Used Car Loans are given to individuals who are interested in buying a used car for their personal/professional needs. Various banks provide Used Car Loans, up to a certain percentage of the price of car or even on zero down-payment, based on their offers.
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â?¢ A one-stop-shop for comparing the various rates offered by different banks/NBFCs, Ruloans allows you to make a calculated and knowledgeable decision by evaluating the deals based on loan amount, interest rate, repayment period, eligibility criteria etc.
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â?¢ Get a professional support for Car Refinance at best competitive rates
â?¢ Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
â?¢ The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
â?¢ Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
â?¢ Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
â?¢ For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.
*The eligibility criteria differ from bank to bank. The above details are generic, not specific.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
It depends on your requirement, eligibility, repayment capacity and your present income.
The tenure is flexible based upon your vendor, but is usually of the range of 12-60 months.
It would depend on year of manufacture and running condition of the vehicle.
The loan can be paid through post-dated cheques or auto-debit facility on your savings account where the EMI is automatically debited.
Loans are offered for most passenger cars, multi-utility vehicles, sports utility vehicles available in India.
No. Your car is itself used as a collateral. No other security is needed.
Your Loan Application might get rejected if you have a bad credit score, history of defaulted repayments or if you do not meet the minimal repayment capacity.
Usually no. Loans are given on the market price of the car. Insurance expenses have to be met extra. Some banks though, based on the relationship with the customer or on special offers, might help cover the insurance expenses.
Yes you can. Additional charges maybe applicable based on the bank you have sought the loan from.
The bank is supposed to issue Form 35 & No Objection Certificate (NOC) to RTO.