cost and monthly EMI |
| Improved credit score | Qualify for better loan terms |
| Struggling with high EMIs | Extend loan tenure to reduce monthly burden |
| Need to switch lenders | Get better customer service or lower charges |
| Cash flow needs | Some lenders offer cash-out refinance (extra money in hand) |
Apply Loan
📄 Documents Required
Existing loan statement or repayment history
KYC – Aadhaar, PAN
RC (Registration Certificate)
Vehicle insurance copy
Income proof – salary slips, ITR, or bank statements
NOC (No Objection Certificate) from the current lender (if needed)