A used car loan is a variable of car loan. Its a type of secured loan where the loan borrower has to keep his/her car as collateral to bank/NBFC against the loan. By taking this loan one can buy an expensive car easily. The price of a second hand car is always low compared to its price when it was bought as a new car. By taking a used car loan one can buy an expensive luxurious car in lower rates. The price of the car is decided as per its current cost on road and its condition. With a strong credit score and proper documentation one can easily get a used car loan from a leading bank/NBFC in Mumbai. They provide 60% to 70% finances as per the current on road value of the car. The maximum tenure for a used car loan is 5 years (60 months) and the interest rate starts from 15.50%*.
Mumbai is a rapidly growing city in the world. Though it is very well connected internally with public transport systems like buses, local and metro; still many face easy transportation problems. If one has a car at their disposal, they can travel within or outside the Mumbai without any hassle. As Mumbai is a glomming city, everyone in Mumbai wishes to buy an expensive luxurious car. But many do not have ample amount of funds to do so. Even by taking a car loan one cannot buy a luxurious car of their dreams. Here used car loan comes to your rescue. You can buy a luxurious second hand car and pay its current on road price instead of the actual hefty amount.
Luxurious cars are often very expensive. People, who are on low budget and wish to buy a luxurious car, many times have to settle on a two wheeler. But with used car loan one can make their buying a luxurious car dream come true. Used cars cost less than its current on road price and with easy EMI options offered by banks and NBFCs; you can easily buy a used car. You can pay the EMIs which will be much cheaper than buying a firsthand new car and later paying for it.
By opting for used car loan one can easily afford any luxury car available in the market. The price of used car is derived from its current on road price considering its condition, model and insurance details etc. So the price of luxury car dramatically decreases and one can buy it by opting for easy EMIs. Here you can choose a model of the car which you won’t be able to buy easily if you were to buy it as a new car. So those who desire to buy luxurious and expensive cars like SUVs will be able to get it easily.
The process of getting a used car loan is much easier and hassle free compared to a new car loan. This is a new & secured type of loan which banks & NBFCs are always willing to offer to their customers. Banks and NBFCs offer customized used car loans with easy EMI plans for their customers. Also compared to new car loan, the banks & NBFCs lend lesser amounts to their customers. Banks & NBFCs charge very minimal fees for pre-payment of used car loan so the customers can easily pay off the loan faster than required. The interest rate on used car starts from 15.50%*.
To determine whether you are eligible to get a used car loan in Mumbai or not, there are various criteria involved. These criteria differ from loan lender to lender. These involve various factors like as income, employment status, loan tenure etc. Banks & NBFCs have divided eligibility criteria on applicant’s professions but there are some general criteria too which applies to everyone.
Banks & NBFCs divide their applicants into two categories to determine the eligibility criteria: Salaried Applicant and Professional Applicant/ Self-Employed Applicant.
The list of documents for availing a used car loan changes whether you’re a salaried applicant or a self-employed professional/ businessman. The process of getting a used car loan in Mumbai can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria of the loan borrower. The list of required documents differs from loan lender to lender. But we have given a generic list of required documents below:
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for a used car loan with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your used car loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a used car loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a used car loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your used car loan as per your budget.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
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