Some dreams are considered to be so sacred that they never come true. Owning a car which will enhance your reputation was one such dream until recent times due to the high price of any vehicle in India. But with easy EMI options and attractive interest rates, banks and NBFCs started offering car loans. These loans are specifically designed to buy a car or any other vehicle for that matter. By opting to take a car loan, now you can touch the golden dream of owning a car. Many banks and NBFCs also offer Used Car Loans. If you are interested in buying a previously used car or a second hand car, banks will help you in that aspect too.
A used car loan is a type of secured loan. When a borrower wants to buy a second hand or used car, banks and NBFCs give away this type of loan. This type of secured loan is getting popular day by day. Banks and NBFCs are happily willing to give this loan. By opting for a used car loan, one can buy a car expensive than their budget in less amount. The loan is very flexible and comes with easy EMI policy. When you get a used car loan, you have to keep the car you are borrowing as collateral to the lender until you pay off the loan in full. But meanwhile you can still use your car. Banks give loan on the basis of car's current condition, borrower's financial history, CIBIL score, ability to repay the loan and other debt obligations. Banks give loan amount up to 60% to 70% of the car value for the tenure of maximum 60 months i.e. 5 years. The interest rate starts from 15.50%*.
There are various reasons to opt for a used car loan in India. We have listed some of them below:
Cars are an expensive affair. People who are on low budget wish to buy a car but many times have to settle on a two wheeler. But with used car loan one can make the car dreams come true. Used cars cost less than its current on road price and with easy EMI options offered by banks; you can easily buy a used car. You can pay the EMIs which will be much cheaper than buying a firsthand new car.
By opting for used car loan one can easily afford any luxury car. The price of used car is not derived from its current on road price. It is decided on 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 in terms of new car. So those who desire to buy 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 type of loan and banks are always willing to avail it to customers. Banks offer customized used car loans with easy EMI plans for customers. Also compared to new car loan, the banks are able to lend lesser amounts to customers. Banks charge very minimal fees for pre-payment of used car loan so the customers can easily pay off the loan faster than required. Banks charge interest rate on used car starting from 15.50%.
To determine whether you are eligible to get a used car loan or not, there are various criteria involved. Such as income, employment status, loan tenure etc. The criteria differ from bank to bank. Banks have divided eligibility criteria on applicants professions but there are some general criteria too which applies to everyone.
Banks divide their applicants into two categories to determine the Eligibility Criteria
The list of documents for availing a car refinance loan changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a car refinance loan 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.
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