Traffic seems to be one big worry today for the people in Bangalore. Apart from this, local transport is not in any situation to handle the bustling crowd that plies to work day and night. Many working class people wish that they could reach work on time but die to the never ending wait for local transport; they get late which affects their income. One solution for this is to buy a new car as this allows you to travel as per your wish and not as per a timetable of the local transport. Another effective solution for this is a “Used Car Loan” in Bangalore. These two solutions can help the customer in solving their travel worries. Where a new car needs more funds for purchasing, a second hand car will cost less as it has already been used earlier and now is again put up for resale. Costing is the main reason why people have begun to opt for used car loans in Bangalore. The reason of second hand cars being lower priced than new cars is due to the usage. Their price is derived from the on road condition, market price, insurance and many more. After this value is derived, any person can get around 60-85%* as used car loan amount for a maximum period of 7 years* in Bangalore. Because of such reasons, there has been a considerable amount of growth in the second hand car loan segment in Bangalore. Because of the car ownership papers being kept as collateral with the Bank/NBFC, this makes a used car loan in Bangalore as a secured type of a loan. Interest rate in a secured loan is less as compared to unsecured loans.
Bangalore is the third largest city in India as is also known as the “Silicon Valley” of India. This state is well known for its influence on engineers and has been the best IT hub in India. Apart from having so much space, the transport is a cause of concern. There is so much of traffic that many people just get stuck for hours at long while going to work. Hence it seems like a wise choice to avail a used car loan in Bangalore to solve travel worries. Mostly people prefer opting for a used car loan primarily because they cannot arrange the higher funds that are needed for a new vehicle. Hence a second hand car helps them solve the issue of traveling and also save money. Here are few highlighted reasons why you should take a used car loan in Bangalore;
People have slowly shed their inhibitions and have begun considering a second hand car as a vehicle which is in good working condition and not a bad vehicle. This is because in time people have understood the importance of savings and budgeting. The value of a new car and a second hand car is such that taking a loan for either is mandatory. But with the option of a used car loan, you can opt for better models.
Now for all you car lovers, finding the best model is more important than many things in life. Hence when it comes to freedom to choose your desired model, it is very limited in cases of a new car as new vehicles are usually very costly. But when you compare it with a used car, the prices have a significant drop. Thus you can opt for the vehicle of your choice and take a used car loan in Bangalore against it.
With the rise of people demanding more local transport options, a surge for used car vehicles also gained momentum. Hence capitalizing on this, Banks and NBFC’s came ahead and made the used car loan easily available all throughout Bangalore. Now, any customer can apply at the nearest Bank for a used car loan against the choice of their car.
A used car loan is now easily available all throughout Bangalore. Any salaried or self employed business man can apply for this loan with ease. But this is just the beginning. In order to get the used car loan in a city like Bangalore, there are certain eligibility criteria set by the Bank and NBFCs. These are related to your personal profile, your job profile and your financial history. Basically, this list is so that the Bank and NBFC can do their research in understanding if you will be able to repay the loan amount without defaulting or no. They also can derive at an interest rate which they can provide to the person on the basis of his eligibility. There are many Banks and NBFCs in Bangalore. All of these have different criteria and hence it might get confusing for the customer to
These requirements are mandatory and hence the individual must fulfill this at any cost. But these are not just the only requirements. There are many more such criteria set by the Banks & NBFCs for both classes: Salaried and Self-Employed.
Apart from eligibility, Banks and NBFCs also request a lot of documents from the customer so they can complete the used car loan process in Bangalore. The customer would need to get all the required documents which will help the lender in determining the credibility from the customer. Every Bank has their own list of documents which are required and hence it might get confusing for customers to keep all the documents ready. Hence we have made a generic list of documents. This list will have those documents that are surely needed by each Bank. In this way we want the customer to be ready with most of their documents.
Ruloans is India’s leading loan distributor with touch base in more than 500 cities within India. We recently have expanded our operations in Dubai too. Our experience since the past 2 decades has allowed us to help many customers along the way. Our motto all these years is to provide an environment to the customer and provide them services which are much more than money. We also help you borrow right always 365 days of the year.
Who in Bangalore would like the used car loan process to be long and tedious? Shouldn’t this be a time saving affair? Keeping this in mind, we have created a hassle free process so you can do all the thinking and we will help you in the running around.
There are many benefits of applying with us as we use our experience in the loan field and follow the trends. We can help you get loans when they need it the most.
The major USP of our web portal is that you can compare loan deals on one page. This means that you don’t have to visit many pages and check individually for deals. All you have to do is log on to Ruloans page and accordingly choose the best deal.
We have helped our customers borrow right using our experience. This guidance is provided without charging anything from the customer. Yes, we provide these services free of cost.
The digital world has witnessed a lot of ups and downs with terms of privacy and data theft. With Ruloans we ensure that none of such theft takes place. All of your information and application is stored with us safely and is not hampered with.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org