used car loan in delhi

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Used Car Loan in Delhi

A used car loan is one of the most sought out loans in Delhi. This is a secured type of a loan. In a used car loan, the individual can avail loan from a Bank/NBFC to purchase a second hand car. Until the loan tenure is complete and all the EMI has been repaid, the ownership papers are with the Bank/NBFC. Once the individual makes all the EMI payments, he/she gets the ownership papers of the car. The used car industry has been on the rise with people giving a thought of buying second hand cars instead of new ones. This is done because the price of a used car is comparatively lower than the price of a new car. The benefit of taking this loan is that one can easily purchase a high end used car at a cheaper rate. The price of a used car is derived from its current cost on-road and its condition. While applying for a used car loan in Delhi, the Bank/NBFC will send their professional executive who will inspect the car and derive the used car value. This amount derived will help the bank decide how much will the loan amount be. The Bank/NBFC provides 60-70%* of the current on-road value of the car. The maximum tenure for a used car loan in Delhi is 5 years (60 months)* and the interest rate starts from 15.50%*. One can get a used car loan at a good rate from a leading Bank/NBFC if he/she has a good credit score.

Why should you take a Used Car Loan in Delhi?

Delhi is second wealthiest city in India. It is also the capital of India. The transportation system is well spread out and is connected throughout the city. But there is a lot of issue with regards to the convenience and one might not be comfortable traveling in packed trains or buses. Hence one might consider taking a used car loan in Delhi so they can travel in their own car with convenience. Apart from convenience, one would opt for a used car due to the budget factor. An individual might not have the budget to buy a high end vehicle as a new luxurious car is very costly but a used luxurious car is cheaper in value. Hence taking a used car loan might be feasible in this case. You can buy an expensive second hand car by taking a loan on its current on-road price. Below listed are few more reasons why you should take a used car loan in Delhi;

Suitable For Low Budget

An individual usually would opt for a budget friendly vehicle over an expensive one when it’s a new car as the new ones are generally costly. But a used car loan can come to your rescue. Here, you can opt for a high end car which has already been used and is now up for sale. This will drop down the value of the car and you can easily take a used car loan and call it as your own. Banks and NBFC’s in Delhi have been known to offer good deals to their customers in terms of repayment via easy EMI options.

Freedom To Choose Desired Model:

The main benefit of taking a used car loan is that since the value is lower when compared to a new car loan, you get the freedom to choose the desired car model of your choice. The price of a used car is decided from its current on-road price considering its condition, model number and insurance details etc.

Easy Availability of Loan:

A used car loan is easily available and many leading Banks and NBFC’s have made the process easy and simple. The process is hassle free when compared with the loan needed for a new car. The rate of interest applied on used cars begins from 15.50%*. Also, on the basis of your financial position, you can ask the Bank/NBC to lower the processing and pre payment fees for the loan.

What are the Eligibility Criteria to avail a Used Car Loan in Delhi?

For availing a used car loan in Delhi, you need to fulfill set criteria as per the lender. Only when you fulfill all the eligibility criteria, you can apply for a loan from the Bank/NBFC. Some of the criteria considered are your income level and also your employment status. The eligibility criteria differ from lender to lender. Although, some of the criteria is similar and we have hence made a generic list;

  • Eligibility criteria needed to avail a used car loan:
  • 1. You have to be an Indian citizen.
  • 2. Your age should be between 21 years minimum and maximum 60 years.
  • 3. You should have a good savings history along with professional stability.

Banks & NBFCs will divide their applicants into two basic categories to determine the eligibility criteria: Salaried Applicant and Professional Applicant/Self-Employed Applicant.

  • Salaried Individuals:
  • A salaried individual is anyone who is an employee of a private limited company, public sector unit or a government employee etc.
  • The applicant must be working for a minimum of 2 years and should be with the current employer for a minimum 1 year.
  • The applicant should have minimum earnings of Rs. 2,50,000 per annum (including spouse’s income if co-applicant).
  • Self Employed Individuals and Professionals:
  • A self employed individual can be any kind of a professional like a doctor, engineer, architect, chartered accountant, trader, commission agent, contractor etc.
  • The applicants should have been in business or in their current profession for at least a minimum of 2 years.
  • The applicant should have minimum earnings of Rs. 2,50,000 per annum.
  • The applicant should be filing and paying his/her Income Tax Returns regularly.

What are the Documents Required to get a Used Car Loan in Delhi?

There are various documents needed to avail a used car loan in Delhi. The list of documents needed is different for a salaried applicant and a self-employed professional/ businessman. This list varies from lender to lender. But there are few documents that are the same whether for a salaried or a self employed individual. Hence we have listed these documents which are generic in nature;

  • Passport-size photographs.
  • Neatly signed and filled car refinance loan application form.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application.
  • Copy of details of all existing loans.
  • Form-16 issued by current employer.
  • Salary slips of last 3 months from application date.
  • Bank statements of last 6 months from application date.
  • Copy of ITR/Assessment Orders of 3 years.
  • Copy of challans proving that Advance Income Tax has been paid.
  • Business proof (registration of business).

Why Choose Ruloans To Apply For Used Car Loan in Delhi?

Ruloans is India’s fastest growing loan distributors. Our experience and expertise in this field allows us to help our customers borrow right. We have developed a highly proficient loan calculator algorithm. Using that calculator, a customer can check and analyze what kind of an EMI they will have to pay towards the loan repayment. You can apply for a used car loan in Delhi by logging onto our website and completing the online application process.

Hassle free process

To make it easy and simple for the customer, we have created an efficient process which is very user friendly and can guide the customer to get a good used car loan in Delhi. Uploading the documents and using the loan calculator surely helps the customer in making a decision.

Benefits of applying with us

With over a decade of experience, our customers can benefit from applying for a loan through our page as we are partnered with various leading Banks and NBFC’s.

Compare your loan options

On Ruloans online portal, you can compare interest rates, different offers and services etc. Using our loan calculator, you can compare different lenders and choose the right one as per your need and convenience.

Free expert guidance and advice

Ruloans has a lot of experienced individuals with expertise in the loan distribution business. Using this expertise, we help our customers borrow right. All of this is done without charging a dime from our customers.

Privacy policy

Customer’s privacy is very important to us at Ruloans. Your data will not be shared with anyone else. All the loan applications are processed electronically with complete privacy and transparency. Hence we keep our customers data safe.

How to Apply For a Used Car Loan in Delhi on Ruloans?

  • Applying for a used car loan on Ruloans involves few easy steps:
  • Step 1: Go to the 'Car Loan' menu on our website and click on Used Car Loan in Delhi option. There click on 'Apply Now' box.
  • Step 2:Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3:Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4:From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

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