Used Car Loan Gwalior

All About Used Car Loan Gwalior

Eligibility for Used Car Loan Gwalior

An individual must examine the Eligibility criteria for car loan along with the process.

For salaried employees

1. Income: The income of the applicant should be Rs. 24,000 per month.
2. Age: Minimum age of the applicant needs to be 21 years and the maximum age should be 60 years.
3. CIBIL: CIBIL score of the applicant should be at least 700.
4. Bank’s internal customer is given used car loan in case they are rented.

For self-employed

1. Age: The age of the applicant should be 30 years. In case the applicant is less than 30 years, he would need the co-applicant.
2. The co-applicant should be of 25 years and currently working.
3. CIBIL: CIBIL of the applicant needs to be 700.
4. The applicant must have filed an ITR of Rs.2.5 lakhs for the past 2 years.

Note: Used Car Loan is not given to rented customers.

Interest Rate for Used Car Loan Gwalior

The interest rate charged on used car loan is 13% of total amount. This interest is charged on the basis of reducing method.

The Loan gets disbursed in your bank account in just 2-3 days.

For more information about car loan interest rate

Benefits of Used Car Loan Gwalior

1. Firstly, the interest rate charged on these loans is very less.
2. Loan is available to the applicant in very less time.
3. Time period for which the customer can avail the loan varies, so the customer can choose the time period for which he can avail the loan.
4. The procedure for acquiring the loan is very easy and simple.
5. Customer does not need to keep any security with the bank.
6. The cost of a used car will be much less than a new car.
7.  Lastly, the amount of loan that you would have to take will also be very less.

Documentation required for Used Car Loan Gwalior

An individual must check the documents required for car loan before deciding.

Documents required for Used Car Loan are as follows:

Identity Proof: Passport copy/ PAN Card/ Voters ID card/ Driving License/ Aadhar Card

Income Proof: Latest 3 months salary slip and 6 months bank statement is required for salaried employees and Last 2 ITR filed and 6 months bank statement is required for self-employed persons.

Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy / PAN Card / Aadhar Card

Bank Statement: Bank statements for the last six months should also be available with the applicant.

RC and Insurance Copy

Rent agreement is needed only in case of government employees.

Additional information for Used Car Loan Gwalior

1. Car Loan is given on car models of after 2013.
2. In case of luxury cars, the loan can be given for models after 2011.
3. The amount of loan that the customer will get is 85% of Insurance Value.
4. Time period for which the customer can avail the loan is 24 months to 60 months.
5. A customer with CIBIL 1,0 and -1 can also apply for loan.
6. The amount of loan the the customer can take starts from Rs. 1 lakhs.

How to Apply for Used Car Loan?

1. HDFC Car Loan
2. Kotak Mahindra Car Loan
3. Yes Bank Car Loan
4. Axis Bank Car Loan

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