We can buy a good second hand car with the help of a used car loan. Used car loans are offered at attractive interest rates.
Each bank offers different types of car loans at different interest rates. Suitable car loans are currently available with a repayment period of up to 8 years and a low interest rate of up to 7.30 per cent. However, banks also offer used car loans for used cars.
We can buy a good second hand car with the help of a used car loan. Used car loans are offered at attractive interest rates. The repayment period is up to 7 years. Some lenders offer loans up to 100% of the value of the car. Most banks and NBFCs offer used car loans. Such car loans are available to self-employed and salaried employees.
Banks lending used cars:
State Bank of India – The bank has given a repayment period of five years. Bank car loans offer interest rates ranging from 9.75 per cent to 13.25 per cent.
ICICI Bank – The bank offers a repayment period of five years. The interest rates range from 12.00 per cent to 14.50 per cent
Tata Capital – Bank offers 15% interest rate Five year repayment period.
HDFC Bank – HDFC Bank offers interest rates ranging from 13.75 per cent to 16.00 per cent for 7 years.
Axis Bank – Axis Bank has given a repayment period of five years. The interest rates range from 14.40 per cent to 16.40 per cent.
Punjab National Bank – Punjab National Bank offers interest rate loans of 7.90 per cent on used cars. The repayment period is five years.
Mahindra Finance – Mahindra Finance Loans have a repayment period of five years.
The benefits and features of the used car loans
– get a new car loan is less than the amount of loans compared to the used car. Therefore, the monthly EMI will be lower.
– and the promise of long-term repayment period
– up to 100 per cent of the assistance provided by some banks enbi’ephsikalum.
– The procedure for applying for a car loan is simple. You can also complete the process online.
– Insurance costs and depreciation rates are lower than a new car loan.
– All you have to do is submit a few documents for the loan.
– Some banks and NBFCs offer concessions on repayment terms.
Eligibility Criteria:
paid employees
– The age range is 21 to 65 years.
– Must have a minimum monthly income of Rs 15,000 per month.
– Must have worked in the existing company for at least one year.
Individuals who are self-employed
– 25 years of age to 65 months of age.
– Must have a profit of at least Rs 1.5 lakh a year.
– Must have done the same business for at least 3 years.
The used car loan applying for the necessary documents:
– application form
– passport-size photos
– report of a car mulyanirnnaya
– DSP rekhakal- identity card, passport, driving license, voter ID card, PAN card
– the address to prove rekhakal- Voter ID, LIC policy, the current bill, DSP card, driving license, ration card, passport
– Proof of income rekhakal- Profit and Los Account, Balance Sheet, Audit Sheet, Form 16, salary slips, bank statements to
the used car How to apply for a loan?
– Visit the branch or NBFC office of the bank where you want to get the loan.
– Fill in the application form.
– Submit the required documents to prove that you are eligible for the loan.
– Discuss interest rates and processing fees to obtain a loan.
Things to consider when applying for a used car loan
Compared to a new car loan, the interest rate on a used car loan is higher.
Some banks and NBFCs will not lend if the car is more than 3 years old.
Insurance costs are not included in the loan amount.
Advantages and disadvantages, and the used car loan,
low price of the new car and used karinekkal, the loan amount is relatively lower insurance costs. The renewal premium for car insurance will also be lower. Banks offer loans of up to five years for used cars depending on the age of the car.
Banks offer used car loans up to 80% of the value of the car. In addition, the interest rate on used car loans is 200-700 basis points higher than new car loans. At present, banks charge 10-17 per cent interest on used car loans.
Here are some tips to help you get started:
– Do a thorough search online to find a bank that offers used car loans at low interest rates and for a reasonable period of time.
– You can save time by choosing the online application process.
– Monthly payments can be checked using the Used Car Loan EMI Calculator. Provide details of loan amount, maturity, interest rate and processing fee.
– Prepare the documents required to submit the loan. Delays in submitting documents will also extend the loan processing time.
– Choose an established lender.