Used Car Loan Ranchi

Best Banks for Used Car Loan in Ranchi

Feature	HDFC Bank	Private Bank	Kotak Mahindra Bank
Interest Rate	8% - 8.4 %	8.5 - 9.5 %	11%
Min Loan Amt	Metro : 1 Lac & Non Metro: 75000	75000	75000
Max Loan Amt	1 Cr	1 Cr	1 Cr
Loan Tenure	Upto 7 Years	Upto 5 Years	Upto 5 Years
Processing Fee	1999 - 4999 + Tax	0.25% to 1.50%	0.25% to 1.50%
Preclosure Chgs	2%, Nil after 24 months	2%, Nil after 36 months	Nil
Loan to Value (LTV)	Upto 100% on Ex- showroom	Upto 95% on Ex- showroom	Upto 90% on Ex- showroom

Used Car Loan Ranchi Features

Used Car Loan is available for you at an attractive rate of interest. Used Car Loan Ranchi provides you financial help for getting a loan for a pre-owned or used car.

The features of the used car loan in Ranchi are:

• Avail maximum amount of up to Rs. 2.5 crore
• Get a 100% loan amount of the car price
• At loan maturity, the car’s age should not be more than 10 years
• Avail loan amount up to 6 times of your yearly income
• Provision of personalized guidance 
• Get customized and convenient refund plans with reasonably priced
• The maximum loan tenure period is up to 5 years for a pre-owned car
• Easy and simple processing
• Get your second-hand car approval quickly
• Loan amount disbursed faster
• Quick and less documentation 
• Get a loan amount of up to 85% of the car value without salary proof
• Get benefit from end-to-end advising

Used Car Loan Ranchi Interest Rates

Bank	Processing Fee	Prepayment Charges
HDFC Bank Car Loan	(1999 - 4999) + Tax	2%, Nil foreclosure charges after 24 months
Axis Bank Car Loan	1 % to 2.50%	Nil
Private Bank Car Loan	0.25% to 1.50%	2%, Nil foreclosure charges after 36 months
SBI Car Loan	500/- to 0.50%	Nil
Kotak Car Loan	1% to 2%	2.25% of fore closure amount if closed 1 month ahead of the tenure.
IIFL Car Loan	Nil	Nil
Muthoot Car Loan	Nil	Nil
Manappauram Car Loan	Nil	Nil
PNB Car Loan	0.70% to 1%	Nil
Canara Bank Car Loan	1%	Nil
Andhra Bank Car Loan	Nil	Nil

 

To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates

Apply for a Car Loan

Used Car Loan Ranchi Documents Required

The documents required for a used car loan in Ranchi is different for Salaried and Self Employed applicants:

For Salaried:

Any of the following documentation required for identity and residence proof:

• Valid Passport 
• Voter ID Card
• Permanent Driving License
• Job Card
• Letter issued by the National Population Register 

The following documents for income proof:

• Latest Salary Slip
• Latest Form 16/Latest ITR
• Bank statement of last 6 months

Any of the following document required for signature proof:

• Passport Copy
• Photo Driving License with DOB
• Credit card statement with Credit Card Copy
• Banker’s verification

For Self Employed:

1. For age proof, the documents required are Memorandum and Articles of Association/Certificate of Incorporation
2. For identity proof, the documents required are Memorandum and Articles of Association/Certificate of Incorporation
3. For Income Proof, there is a requirement of the Latest ITR and balance sheet with profit and loss account
4. Address Proof Documents(Anyone): Memorandum and Articles of Association, Certificate of Incorporation, Telephone Bill, Electricity Bill
5. For Sign Verification Proof: Passport Copy, Photo Driving License with DOB, Credit Card Statement, Banker’s Verification

Also, the used car loan can be borrowed in the following type of firms as well:

• Partnership Firms
• Sole Proprietorship
• Public Limited Companies

Used Car Loan Ranchi Eligibility Criteria

The car loan eligibility requirements are as followed in Ranchi:

For Salaried:-

1. Minimum age: 21 years
2. Maximum age at loan maturity: 60 years
3. Minimum employment: 1 year in recent employment and a minimum of 2 years of employment
4. Minimum Annual Income: Rs 2,50,000 net annual income
5. This comprises doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state, and local bodies

For Self-Employed:-

1. Minimum age: 21 years
2. Maximum age at loan maturity: 60 years
3. Minimum employment: 3 years 
4. Minimum Annual Income: Rs, 2,50,000 per annum
5. This includes appliers who own a private company in the business of manufacturing, trading, or services
6. Appliers who have an office landline

The following type of firm are also eligible to take a pre-owned car loan in Ranchi:

• Sole Proprietorship
• Partnership Firms
• Public Limited Companies
• Hindu Undivided Family

How to Apply for Used Car Loan in Ranchi?

Availing a Used Car Loan in Ranchi is an easy and smooth process with Dialabank. Follow the following steps to get the best offers:

• Visit our website Dialabank
• Press on the car loan option accessible in the menu
• Fill in the details about the car type and your salary
• Wait as our relationship manager will soon get in contact with you on your provided contact number.
• You may also call our relationship managers on the number 9878981166 in case of any queries regarding the used car loan.
• For getting a car loan offline you will have to visit the bank branch personally, which might turn to be hectic for you.

Used Car Loan for Major Car Manufacturers in Ranchi

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Used Car Loan in Ranchi

Category	Details
Processing Charges	1999 - 4999 + Tax
Prepayment	No prepayment is allowed until 12 EMIs are paid
Preclosure	No foreclosure is allowed until 12 EMIs are paid
Prepayment Charges	13-24 months: 2% of loan principal outstanding
	>36 months: Nil Charges
Stamp Duty	As per state laws
Cheque Bounce Chgs	₹ 550/chq +  GST
Floating Rate of Interest	Not Applicable
Overdue EMI Interest	2% p.m.(on overdue amount)
Amortisation Schedule Chgs	Rs 200 + GST

CIBIL Score Required for Used Car Loan in Ranchi

The CIBIL score is pointed to as what defines your ability to pay off your credits. A higher Credit score means good credit history and makes your Used Car Loan Ranchi application process hassle-free and easy to be processed. Mostly, banks and NBFCs take a good credit score to approve your loan application process in Used Car Loan Ranchi.

The CIBIL score required for availing a loan for a used car or second-hand cars in Ranchi is 720 and above. Those who have a minimum CIBIL score of 720 is eligible for getting a pre-owned car loan in Ranchi. CIBIL score may again differ from bank to bank. In case of a low CIBIL score than the required value, you will be needed to pay a high rate interest rate on the loan amount while if your CIBIL score is good then you may have to pay a low interest rate. Thus, a CIBIL score is an important factor for getting a Used Car Loan Ranchi.

Used Car Loan Ranchi Contact Number

In case of any queries regarding the used car loan in Ranchi, you may contact the number 9878981166 for any sort of assistance.

Pre Calculated EMI Table for Used Car Loan Ranchi

Rate	5 Yrs	4 Yrs	3 Yrs
10.50%	2149	2560	3250
11.00%	2174	2584	3273
11.50%	2199	2608	3297
12.00%	2224	2633	3321
12.50%	2249	2658	3345
13.00%	2275	2682	3369
13.50%	2300	2707	3393
14.00%	2326	2732	3417
14.50%	2352	2757	3442
15.00%	2378	2783	3466

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Used Car Loan EMI Calculator Ranchi

About Ranchi

Ranchi is the capital of Jharkhand state of India. It is the 4th largest city of India by area. It has been selected as one of the hundred Indian cities to be developed as a smart city.

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