used car loan in Kolkata

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Used Car Loan kolkata

Kolkata, also known as the city of Joy is the third most productive metropolitan area in India. They are also known as the cultural capital of India. In terms of transport, they have one of the oldest railway stations operating pre independence i.e. Howrah Railway station. They also have the port of Kolkata is too old and has been used to travel while exporting and importing. Apart from this, they have the old tram rides and an underground metro service which is one of a kind and is operating since many years. People in Kolkata would use the rickshaw and the metro to travel in and around the city. But knowing how frequently people use it, it is bound to be crowded a lot more which is not comfortable for many. Hence people might get late to work and this might affect their livelihood. To ensure this does not happen, we found a solution which helps everyone in need i.e. Used Car loan in Kolkata. Taking a used car loan can help the people in Kolkata to solve their travel worries to a bare minimum. This is because the person can travel as per their own timing and can stay happy. There are many lenders in Kolkata that have been in the business of selling used car loans and would provide around 60-85%* of the car value as the loan amount. This can be used in purchasing a used car. The percentage of loan to value ratio will solely depend on two factors i.e. your credit history and the car’s condition. All you need to remember is that the ownership of the car will remain with the bank until the loan tenure ends. Once you repay the whole used car loan amount in Kolkata, then the ownership papers will pass on to you.

Why should you take a Used Car Loan in Kolkata?

Why you must take a used car loan in a place like Kolkata is to make your life easier. Also, there are multiple reasons how a used car loan can be beneficial in solving your travel issues without affecting your finances. We have found out 3 such reasons why taking a used car loan fits better than buying a new vehicle altogether.

Suitable For Low Budget

The used car loan is supposed to be a budget driven vehicle. Hence people belonging to any income class can apply for a used car loan. This is because the costing for a used car loan is comparatively lower than that for a new car. Also, you can get a good car model which would not have been possible to purchase had it been available as a new car.

Freedom To Choose Desired Model:

One more reason why a used car loan is more beneficial is because you get to choose the car model of your choice. It often happens that when you want to purchase a vehicle, the one you want is not available because of the budget issues and then you end up settling for a lower model or a model which is fitting your budget. But when a used car loan comes into question, a person in Kolkata can opt for a model of his choice which can fit within his budget and help him save money.

Easy Availability of Loan:

One more aspect of a used car loan in Kolkata is that it is easily available all throughout the place. Yes, this happened because people started readily accepting used car loans and understand that a second hand car is not a bad car after all. Hence Banks and NBFCs have readily made available this loan so people can apply and purchase their dream car.

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

Every type of a loan requires a documentation process. But prior to this process, the person must prove his/her eligibility according to the Bank/NBFC. These criteria will depend on multiple factors like your personal information, financial information and job history. Analyzing these eligibility will not only help the lender understand if you are worthy of getting a loan and that you will be able to repay it without any issues. Once they are convinced, they will analyze the car’s value, documentation and finally provide you with a deal according to your capability.

Knowing how the lender operates, we have made a list of few mandatory requirements that are needed to avail a used car loan in Kolkata. These are;

  • The person must be a citizen of India.
  • The person must be between 21 and 60 years of age.
  • The person must have a decent clean income history.

When the customer will fulfill all these 3 requirements, they can easily apply for a used car loan in Kolkata. But these are not just the only requirements. There are few more criteria which are needed. Once the customer clears this criteria, the Bank will give them a used car loan in Kolkata.

  • Salaried Individuals:
  • A person, who has been an employee of private limited company/public sector unit/government employee, can be called as a “salaried employee”.
  • A person, working since 2 years AND currently working with current employer since 12 months, can be termed as salaried employees.
  • If a person’s annual income is around Rs. 2,50,000 per annum then they can be called as a salaried employee.
  • Self Employed Individuals and Professionals:
  • A person who is either a Doctor, Engineer, Trader, Accountant, Architect etc can be called as a self employed professional.
  • A person who runs their business or has been in their profession since 2 years can be called as a self employed professional.
  • A person who has been constantly filing and repaying their Income Tax Returns can be called as a self employed professional.

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

Documents are a necessity as that helps the Bank in understanding if the customer is credit worthy and if he can be given a good deal on interest rates. Hence Banks and NBFCs place a lot of emphasis on documentation and KYC. There are documents required for different income classes. We have bifurcated this into salary class and self employed professionals.

  • Passport-size photographs.
  • Used car loan application form in Kolkata must be duly filled.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age, Identity and signature Proof – The person must provide proof in one document from Aadhar and PAN Card, Voter ID card, Birth certificate and Driving License.
  • The person must also submit one cheque which cover’s all costs like administrative costs or processing fees etc. that’s used in used car loan application in Kolkata.
  • The person must provide information of his/her history of all previous loans or credit cards.
  • If the person is a salaried employee, he/she must provide their Form-16 and should duly fill it.
  • If the person is a salaried employee, he/she must provide 3 months’ Salary slips. These slips must be before applying for a used car loan application in Kolkata.
  • The person must submit their Banking statements for last 6 months.
  • If the person has been a Salaried employee, they must provide a copy of their Income Tax Assessment since 3 years.
  • If the person has been a self employed professional, they must furnish documents related to business registration.

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

Ruloans has been in the loan industry since 2 decades and has been actively serving customers all over India. We believe in helping the customers in borrowing right and providing them with services that are much more than money. With our experience, we have served all our Indian customers right and now have moved to international borders also. We have now begun work in Dubai on credit cards. Below mentioned are few reasons why you must choose Ruloans in order to apply for a used car loan in Kolkata.

Hassle free process

Ruloans believes in Hassle free processing. This is because we want the customer to have a smooth free flow process while taking a used car loan in Kolkata. This means, the customer will spend less time in running around. They can upload their documents too which will help in faster processing.

Benefits of applying with us

Ruloans understands the market very well because we are here since the past 20 years. Hence we understand the market trends and also how the customers react to interest rate changes. We have touch base in more than 500 cities in India and hence applying with us will always help you get the best deal.

Compare your loan options

Our major USP is that when you visit our web portal, you can compare loan options of all our partnered Banks and NBFCs. This will help you in understanding of all the offerings in the market and how you can get the best deal. This also will help you in saving a lot of time.

Free expert guidance and advice

It’s not easy giving guidance and advice until you’re good at your work. Our employees and advisors are good at their work and very experienced with market trends. Hence with their expertise, we help our customers in getting the deal they want and advise them accordingly. We do this free of cost always and don’t charge a single rupee from the customer.

Privacy policy

Data Privacy is very important and hence we ensure that none of the customer’s data is shared anywhere else. Your loan application is sent directly from us to the Bank of your choice.

How to Apply For a Used Car Loan 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 Kolkata" option. There click on 'Apply Now' box.
  • Step 2:You will then proceed in filling your personal and financial information. After that you can opt to use our “used car loan calculator” which will help you in understanding your eligibility and making the right choice.
  • Step 3:The used car loan calculator will help you in understanding the most ideal rate of interest for you. Post this, you will find a list of our partnered banks that you qualify for as per your eligibility criteria. This list will include the name of the lender and the overall deal.
  • Step 4:Later, you have to choose the best deal and the lender of your choice in order to go ahead with the process.
  • Step 5:Finally after making the choice, your application will be sent to the bank for processing.

Frequently Ask Questions

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