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