Used Car Loan

Used Car Loan

Due to the rising price of cars there are many customers who are preferring second hand cars. Many second hand cars are available at amazing prices and are in great condition for use. Some customers also buy second hand cars for business but it is also a big investment though the initial funding is a lot less than buying a new car. But despite that, buying a car requires a lot of money. The best possible way to get the car will be applying for a used car loan.

There are various banks as well as other organizations that provide loans for buying a used car. The idea is absolutely new and not many banks or organization have yet implemented it into their provided facilities. In addition to that, the organizations which are providing used car loans have very complicated rules and regulations which may unnecessary delay the whole process of availing the loan. We understand your needs of getting a second hand car and has added this feature for the customers.

If you want a quick used car loan visit us. We have very simple rules regarding the used car loan. All you have to do is provide some documents and our experts provide the loan after verifying the documents. We generally take three days to process the request of used car loan and after the processing, we credit the loan to the customer’s account.

Documents required

Businessman:

·         Financial statements for last two years

·         Residential address proof

·         Proof of Age Certificate (ID proof)

·         Business Existence Proof

·         Bank statements for last six months

·         Copy of partnership deed (if any)

·         Passport size photograph

Salaried

• Address proof.
• Bank account statements for last six months.
• Salary slips of last three months.
• Age and identity proof.
• Passport size photos.

·         Certified letter from Employer

Professionals

• Address proof.
• Bank account statements for last six months.
• Salary slips of last three months.
• Age and identity proof.
• Passport size photos.
• Tax returns documents.

Eligibility criteria for Used Car Loan

• Monthly income: Monthly income must be minimum of ₹15000/-.
• Employment status: Only available to the self-employed and salaried persons.
• Property value: There should not be any existing mortgaged property of the customer.
• Relationship with lender: Lender must have a good CIBIL score and must pay the dues regularly.
• Age: The age group must be from 21 to 55 years.
• Credit history: The individual must pay income tax at regularly.