How to transfer car loan?

Jan 6, 2023 1 min read
How to transfer car loan?

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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