Car refinance refers to taking a fresh loan against a current car loan. An applicant can take a loan from different lenders at a lower interest rate with better terms and conditions.

Paisalello offers competitive interest rate, flexible repayment options, and a hassle-free application process. We also cater to both salaried and self-employed individuals.

You stand to get these benefits from car refinance:

• Based on a low rate of interest you can save thousands of rupees during the duration of your loan.
• You get the flexibility of shortening your loan term in order to be able to pay off faster.
• It is easier to manage multiple loans under one umbrella.
• You can potentially improve your credit score with consistent on-time payment

Eligibility criteria for car refinance is as follows:

• Must be a citizen of India.
• Should be minimum 21 years of age if salaried. For those who are self employed , the minimum age requirement is 25 years. Maximum age limit cannot exceed 60 years at the end of the loan term.
• Provide essential documents pertaining to your current vehicle.

The list of documents required to refinance a loan are as follows:

• Photo ID alongside address proof.
• Valid RC ( Car Registration Certificate)
• Income proof
• On going loan details

From Paisalello the interest rate would depend on your creditworthiness, loan amount and loan term. Further competitive rates would be offered as per your profile.

At Paisalello our core objective is total transparency. We disclose all charges upfront. These include the processing fees, stamp duty and prepayment penalties (if applicable).

After having submitted the required documentation with Paisalello, it would take up to 48 hours for approval.