When unexpected needs emerge, it may be difficult to secure finances quickly. However, in such instances, your own assets can be useful in obtaining the necessary finances. Rather than liquidating these assets, they can be used as collateral for obtaining a loan. One such asset that comes in handy to arrange funds, can be your car. If you have a car and require emergency funds, you can utilise your vehicle as collateral for a loan.
This financial tool allows you to take advantage of the value of your car to get financing for a variety of purposes. Let us explore some common expenses that you can manage with a loan against car.
Expenses you can manage using the funds you get with the loan against car
- Fund your home improvement projects
Owning a home comes with a constant stream of maintenance and improvement needs. From renovating a kitchen to adding an extra room, home improvement projects often require a substantial amount of money. This is where a loan against your car can be a valuable funding option. Rather than disrupting your savings or other financial plans, using your car as collateral enables you to obtain the necessary funds quickly.
With Bajaj Finserv Loan Against Car, you can get funds up to Rs. 77 lakh. This substantial loan amount helps you to transform your home easily.
- Financing higher education costs
Pursuing higher education, whether for yourself or your children, can come with a hefty price tag. Tuition fees, accommodation costs, and other related expenses can add up quickly, making it challenging for many families to afford quality education.
Our high-value loan against your car can be an ideal solution for financing all education-related expenses.
- Meeting medical procedure costs
Healthcare expenses can arise unexpectedly, and they often require immediate attention. Medical procedures, surgeries, or treatments can come with significant financial burdens, especially if they are not fully covered by insurance. During these times, having access to quick funds can make a world of difference.
You can use your car to secure funds for medical emergencies without dipping into your savings or resorting to high-interest credit options.
- Funds to meet wedding expense
Weddings are joyous celebrations, but they can also be expensive on the pocket. From venue bookings to catering, attire, and decor, the costs can quickly escalate. Using a loan against your car can help alleviate the financial strain associated with wedding expenses.
You can meet many other expenses by opting for a loan against car. Apply for a Bajaj Finserv Loan Against Car and receive funds within 48 hours* of loan approval.
Our loan against car comes in three variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. If you choose any of these Flexi variants, a loan limit is assigned, and you can withdraw funds from the limit as per the requirement.
If you opt for a Flexi Loan, you will only need to pay interest on the amount you borrow and not the entire limit. You can also part-prepay your Flexi Loan as many times as you want at no extra cost. If you choose Flexi Hybrid Loan, you get the additional benefits of paying interest-only EMIs for the initial part of the tenure.
Click on this link to learn more about our loan against cars.
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