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If suddenly there is a need for money and you do not know any other way, then you can take a loan against your car. Both banks and non-banking financial companies (NBFCs) offer 'loans against cars'. Loan is available from 50% to 150% of the current cost of the car. For 1 to 7 years, this loan is available at 13 - 15% interest per annum. The processing fee is 1 - 3%.
Most of the banks look at the loan repayment track record of the applicant for at least 9 months before sanctioning the loan against car. Your loan will be available only if you pay all the EMIs of the existing loan (if any) on time.