When people want to buy their first car, the thought of owning a new car scares them as being a new driver it is very likely that a mishap might occur which might damage the car. The costs of maintaining it will increase. Hence while purchasing the first car, people often chooses a second hand car. Keeping this in perspective, Banks and NBFC’s provide loans for such purchases. This loan is called as a used car loan. You can avail for a used car loan anywhere in India like Hyderabad, Kolkata, Bangalore etc. The popularity of “Used Car Loans” has grown a lot since the past decade. In Hyderabad, there has been a spike in the growth charts of people accepting to purchase second hand cars via a used car loan. This is a secured type of a loan which means that you can expect a lower rate of interest when compared to other type of loans. This interest rate can be negotiated with the banks but before that the person must fulfill the eligibility criteria set by the Bank or NBFC for a used car loan. Only after the person fulfills the criteria, he or she can apply for the used car loan in Hyderabad. Costing is one of the major benefits in a used car loan in Hyderabad. It is comparatively lower when you compare it with a new vehicle being purchased. This pricing is calculated on many parameters like its current market price, the condition of the vehicle, the insurance etc. The Bank or NBFC in Hyderabad will send their specialist to evaluate the correct price of the car. Only after this, they will derive the used car loan amount which can be given to the person in Hyderabad. Any person eligible, can get around 60-85%* of the car value as used car loan amount. This is a short term loan and hence can be given for a maximum of 7 years*.
Hyderabad, also known as the city of Mughals and Nizams is India’s fourth most populous country. This state is rich in architecture and is also a flourishing IT hub. With such a wide space available in the state, transport becomes a cause of concern as everything is not too connected. There are local transport options but they are very limited. Hence choosing a used car loan in Hyderabad can help bridge this transport gap and allow people to live in peace. Overall, it is not just the price of the vehicle due to which the person won’t want to purchase a vehicle. The major issue for people lies in arranging for the funds themselves. Like other smaller expenses, a vehicle doesn’t come in cheap. It does cost a lot and hence the person has to squeeze this expense into their budget. It’s not possible for many and hence they opt for a second hand car instead of a new one. Below listed are few more reasons why you should take a used car loan in Hyderabad;
A second hand car is suitable for every person in India with a low budget. This helps them save funds which can be used in maintaining, revamping the old car to make it look like a new car. While you opt for a second hand car via a used car loan in Hyderabad, you can look at various car models which would have been out of your budget had they been new cars. These cars can now be bought as second hand cars and you can save money too.
The freedom to buy the car model of your choice is a luxury that people don’t have. This is because they have a limited budget and have to stick by it. But with a used car loan in Hyderabad, you can just look at more car models and accordingly choose the one you like the most.
As mentioned above, the people in Hyderabad have become more accepting towards second hand car loans and hence Banks and NBFCs have made the used car loan readily available in the market. This helps anyone to apply for a used car loan instantly anywhere in Hyderabad.
Every kind of a loan requires the person to be eligible enough. This is done because the Banks and NBFCs prefer to only lend money to people who are credit worthy and can repay the loan amount on time without any defaulting. The criteria are defined as per the banking norms and will usually test your personal, professional and taxable information. Once the Bank and NBFC get this information, they will scrutinize it and will accordingly define If you are eligible enough. Every bank has their own set of criteria. Hence the customer will have to be cautious enough to know the different lists of criteria by different Banks and NBFCs. At Ruloans, we have derived a generic list of documents which can be used in order to prepare your documents to apply for a used car loan in Hyderabad.
These three mandatory requirements need to be fulfilled under any cost. Apart from this, Banks & NBFCs have set criteria for different income classes like: Salaried Person and Self-Employed Professional.
Getting a used car loan in Hyderabad requires a lot of documents which helps the Bank and NBFC in completing the loan application process quickly. Only after the person would furnish these documents, the Bank and NBFC will go through with the used car loan process in Hyderabad. As usual, every Bank has their own list and hence we have created a generic list. This list has documents that are similar across majority of Banks and NBFCs that provide a used car loan in Hyderabad.
Ruloans has been a leading loan distributor since the past 2 decades all over India. With our experience in different loan products, we work in providing an experience to remember for all our customers. Our motto is to help our customer borrow right and provide them with services that are much more than money. In Hyderabad, we have touch base in the whole state. Like that we also have touch base in major cities all over the country.
We realized that no one likes a long and tedious process. Hence we created a hassle free process where the customer doesn’t do all the running around and can get the loan quickly.
With over 2 decades of experience, we understand trends in the market and know how to deal with it. We can help people get loans when they need it the most.
On Ruloans web portal, you can compare loan options from all the major banks in your state. Yes, you don’t have to run and check different banks websites for information. We provide all of them under one roof.
With over 2 decades in the loan industry, our staff is well experienced and understands the customer’s needs like no one else. We provide this expert guidance free of cost and help each customer.
We understand that in today’s digital age, privacy is of the utmost importance. Hence we ensure that during the entire loan process, your data is safe and not tampered 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 email@example.com