If you are going through a cash crisis, but are hesitant to take an unsafe loan at such times, you can take a loan instead of your car, it will be a little cheaper. Some lenders offer loans up to 150% of the original value of a car. If the repayment of your car loan with the bank is good, you can get a pre-approved loan in lieu of your car. For this, you will need at least a document. If you are a new customer, you need to submit your KYC documents, your bank detail, and your salary slip or ITR, etc.
A major private sector bank is offering such loans in the range of 13.75-17% per year, while another major government bank is offering loans on an effective ROI of 14.8% to 16.8%. Now, these rates may be slightly cheaper than personal loans, and depending on your lender's policies, the loan tenure can be anything between 12 months and 84 months.
However, take care of other charges such as non-refundable processing fees, share-payment charges, stamp duty, RTO transfer charge, EMI bounce fee, etc. First, you can find out from your lender whether you are eligible for a pre-approved loan. Finally, ensure that all your EMIs are less than 40% of your monthly household income, and you complete all your EMIs on time.
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