Car loan transfer means the process of transferring the remaining balance of your existing car to new lender. The method of transferring is quite simple.
Benefits of loan transfer
- Better loan features
- Lower charges and fees associated with your loan
- Overall reduction in your car loan
- Affordable interest rates
- Better repayment terms
Documents required
- A detailed summary from your current lender including details about your existing loan with interest, outstanding principle, and the remaining tenure.
- Bank statements
- Proof of identity
- Photographs
- KYC documents
- Address proof
- Income proof: Income tax returns or salary slips for last 3 months
Eligibility criteria
- You should be 60 years of age or lesser at the end of your loan tenure
- Should have a minimum repayment record of at least 9 months for the vehicle that you have.
- You should be at least 21 years of age at the time of applying.
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