Used Car Loan
Own your dream car with easy used car finance
Apply for Used Car Loan
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Features and Benefits of our Used Car Loan
- Seize Opportunity: Own a quality used car without waiting to save up the full amount.
- Budget-Friendly: We lend you the funds required to purchase the used car, repaid in manageable monthly installments.
- Flexible Options: Choose from various used car models that suit your preferences.
- Immediate Ownership: Drive your desired used car without the delay of saving for years.
- Great Value: Get a reliable used car with excellent value and features.
- Build Credit: Consistent payments can help enhance your credit history.
Used Car Loan Eligibility
Used Car Loan Eligibility Calculator
Refer to calculator
Used Car Loan Eligibility Criteria for Top Banks:
- Age: Generally 21-65 years.
- Income: Minimum monthly or yearly earnings.
- Employment: Stable job with experience (1-2 years).
- Credit Score: Good score, often 650 or higher.
- Down Payment: Certain percentage of car's cost.
- Documentation: ID, address, income proofs, car papers.
- Loan Amount: Based on income and repayment ability.
- Debt-to-Income Ratio: Consideration of existing debts.
Used Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
Factors affecting Used Car Loan Eligibility:
- Credit Score
- Income Level
- Employment Stability
- Debt-to-Income Ratio
- Age of Car
- Loan Amount Requested
- Down Payment Amount
- Loan Tenure
- Credit History
- Existing Financial Obligations
Documentation for Used Car Loans
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a used Car Loan. To begin the Loan procedure, keep the following documents on hand to obtain a Loan as soon as possible.
List of Documents Required
- KYC documents (Valid Photo ID Proofs)
- PAN Card
- Last 2 years' ITR as proof of income
- Salary Slip (latest 3 months)
- Salary account statement(latest 6 months)
- Signature Verification Proof
- Registration Certificate of the Car
Fees and Charges for Used Car Loan
The fees and charges of used car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to used car loans:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 4% of Loan Amount |
| Loan Cancellation | Usually around ₹ 3,000 |
| Stamp Duty Charges | As per actuals |
| Legal Fees | As per actuals |
| Penal Charges | Usually @ 2% per month; 24% p.a. |
| EMI / Cheque Bonus | Approx ₹ 400 per bounce |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
