Purchasing a used car can be a wise financial move because it can provide you with a dependable vehicle for a much lower price than a new one. Nonetheless, a lot of people might require financial aid to make this purchase. This is where a loan for a used car becomes relevant. Everything you need to know about used car loans—from how they operate to advice on how to get the best deal—will be covered in this article.
Used Car Loan | Difference
| Eligibility for Self-employed Individuals | Eligibility for Salaried Individuals |
| Resident Indians only | Resident & Non-Resident Indians |
| Aged between 23 – 60 years | Aged between 21 – 54 years |
| Minimum 4 years of business continuity | Minimum 2 years of experience |
| Must earn a minimum of Rs 1.75 lakh per annum | Must earn a minimum of Rs 2 lakh per annum |
Features and Benefits
- Loan of up to Rs. 77 lakh: Receive up to Rs. 77 lakh in funding to buy the car of your dreams.
- 3 unique variants: We offer three different used car loan options: Flexi Hybrid, Flexi Term, and Term Loan. Choose the option that best meets your needs.
- High-value finance: With our used car loan, you can get asset-based financing up to 100% of the vehicle’s value at a reasonable interest rate.
- Flexible tenures: With convenient repayment options ranging from 12 to 72 months, you can easily repay your used car loan.
- Money in your bank account in 48 hours: After approval, the amount of the used car loan will be credited to your account in less than 48 hours.
- Doorstep assistance: Obtain doorstep assistance to finish the loan application process, including document collection and registration certificate transfer.
- Pre-approved offers: Enter your mobile number and OTP to check your pre-approved offer on a used car loan and receive funds instantly.
- No hidden charges: Both this page and our loan documents make our fees very apparent. Before applying, carefully read them.
Eligibility
- Age: 18 to 80*, Age should be 80 or less at the end of the loan tenure.
- Nationality: Indian
- CIBIL Score: 720 or higher Employment:
- For self-employed: The applicant needs to provide an ITR for the previous two years.
- For salaried: Candidates should have a minimum monthly salary of Rs. 20,000 and at least one year of experience.
Documents
- KYC documents – Passport/ Aadhaar/ voter’s ID PAN card
- ID card for employee’s pay stubs for the previous two months Statements of bank accounts for the preceding three months.
- Vehicle registration certificate and insurance copy
Conclusion
Getting a loan to buy a used car can be a cost-effective decision that provides affordability and flexibility. Understanding the eligibility requirements, benefits, and application process ensures a seamless experience. Owning a dependable car is now simple and accessible, thanks to used car loan options for self-employed and salaried borrowers, quick approval, and straightforward terms.
FAQ’s
Q1. A pre-owned car loan: what is it?
A. A used car loan, sometimes referred to as a pre-owned car loan, offers competitive interest rates and structured repayment schedules to make buying a pre-owned car easier. It guarantees that clients can fulfil their dream of having a dependable used car without going over their budget.
Q2. Can I apply for a loan for a used car?
A. Yes, people can apply for a Used Car Loan to finance the purchase of a used car. Customers looking to invest in high-quality used cars can expect a smooth experience with these loans thanks to their convenient terms, flexible repayment options, and quick processing.
Q3. How long does it take to complete a loan for a used car?
A. As long as the requirements are satisfied, Used Car Loans offer simple paperwork and prompt approvals. The loan will be released a few minutes after we receive and review your KYC documents.