How much money can I get if I opt for a loan against my car?
The amount of money you can get will depend on your financial history, your car, its make and model along with its age. Banks usually do not offer a loan against cars older than 6-7 years although the final decision lies with your respective bank. As far as the quantum of money goes, if you are a good customer with your bank having a good financial track record and a good credit score, banks will offer you anywhere between 70 to 85% of the current price of your car as determined by the bank.
The amount of loan that you are eligible for will be decided by the lender based on many factors. These will include your income, existing loans, Credit Score, Credit history, value of the car and make/model of the car. Most banks provide a maximum loan amount of up to 100% of the ex-showroom price. For used cars, the maximum loan amount will be based on the value of the car. Click here to check your eligibility for a Car Loan - https://www.bankbazaar.com/car-loan.html.