There was a time when owning a car was a luxury not all could afford to have. Buying a car was a life milestone for everyone who could shell out those huge amounts of money all at once to buy their dream car. With growing times, changing demographics and emerging car loan lenders, for a majority of the Indian middle class, owning a car today is no longer a luxury, but in fact a necessity made possible by taking a car loan.
What is a Used Car Loan?
Used Car Loans are given to individuals who are interested in buying a used car for their personal/professional needs. Various banks provide Used Car Loans, up to a certain percentage of the price of car or even on zero down-payment, based on their offers.
Characteristic of Used Car Loan
- Applicable for both Used Cars
- Interest rates can be fixed or variable
- A tax deduction maybe applicable if car is to be used for business/professional purposes
- Flexible time period for repayment of loan is also made available
How we can help?
- As one of the leading loan & finance Compant in India. Worient Capital provides you with an unbiased platform to analyze and decide upon the available deals in the market.
- A one-stop-shop for comparing the various rates offered by different banks/NBFCs, Worient Capital allows you to make a calculated and knowledgeable decision by evaluating the deals based on loan amount, interest rate, repayment period, eligibility criteria etc.
- we do provide doorstep document pickup at customers place, which can give value added services to used Car Buyers in Mumbai & many other locations in India
- Get a professional support for Car Refinance at best competitive rates.
Eligibility Criteria of Used Car Loan
- Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
- The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
- Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
- Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
- For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.
- Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
- Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
- Income proof: ITR / form 16 / pay slip / salary credit bank statement.
- Asset Proof: Latest land/building/house tax receipt
- Recent passport size photo.
- 2 Photographs