An increasing number of daily needs coupled with inflation can make you compromise your dreams. You might be willing to purchase your dream car, but you may not be able to bear its hefty price. Taking a second-hand car loan is an excellent service that helps you purchase the car of your dreams without having to worry about the upfront payment. Applying for a used car loan is simple and entails extensive benefits.
Many lenders offer you used car loans up to 100%, with special schemes and attractive interest rates.
Second-Hand Car Loan Eligibility
Before applying for a used car loan, you must understand the eligibility criteria that come with it.
Online processes are hassle-free loan requiring minimal eligibility criteria as outlined below:
Loan applicant's age
Individuals under the age bracket of 21 to 65 years are eligible to apply for a used car loan. The age constraint is spread across the time of application until the loan tenure.
Profession
The loan applicant can be a self-employed, salaried individual or could be an agriculturist too.
Income
The loan applicant must earn a minimum salary of Rs. 15,000 monthly or a net profit of Rs. 1,50,000 per annum in the case of self-employed individuals.
Do remember, these eligibility criteria can vary across lenders.
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Documents required while applying for a used car loan
Individuals must present the necessary documents while applying for a used car loan.
The documentation for individuals seeking to apply for a second-hand car loan is easy. The list of documents required while applying for a loan with us is mentioned below
Identity Proof
Applicants must present valid proof of identification such as a PAN card/driving license/voter ID/Aadhaar card.
Address Proof
You need to present these as proof of address - electricity bill/ration card/telephone bill/voter ID/Aadhaar card/gas connection bill/LIC policy/passport/driving license.
Proof of Income
Valid proof of income is - a pay slip, account statement, ITR and Form 16.
Asset Proof
A suitable asset proof is necessary while applying for a second-hand car loan, such as the latest land/building/house tax receipt.
Photo ID
A recent passport-size photo
Steps to Get a Second-Hand Car Loan Easily
Lending institutions make the loan application process simple and hassle-free. Following the below steps would help you get a used car loan quickly.
Step 1: Fill out the Apply Now form with us or visit our nearest branch to begin your loan application process.
Step 2: Check your loan eligibility and use our Used Car EMI calculator to compute the amount and tenure that suits you.
Step 3: Submit the required documents.
Your loan application will be approved, and you can purchase your dream car without worries.
Conclusion
A second-hand car loan provides the means to fund car purchases while maintaining liquidity. Basic documentation and simple steps can get you the car of your dreams.