Getting your dream vehicle is not too far away. Second-hand or pre-owned cars have become popular among consumers these days, due to the reliability of a number of establishments in the country. They ensure that the pre-owned vehicles are certified and well maintained and is a perfect working condition. Despite being pre-owned, these vehicles don’t come cheap. Sometimes the allocated budget might not be enough and this might be a huge hassle for customers looking forward to purchasing their own vehicle. At times like this, financial institutions provide an easy option of taking up a vehicle loan in order to make such a purchase.
Following, are the benefits and features of opting for a car loan for used cars:
1. The bank finances up to 80% of the value of the car, therefore reducing the burden of arranging for and shelling out huge sums of money
2. Loan for used cars is available for almost all car models
3. The used car loan can be availed up to 3-6 times of the borrowers annual income
4. The bank will finance cars of any make manufactured in India, as long as the car is not more than 10 years old
5. The repayment tenure is flexible and varies from 12 to 60 months. So depending on the repayment capacity of the borrower, one can choose a longer tenure with lesser EMI, or a shorter tenure with a larger EMI
6. Car loans up to Rs. 50 lakh can be availed, therefore helping buyers purchase popular and newer models, at better rates
The vehicle loan can be availed by salaried individuals as well as self-employed ones. For salaried individuals, the minimum age is 21 and maximum age is 60, for applying for the used car loan. For self-employed individuals on the other hand, the minimum age is 25 years, and maximum is 60.
The following documents are required, in order to apply for the vehicle loan:
1. Age proof (Passport/Aadhaar card/PAN card/Voters ID/Driving license0
2. Identity proof (Aadhaar card/Passport/Voters ID/Ration card)
3. Proof of income (Latest salary slip/Latest form 16)
4. Address proof (Ration card/ Passport/ Telephone bill/ Electricity bill)
Following, are the benefits and features of opting for a car loan for used cars:
1. The bank finances up to 80% of the value of the car, therefore reducing the burden of arranging for and shelling out huge sums of money
2. Loan for used cars is available for almost all car models
3. The used car loan can be availed up to 3-6 times of the borrowers annual income
4. The bank will finance cars of any make manufactured in India, as long as the car is not more than 10 years old
5. The repayment tenure is flexible and varies from 12 to 60 months. So depending on the repayment capacity of the borrower, one can choose a longer tenure with lesser EMI, or a shorter tenure with a larger EMI
6. Car loans up to Rs. 50 lakh can be availed, therefore helping buyers purchase popular and newer models, at better rates
The vehicle loan can be availed by salaried individuals as well as self-employed ones. For salaried individuals, the minimum age is 21 and maximum age is 60, for applying for the used car loan. For self-employed individuals on the other hand, the minimum age is 25 years, and maximum is 60.
The following documents are required, in order to apply for the vehicle loan:
1. Age proof (Passport/Aadhaar card/PAN card/Voters ID/Driving license0
2. Identity proof (Aadhaar card/Passport/Voters ID/Ration card)
3. Proof of income (Latest salary slip/Latest form 16)
4. Address proof (Ration card/ Passport/ Telephone bill/ Electricity bill)
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