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Automobile Loan

Automobile Loan is a type of secured loan. You can avail funds by keeping your car as collateral to the bank or NBFC. This type of secured loan is getting popular day by day. Banks and NBFCs are also willing to give this loan. By opting for loan against automobile, one can get smaller loan amounts for shorter tenure. Until your automobile is kept as collateral to the bank, you can still use your automobile. Banks give loan on the basis of car’s current condition, borrower’s financial history, credit score, ability to repay the loan and other debt obligations. The amount of loan is decided on the current on road value of the car. Banks give loan amount up to 60% to 70% of the car value for the tenure of maximum 60 months i.e. 5 years.