Terms And Conditions

Top-Up Loan Eligibility Requirements

  • A strong and healthy credit score
  • Successful home verification
  • Positive job or business verification (if applicable)
  • The vehicle must be in good condition
  • Intentionally overdue accounts in CIBIL are not accepted by any bank
  • A strong repayment history on your existing vehicle loan is mandatory
  • Up to 2 EMI bounces are allowed within the last 12 months
  • A credit score of 700 or above is required for a car top-up loan approval
  • You must have accomplished a minimum of 12 EMIs on your current loan

Important Note on EMI Bounce Policy

No EMI bounce is allowed in the last 3 months. If there is any bounce during this period, the case will be shifted to a Refinance Product with 100% car valuation instead of a Top-Up Loan.

  • A strong and healthy credit score
  • Successful home verification
  • Positive job or business verification (if applicable)
  • The vehicle must be in good condition
  • Intentionally overdue accounts in CIBIL are not accepted by any bank
  • A strong repayment history on your existing vehicle loan is mandatory
  • Up to 2 EMI bounces are allowed within the last 12 months
  • A credit score of 700 or above is required for a car top-up loan approval
  • You must have accomplished a minimum of 12 EMIs on your current loan

Top-Up Loan Funding Conditions

  • After 12 EMIs: Eligible for 140% of the car's valuation (subject to closure of the existing loan)
  • Between 18 to 23 EMIs: Eligible for 160% of the car's valuation (subject to closure of the existing loan)
  • After 24 EMIs: Eligible for 180% of the car's valuation (subject to closure of the existing loan)
  • Hypothecation is mandatory and must be updated within 30 days after loan disbursement.

Purchase Loan Eligibility Conditions

Subject to the following:

  1. The vehicle being purchased must be in good condition
  2. A good and healthy credit score
  3. Positive home verification
  4. Positive job or business verification (if applicable)
  5. Intentionally overdue accounts in CIBIL are not accepted by any bank
  6. Name transfer and hypothecation must be completed within 30 days after loan disbursement

Refinance (hypothecation-free vehicle) loan requires

  1. The vehicle must be registered in the name of the applicant applying for the loan
  2. A strong and healthy credit score
  3. Successful home verification
  4. Positive job or business verification (if applicable)
  5. The vehicle must be in good condition
  6. Intentionally overdue accounts in CIBIL are not accepted by any bank
  7. If there is any previous loan on the same vehicle, a valid NOC (No Objection Certificate) is required at the time of disbursement
  8. Hypothecation is mandatory and must be updated within 15 days after loan disbursement

Common Uses of Car Loan Funds

Your car loan amount can be utilised for various personal and financial needs, including:

  • Medical emergencies
  • Education expenses
  • Travel or vacations
  • Weddings or major family events
  • Home renovation projects
  • Debt consolidation (paying off high-interest loans)
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