Car Refinance
- Lower Your EMI, Reduce Interest & Improve Cash Flow with Smart Refinancing
- 100% Transparent Process with Dedicated Loan Advisors
- Serving Individuals Across India with Fast & Hassle-Free Auto Loan Solutions
- Trusted by Car Owners, Professionals & Business Owners Nationwide
- 👉 Apply Now & Refinance Your Car Loan at Better Rates
Contact Our Expert
overview
What is a Car Refinance Loan?
A car refinance loan allows you to replace your existing car loan with a new loan at better terms — typically lower interest rates, reduced EMI, or extended repayment tenure.
If your current loan has a high interest rate or your financial situation has improved, refinancing helps you save money and manage your monthly payments more efficiently.
For individuals in Chennai — from daily commuters in OMR to business owners in Anna Nagar — car refinancing is a smart way to optimize existing loan obligations without selling your vehicle.
💡 Did you know? Refinancing your car loan at a lower interest rate can significantly reduce your total interest outflow over the loan tenure.
Benefits
Car refinance loans offer flexibility and financial relief:
Lower EMI
Reduce your monthly installment burden with better interest rates or extended tenure.
Lower Interest Rate
Switch to lenders offering more competitive rates and save on total interest.
Improved Cash Flow
Free up monthly income for other financial needs or investments.
Flexible Tenure Options
Choose a repayment plan that suits your current financial situation.
Eligibility Criteria
Car Refinance Eligibility
To qualify for a car refinance loan, lenders consider:
- Age: 21 to 65 years
- Salaried or self-employed individuals
- Stable income source
- Credit score: 650+ preferred
- Existing car loan with good repayment track
- Vehicle age within acceptable limit (usually up to 8–10 years)
- Valid vehicle registration and insurance
- Must be a Resident Citizen of India
Documents Required
Document Checklist
Keep your documents ready for smooth processing:
- Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Driving License
- Address Proof
- Aadhaar Card
- Utility Bills
- Passport
- Voter ID
- Income Proof
- Salaried: Salary slips (3–6 months), bank statements
- Self-employed: ITR (2–3 years), financial statements
- Existing Loan Details
- Loan statement
- Foreclosure letter / NOC from current lender
- Vehicle Documents
- RC (Registration Certificate)
- Insurance copy
- Invoice (if required)
- Bank Statements
- Last 6 months
- Photographs
- Passport-size photos
- Audited Financial Statements
- Board's Report
- Annual Return (MGT-7/7A)
- Form AOC-4
- Form MGT-7
- Digital Signature Certificate
EMI Calculator for LAP
Loan Details
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Loan Summary
Principal
Interest
Monthly EMI: ₹ 0
Principal Amount: ₹ 0
Total Interest: ₹ 0
Total Payment: ₹ 0
Fees and Charges for LAP
Charges may vary depending on lender:
| Particulars | Charges |
|---|---|
| Processing Fees | 1% to 3% of Loan Amount |
| Foreclosure Charges (Old Loan) | As per existing lender |
| Documentation Charges | ₹1,000 – ₹5,000 |
| RC Transfer Charges | As per RTO |
| Penal Charges | Usually 2% per month |
*Additional charges may include verification fees and administrative costs.
Car Refinance Process
Step-by-Step Loan Assistance Process
Swasthik Capitals ensures a smooth refinancing process — from evaluation to disbursal.
1
Loan Assessment
We review your existing loan, interest rate, and financial profile to check refinancing benefits.
2
Document Collection
Our team assists in collecting all required personal, loan, and vehicle documents.
3
Lender Comparison
We identify lenders offering better interest rates and suitable repayment options.
4
Application Submission
We submit your refinance application with accurate details to ensure quick processing.
5
Approval & Loan Closure
The new lender approves the loan and settles your existing loan with the old lender.
6
New Loan Disbursal & Support
Your refinanced loan begins with improved terms. We continue to assist you throughout.
FAQ
Frequently Asked Questions
When interest rates drop or your credit score improves, refinancing can help reduce EMI and total cost.
It may be possible, but better terms are available for higher credit scores.
There may be a temporary impact, but timely repayments can improve your score.
Usually 3–7 working days, depending on documentation and lender approval.
Yes, refinancing allows you to restructure your tenure for better affordability.
