Car Refinance Loan

Unlock the Potential of Your Car with Loan Against Car. In times of unforeseen financial crises, securing funds quickly becomes essential. At Rupee Boss, we understand the urgency of such situations, and that's why we offer Loans Against Cars as a reliable and efficient solution. When unexpected expenses arise, tapping into your savings may not be ideal, and that's where our service comes in handy.

With our Loans Against Cars, you can access quick and convenient funds without having to sell or part ways with your vehicle. It's a hassle-free way to obtain the necessary financial support while still retaining ownership of your car. Whether you're facing medical emergencies, pending bills, or any other unexpected costs, Rupee Boss is here to assist you in overcoming these challenges with ease and flexibility. 

Car Refinance Loan EMI Calculator

Monthly EMI

Loan Amount

Loan Tenure


Interest Rate

Monthly EMI

Total Interest

Total Amount Payable

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Check your customised Loan Eligibility now.

Why choose Rupee Boss for your Car Refinance Loan needs?

Service benefits

Transparent Terms and Conditions: We believe in maintaining transparency in our services. Our process comes with clear terms and conditions, ensuring that you have a comprehensive understanding of the loan details.

Minimal Documentation: Rupee Boss keeps the documentation process hassle-free. We require minimal paperwork, ensuring a smooth and efficient loan approval process.

Expert Assistance: Our team of experts is available to assist you throughout the Loan Against Car process. They will guide you through the application, answering any questions you may have and ensuring a seamless borrowing experience.

Flexible Repayment Options: We understand that each borrower has unique financial needs. With Rupee Boss, you can choose from flexible repayment options that suit your capabilities and make loan repayment more manageable.

Key Features

Interest Rate: 8.65% onwards (may vary across lenders)

Loan Amount: 80% to 90% of car’s on-road price (some lenders may offer up to 100%)

Tenure: up to 7 years

Processing Fees:0.5% onwards of loan amount (may vary across lenders)

Car Refinance Eligibility Criteria

Car loan eligibility varies across lending institutions and loan schemes so a common set of housing loan eligibility criteria is given below

Age Limit

21 to 60 years (not more than 65 years at the time of loan maturity)

Minimum Income 

Salaried – Rs. 25,000 per month

Self Employed – Rs. 3 lac per annum

(may vary across lenders)

Minimum Work Experience

2 years, with a minimum of 1 year with your current employer.

Credit Score

Preferably 750 and above (varies across lenders)

Car Refinance Interest Rates

Rate of Interest
Tata Capital Starts from 12.99% p.a.
Punjab National Bank Starts from 9.80% p.a.
Axis Bank 13.55% p.a. – 15.80% p.a.
State Bank of India 11.30% p.a. – 14.80% p.a.
HDFC Bank 13.75% p.a. onwards (Rack Interest)

Documents Required

Documents required for availing Car Refinance

  1. Individual KYC (Photo, Pan Card, Aadhar Card)
  2. Current Residence Address Proof (Utility Bill)
  3. Car Quotation provided by the dealer

Salaried Individuals:

  1. Latest 3 months’ Salary Slip
  2. 6 month bank statement (Reflecting the salary credited)
  3. Company ID Card / Offer Letter / Visiting Card

Self Employed Individuals:

  1.   2 Yrs ITR
  2.    1 Yrs month bank statement
  3.   Business KYC (Udyam Certificate, Gumasta Certificate, GST Certificate)

Car Ownership Papers
Note: The above list is indicative and your lender might ask for additional documents


1. What's the waiting period for car loan refinancing?

After acquiring your car, it's typically advisable to wait around 60-90 days before considering refinancing. This waiting period allows for the proper transfer of the car title into your name, a prerequisite for refinancing. Additionally, when you have two or more years left on your car loan, refinancing can yield the greatest advantages. However, factors such as the remaining loan balance, car age, condition, and mileage should be carefully weighed.

2. Is there a limit to the number of times car loans can be refinanced?

There is no legal constraint on the frequency of car loan refinancing. If you've previously refinanced your car and locate a willing lender, you can indeed pursue refinancing again.

3. What's the purpose of refinancing car loans?

The primary aim of car loan refinancing is to reduce monthly EMI payments by securing a more favorable interest rate compared to your current loan. The ultimate goal of refinancing is to secure the most advantageous terms possible for your car loan.

4. If I've already refinanced my home loan, can I still proceed to refinance my car loan?

Certainly, having refinanced a home loan does not hinder your ability to refinance a car loan.

5. Can I approach my existing lender to refinance my car loan?

Your existing lender typically offers a top-up loan with additional stipulations. To refinance the loan, you would need to seek out a new lender.

6. Does my credit score impact the terms of my refinanced loan?

Indeed, a solid credit score significantly enhances the prospects of securing better interest rates and terms for your refinanced loan.

7. Will the refinanced loan feature a fixed or variable interest rate?

The type of interest rate, fixed or floating, offered for the refinanced loan depends on the lender. NBFCs (Non-Banking Financial Companies) usually provide both fixed and floating interest rate options.

8. Does the age of the car influence the feasibility of car loan refinancing?

Yes, the lender typically maintains a minimum set of criteria that the vehicle must meet. The car's age is one of the factors taken into consideration to determine the commercial viability of refinancing your car loan.

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