About Used Car Loan?
Many consumers apply for Used Car Loans. While applying for a used car loan a borrower has clarity in mind that how much amount they want to borrow. Apply for a used car loan the lenders will check your credit history. If you have bad credit then you are not eligible for the used car loan. The Used car loan Interest Rate of a used car loan is depends upon market value and depreciation of the car. The tenure of a used car loan goes up to 7 years. Some Important points you should know when you get a used car loan.
- When compared to the Interest Rates for a used car loan it is higher than new car.
- Most of NBFCs and banks do not offer a loan if the car is old for more than 3 years.
- The insurance cost will not be covered in the loan amount.
Compare Used Car Loan with Top Banks 2021
|Bank||Used Car Loan Interest Rates|
|HDFC Bank Used Car Loan Rates||13.75% Fixed|
|SBI used Car Loan Rates||9.75% Floating|
|ICICI Bank used Car Loan Rates||12.00% Fixed|
|Kotak Bank used car Loan Rates||6.50% Fixed|
Also Read:-SBI Loan Against Property
Many banks, such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, SBI, BOB, etc., check your eligibility for a car loan through a ‘Car Loan Eligibility Calculator. This tool is available on the bank’s official website. Just entering basic details such as your contact number, residence stability, type of employment, model and ex-showroom price of the car, etc., the calculator will automatically check your eligibility for a used car loan. The information you are asked to input will vary from bank to bank and hence, it is recommended that you check the eligibility for specific lenders before you apply for a car loan.
Who can apply?
- Applicant can be resident Indians only
- Age should be between 23-70 years
- Business continuity is maximum 4 years
- Must earn minimum 1.5 lakh per annum
- The tenure duration 12 months to 7 years.
- Resident & Non-Resident Indians
- Age should be between 21-60 years
- Minimum experience of 3 years.
- Earning capacity is minimum ?1 lakh p.a
- The tenure duration is 12 months to 7 years
How to Apply for Used Car Loan?
Firstly, check your eligibility if, you are eligible for the used car loan then get a loan by following these simple steps: -
- 1.Visiting the nearest bank branch or NBFCs office where you would like to apply for a loan.
- 2.Fill the application form with signature and photograph.
- Submit the required documents.
- know about the interest rates, processing fee, etc.
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