All About Used Used Car Loan Sukher
A used car loan is the loan offered by the lenders for purchasing a used vehicle. When you decide to buy a car, usually new, you also apply for a loan in any bank or other financial institution. In a used car loan, the cost of the vehicle may be lower than that of a new car, but still, the price is pretty high to finance from one’s savings. That is the reason; financial institutions have also come up with a new type of loan known as used car loan.
Interest Rates for Used Car Loan Sukher
The used car loan is provided at an interest rate of 14.00% reducing. For example, if you procure an investment of Rs.8 lacs and you have paid off Rs.3 lacs, then the interest would be charged at remaining five lacs and not the entire amount of 8 lacs. This rate of interest is charged based on the reducing method.
Eligibility Criteria for Used Car Loan Sukher
First of all, the minimum age of the borrower should be 21 years.
After that, the maximum age of a customer should not more than 60 years.
The CIBIL score of the applicant should be 700 or above.
Furthermore, the borrower should have minimum employment of one year in the present company and a minimum of 2 years of work experience in total.
At last, the monthly income of the customer should be Rs 24,000.
The minimum age of the borrower should be 30 years. In case the applicant is less than 30 years, he would require a co-applicant.
The age of co-applicant should be of 25 years, and he/she is currently working somewhere.
The applicant must have filed an ITR of Rs.2.5 lakhs for the past two years.
The credit score of the applicant needs to be 700 or above.
Note: Used Car Loan is not given to rented customers unless he/she is a government employee.
Documents required for Used Car Loan Sukher
Identity Proof: First of all, the customer should need following reports any one of the given proof is accepted by the banks such as PAN Card, Aadhaar Card, Passport, Voters ID card, and Driving License.
Residence Proof: After that, the borrower should require the following proofs of residence to get a gold loan such as Aadhaar Card / Driving license/ PAN Card / Ration Card / Voter Card / Telephone Bill / Passport Copy / Life Insurance Policy / Electricity Bill.
Income Proof: For Salaried employees latest three months salary slip is required along with six months bank statement. For Self- Employed applicant ITR for the last two years is required and six months bank statement.
Bank Statement: A Bank statement for the last six months is also required to get a used car loan.
To get a used car loan RC and Insurance Copy is required.
Rent agreement is needed only in case of government employees.
Features of Used Car Loan Sukher
Firstly, the loan gets quickly disbursed.
After that, repayment options are secure in a used car loan.
Any individual can get an affordable used car loan because of a low rate of interest.
Then, Loan Tenure fall between 1 to 5 years.
In used car loan, there are no hidden charges.
Used car loan requires quickly and hassle-free documentation.
Additional information for Used Car Loan Sukher
In this, Used Car Loan Sukher is available only for the car models which are launched after 2013.
A customer with CIBIL 1, 0 and -1 can also apply for a used car loan.
In the case of luxury cars, the loan can be given up to the 2011 model.
The amount of loan that the customer will get is 85% of Insurance Value.
The period for which the customer can avail the loan is 24 months to 60 months.
How to Apply for Used Car Loan Sukher?
First, you need to visit our official site, DialaBank
After that, apply for Used Car Loan online.
The customer can enter his/her contact number and other details so that our team can contact you back.
DialaBank is the best platform to apply for a used car loan as you will get a loan at affordable rates of interests.
Sukher is a village in Baldwara Tehsil in the district of Mandi in Himachal Pradesh State in India. Now it is effortless to avail used car loan with the help of DialaBank.
Used Car Loan Providers (Click to Apply)