Loan Against Automobiles
Loan against auto is available in the form of overdraft against car. The rate of interest is lower than interest in case of personal loan. The money can be utilized for personal as well as business needs.
The overdraft amount that can be sanctioned is upto 80% of the value of the car. All vehicles are valued by Bank empanelled valuers. To receive the overdraft amount, a Current Account with an overdraft limit is created in borrower's name. The interest is charged only on the amount withdrawn. Most of the banks give overdraft facility even if the car is hypothecated in another financier's name. Usually the overdraft facility is not given if the car is more than 9 years old.
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