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Car Refinance

Car refinance enables you to avail credit against your car. Car refinancing allows you to raise quick funds by pledging your car as collateral. Thus you can avail upto 200% loan amount of your car value.

Before you finalize your Car Refinance, check the following:

  • Prepayment Charges
  • Car Value Depreciation
  • Lender Reliability
  • Additional Charges

What are the documents required for Car Refinance

Documents required for Car Refinance depends upon the type of employment of an individual.

Documents required for different types of employment are as follows:

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement
  • Copy of Registered Lease Deed
  • Employee ID Card

Income Documents

  • Latest 3 months salary slip
  • 3 years form-16, 26AS, ITR with computation of Income
  • Annual CTC Letter
  • Copy of Appointment Letter

Bank Statements

  • One year up to date salary account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement
    showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of VAT/ Sales Tax, GST, Import-Export or any other registration Certificate
  • Latest Office Address proof i.e electrcity bill, rent agreemen etc.
  • Company Profile on the Letterhead of the firm

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet
    with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the saving and current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map
Individual Partners Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form-16 with 26AS if applicable

Bank Statements

  • One year up to date all the saving account statements

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers.
  • Copy of approved sanction plan or Map.
Partnership Firm Documents

KYC Documents

  • Pan Card
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Copy of Partnership Deed
  • Latest office address proof i.e. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the Company

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed
Individual Directors Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form-16 with 26AS if applicable

Bank Statements

  • One year up to date all the saving account statements

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers.
  • Copy of approved sanction plan or Map.
Private Limited or Limited Company Documents

KYC Documents

  • Pan Card
  • MOA & AOA
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Latest office address proof i.e. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the Company
  • List of director & shareholder with their shareholding pattern duly certified by CA.
  • Latest form-32

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Months up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

KYC Documents

  • Pan Card
  • Copy of Passport with VISA
  • Copy of Green Card
  • Complete CDS certificate in case of Merchant Navy
  • Copy of valid residence proof in abroad
  • Employee ID card or Labour card
  • Copy of latest work permit

Income Documents

  • Latest 3 months salary slip
  • Latest 3 years income tax acknowledgement form
  • Annual CTC letter
  • Copy of appointment letter
  • Credit report from credit agency

Bank Statements

  • One year Upto date NRI Salary account statement
  • One year Upto date NRO/NRE account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month upto date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Power of Attorney Holders Documents

  • Copy of PAN card & Aadhar card
  • Power of Attorney in favour of blood relatives or relatives in India

Property Documents

  • Copy of previous chain of Property papers
  • Copy of approved sanction plan or Map

What are the other key factors to be considered before choosing best Car Refinance?

Before taking Car Refinance it is advisable to consider following factors:

  • Loan Eligibility: Check your Car Refinance eligibility, that how much loan you can borrow from bank or NBFC based on your income eligibility and market value of the property. All the banks or NBFC have different product and policy to calculate the loan eligibility. Loan eligibility of a borrower also depends upon so many other factors like age, income, cibil score, work profile, financial stability, market value of the property, loan to value (LTV) ratio etc.
  • Rate Of Interest: Before taking Car Refinance, check rate of interest offered by different bank or NBFC as it has a major impact on your EMI. If rate of interest is high then EMI is also high, so choose the bank which provides lower rate of interest so that EMI will not put extra loads on your business.
  • Loan Processing Fees: Bank or NBFC charges loan processing fees to process your Car Refinance application. There are two types of charges one is loan processing fees and the other is loan administration charges.
    Loan processing fee charges by the bank or NBFC to process your loan application, valuation of the property, legal verification of the property, residence verification, office verification, due-diligence of income documents and bank statement etc. It could be a fixed percentage of your loan amount or a fixed amount.
    Loan administration charges are taken by bank or NBFC to maintain your loan account after disbursement. Some bank or NBFC took upfront fees however some of them charged after sanction of the loan amount. So check loan processing charges of bank or NBFC deeply before applying for the loan.
  • Part Payment Charges: When borrower want to make some payment towards principal amount of Car Refinance, bank or NBFC may charge part payment charges from the borrower. It is advisable to read the terms and condition of your loan sanction letter and loan agreement carefully and make sure that it is not very high compared to market.
    If you apply through Finance Advisor, our professional consultant will assist you in negotiating with the banks on rate of interest, loan processing fees, part payment charges, foreclosure charges etc. Sometimes we also offer exclusive loan scheme to our valued customers on behalf of the bank like nil processing fee or nil part payment or foreclosure charges.
  • Loan Foreclosure Charges: When borrower decided to close his Car Refinance before the completion of loan tenure or period. Bank or NBFC may levy 1% to 5% foreclosure charges on outstanding loan amount.
    If you apply through Finance Advisor, our professional consultant will assist you in negotiating with the banks and may get ZERO foreclosure charges for you.
  • Car Refinance Terms And Conditions: Bank or NBFC laid down several conditions related to balance transfer of Car Refinance to another lender, cheque bouncing charges, late payment charges, interest on late payment etc. It is advisable to read all the terms and conditions before choosing the best bank.

Why I should take Car Refinance from Finance Advisor and how do we help?

Today internet is the source of information and there is a lot of information available about the Car Refinance on internet and we have also tried to give you some information about Car Refinance but the most important question is that Why I should take Car Refinance from Finance Advisor and how do we help you in choosing best Car Refinance?

Almost all the banks or NBFC claims to offer you the best deal. Most of the people confused with the various offers and deal, so we are here to help you to choose the best Car Refinance.

About Finance Advisor

Finance Advisor is the one stop solution for all your financial needs. We are into this business for more than a decade. Finance Advisor will analyze different loan offers and suggest you best deal on Car Refinance with great customer services. Our expert provides best deal on wide range of products to the customer to take right decision.

Why Choose Finance Advisor?

Finance Advisor knows that you have numerous options when it comes to procuring loans. For example, you could turn to a bank or NBFC (Non Banking Financial Corporation). In addition, the Internet is home to numerous lenders who want to reel you in. However, there's no need to search any further. Here are the reasons Finance Advisor is the only resource you'll need.

Finance Advisor Invested in Your Safety

It's easy to stumble upon fraudulent websites during your search for a suitable loan. Under the guise of reliable lenders, hackers will use infectious malware programs to obtain your private information. You'll also have to keep your guard up for fake application pages. These pages will steal any personal sensitive information that you input.

There's no need to take risks with your personal financial records. Skip those unsecure sites and work with us. Finance Advisor features secure web pages that are free of malware infections. When you work with us, your information is safe.

Finance Advisor Offers Choices

When you use our services, you'll have access to a large network of lenders without even leaving home. Alternatively, you can save your valuable time and money traveling to a physical loan lender. The smart choice is obvious. Give your feet a rest; stay home and work with us. You find the lender that seems best for you.

Finance Advisor Works Fast

We understand that when you're applying for loan, you want the loan as soon as possible. For this reason, our request process is swift and hassle-free. If you have the required information handy, you can receive funds as soon as the next business day.

Don't get caught up in delays and complicated requirements of other service provider. Finance Advisor process is faster than working with any other service provider, so count on us for immediate emergency loan requirement.