Frequently Asked Questions
Loans
Your Guide to Cash on Car in India
Need funds for an emergency or an unplanned expense? A Cash on Car or Top Up on Car Loan facility lets you unlock the value of your existing car while continuing to use it. It can be a practical option when you need money for personal requirements.
Synopsis:
- A Top Up on Car Loan lets you unlock the value of your existing car without giving up its ownership or usage.
The loan amount, eligibility, and documentation requirements depend on factors such as your profile, the value of your vehicle, and the lender's policies.
Top Up Loans may be available to eligible existing borrowers, while EMI calculators can help estimate monthly repayments before borrowing.
Overview
A Cash on Car or Top Up on Car Loan can help you borrow against the value of your existing car while continuing to use it. It can be useful for planned expenses or unexpected financial needs, without giving up ownership of your vehicle.
What Is Cash On Car?
If you are wondering what is Top Up Loan on Car Loan, it is essentially a loan facility that helps you access funds using the value of your existing car, without having to sell it.
You can borrow up to 200% of your car's value. In many cases, there is no need for a separate vehicle valuation. This makes the process quicker and more convenient. You can also choose a repayment tenure up to 5 years, allowing you to pick an EMI that fits your budget and financial goals.
100% digital process
No documentation is required and you can get the money credited to your account instantly.
Funds for Different Financial Needs
A Top Up on Car Loan gives you the flexibility to arrange funds for different needs while continuing to use your car. It can come in handy when you are:
Planning a wedding: Take care of expenses such as venue bookings, shopping, catering and other arrangements.
Going on a holiday: Cover flights, accommodation and other travel expenses for a planned trip.
Handling an emergency: Access additional funds when an unexpected expense comes your way.
Renovating your home: Manage the cost of repairs, upgrades or a long-awaited home makeover.
Meeting other personal expenses: Use the funds for other financial needs that may come up.
Conclusion
A Top Up on Car Loan facility lets you unlock the value of your existing vehicle without parting with it, making it a practical way to arrange funds when you need them. With features such as competitive interest rates, flexible repayment tenures, and a simple application process, it can offer the financial flexibility you're looking for.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Car Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.
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Both salaried and self-employed individuals can apply if they meet the lender's eligibility criteria. Factors such as your age, income, employment or business profile, and repayment history are considered during the assessment.
No. The amount you can borrow depends on your eligibility and the lender's assessment. You can use a Top Up Loan on car EMI calculator to estimate your monthly EMIs based on the loan amount, interest rate, and repayment tenure.
It depends on your profile and the application process. While some applicants may need to submit updated KYC documents, eligible existing customers may be able to complete the process with minimal documentation.
If you're buying car on loan or cash in India, it's important to understand the tax implications of each option. A Top Up on Car Loan generally does not offer tax benefits when used for personal expenses. However, if the funds are used for business purposes, the interest paid may qualify as a business expense, subject to applicable tax laws. For advice based on your situation, consult a tax professional.
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