- Seize Opportunity: Own a quality used car without waiting to save up the full amount.
- Budget-Friendly: We lend you the funds required to purchase the used car, repaid in manageable monthly installments.
- Flexible Options: Choose from various used car models that suit your preferences.
- Immediate Ownership: Drive your desired used car without the delay of saving for years.
- Great Value: Get a reliable used car with excellent value and features.
- Build Credit: Consistent payments can help enhance your credit history.
Used Car Loan Eligibility
Used Car Loan Eligibility Calculator
Refer to calculator
Used Car Loan Eligibility Criteria for Top Banks:
- Age: Generally 21-65 years.
- Income: Minimum monthly or yearly earnings.
- Employment: Stable job with experience (1-2 years).
- Credit Score: Good score, often 650 or higher.
- Down Payment: Certain percentage of car's cost.
- Documentation: ID, address, income proofs, car papers.
- Loan Amount: Based on income and repayment ability.
- Debt-to-Income Ratio: Consideration of existing debts.
Fees and Charges for Used Car Loan
The fees and charges of used car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to used car loans:
Particulars
Charges
Loan Processing Fees
0.5% to 4% of loan amount
Loan Cancellation
Usually around Rs 3,000
Stamp Duty Charges
As per actuals
Legal Fees
As per actuals
Penal Charges
Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce
Around Rs 400 per bounce
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
