Question 1

Q. How is my loan eligibility determined?

Accepted Answer

Your eligibility for a car loan from Spinny is determined on the basis of parameters such as:

Income
Type of residence ownership
Past credit and banking history
Credit score maintained by an accredited credit rating agency

Question 2

Q. What factors impact my pre owned car loan interest rate?

Accepted Answer

The interest rate you are offered for your car finance is dependent on your credit score as well as overall income profile. These parameters are examined at the time of your loan application to determine the interest rate on your choice of car.

Question 3

Q. Is it possible to get 100% of the value of the car financed with a used car loan?

Accepted Answer

With Spinny, up to 100%* of the car’s price can be financed with a car loan. The actual funding amount, as well as the interest rate, will depend on your choice of car and credit profile.
*This is dependent on the finance partner, customer credit history and other parameters. We can only give a fair idea once we get all the details from you.

Question 4

Q. I have not decided on a car, can I get a pre-approved loan?

Accepted Answer

Yes, you can get a pre-approved loan even if you have not decided on a car yet. We understand that choosing your dream car can take time.

Question 5

Q. What if I take a loan and return my car back in the 5-day guarantee period?

Accepted Answer

In the event that you return the Spinny car in the 5-day money back guarantee period, the loan shall be cancelled. Your down payment will be refunded and any additional charges will be borne by Spinny. Your money is safe with us!

Question 6

Q. What are the tenure options available for used car loans?

Accepted Answer

Used car loans from Spinny come with repayment tenures ranging from a minimum of one year to a maximum of five years.

Question 7

Q. Are there any tax benefits on used car loans?

Accepted Answer

For salaries employees, there are no tax benefits on used car loans. For people who are self-employed or business owners, tax benefits can be claimed.

Question 8

Q. Can I avail a used car loan with a co-applicant?

Accepted Answer

Yes, you can apply for a second hand car loan with a co-applicant. The eligibility of both applicants will be considered for a used car loan from Spinny.

Question 9

Q. Will there be any foreclosure charges for used car loan?

Accepted Answer

Foreclosure charges on the used car loan will be dependent on the loan provider and their terms.

Question 10

Q. How do I raise a dispute for an error or any grievance related to my CIBIL credit information report?

Accepted Answer

If you notice any error or discrepancy in your CIBIL Credit Information Report, you can reach out directly to TransUnion CIBIL - www.cibil.com/consumer-dispute-resolution to raise a dispute. For any other grievance related to credit report you can reach out to us at bureau.escalations@spinny.com, our team will respond within 7 working days.

In case of any escalation, you can reach out to contact@spinny.com. Our team will review the request and respond within 4 working days.

Question 11

Q. How do I withdraw my consent for my Credit Information Report?

Accepted Answer

To withdraw your consent, please email us at bureau.escalations@spinny.com. Once we receive your request, our team will review it and initiate the deletion of your Credit Information Report/consent within 7 working days. A confirmation will be sent over email once consent is deleted/revoked.

In case of any escalation, you can reach out to contact@spinny.com, our team will review the request and respond within 4 working days.

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