Frequently Asked Questions

Got queries about the top-up loan process? Find the answers to the frequently asked questions about loan against car here.

What will be the loan tenure?

Loan offers are available for upto 5 years. Exact tenure will depend on the current age of customer’s car. Maximum loan tenure is calculated as 120 months - Current age of the car in months.

Will I have to visit bank personally for loan closure?

No, we provide door-step assistance to you at every step. We will directly deposit the foreclosure cheque to respective bank on your behalf

How does the loan closure take place?

You will need to provide us foreclosure statement of your original loan. Basis that we will prepare a cheque for requisite amount in favour of your original loan account
We will deposit the cheque on your behalf to respective financier and initiate No Objection Certificate (NOC) issuance process.
NOC will be delivered at your registered address by the financier. We will collect it on your behalf, if needed in some cases.
We will take responsibility of getting Hypothecation Change on your RC on your behalf. Respective RTO charges will be communicated to you on case basis and will be deducted directly from your loan account.

Who will obtain the NOC from my existing financier?

NOC will be delivered at your registered address by the financier directly. We will collect it on your behalf, if needed in some cases.

How will the money be transferred to my account?

If loan is taken from the same financier, money will directly be credited to your account from respective bank post disbursement.
If loan is taken from a different financier, we will deposit a cheque on your behalf to the respective financier and release 90% of the remaining balance on receipt of your original RC. Once the NOC is received from the financier, our executive will collect NOC and release the remaining balance in your account.
If no loan was running on your car, we will collect your original RC and transfer money to your account.

Why do I need to give you my original RC?

Loan against car is a secured loan product against your car. It is mandatory to get financier’s hypothecation added on your RC. We facilitate this process on behalf of respective financier to provide you a hassle-free experience.

What is Hypothecation and why is it required?

Hypothecation (HP) is a term used wherein the borrower has to pledge their car to the lender while retaining the interest and the ownership of the vehicle. Hypothecation a car helps securing the loan. The car serves as collateral and gives the lender right to seize the vehicle if the terms of agreement with the lender are not met.

Can I do the RTO work myself?

No, original RC must be handed over to CarDekho executive for us to process any money to you against the loan.

What will be the RTO charges and who will bear them?

RTO charges vary from case to case and will be communicated to you by CarDekho executive after loan approval. Respective charges will be directly withheld from your disbursed loan amount by us.

How can I release the hypothecation of my car after I have repaid the loan?

After repaying the whole loan, you will be issued a No Objection Certificate (NOC) from the lender. You can take this document to the RTO for release of hypothecation of your vehicle.

What are the documents required for login?

To process your loan against car application with the selected financier, you would require to submit a copy of loan account statement, your KYC documents, a copy of your PAN card, the RC of your car and 6 months bank statement from which your existing EMI is paid.