Loans for used cars are offered by several establishments today. When buying a used car, it is important to check whether it is in good condition and if it has a clean history. Used car loans are a boon to buyers as these have low interest rates.
Used cars, second-hand cars or pre-owned cars have become popular amongst consumers nowadays. This is mainly due to the establishment of several organised used car dealerships across the country. These reliable car dealerships ensure that the second-hand cars are certified and well-maintained. When purchasing a used car from a private dealer, you have to worry about whether the car is a stolen property or if it is in working condition. You can do without this sort of stress when dealing with a reputable auto dealership.
How to Apply for a Used Car Loan?
On Loanswala.in, get a comprehensive glimpse of the various features, interest rates, eligibility criteria and required documentation for a second hand car loan as offered by an assortment of banks and financial institutions across India. All the information you want, in one complete package.
Calculate the applicable EMI and other essential loan details by using a variety of financial tools provided on the website.
A comprehensive listing of loaning banks- choose the one that meets your specific expectations.
Instant online loan application, followed by immediate approval based on the submitted information.
Robust customer support division to help you with concerns and queries.
Eligibility Criteria for Used Car Loans
The following list is a generalised view on the commonly expected requirements that form the basic eligibility criteria for second hand car loans. Banks, at their own discretion, may require additional proof and/or documentation to establish your eligibility for the said loan.
1. The applicant must be aged no lesser than 21 years nor be older than 65 years.
2. Must be a salaried individual, self-employed person, a proprietorship or partnership firm, a public sector undertaking, a private company, person currently employed in the agriculture sector or dependent industries.
3. In order to qualify for an old car loan, and if the applicant is a salaried individual, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.3,00,000*.
4. If the applicant is a self-employed individual, proprietorship or partnership firm, then the net profit or total taxable income of said applicant and/or co-applicant together should not be lesser than Rs.4,00,000* per annum.
5. If the applicant is an agriculturist, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.4,00,000* per annum.(* Numbers may vary for different banks)