Used Car Loan

Used Car Loan Features

Features and Benefits of our Used Car Loan

Reduced Interest Rates: Car loans, being secured, typically attract lower interest rates compared to alternative financing avenues like personal loans, home loans, or other secured loans..
Swift Loan Processing: Car loans, secured against the intended vehicle purchase, involve lenient eligibility criteria and minimal documentation, facilitating faster loan processing by lenders.
Preservation of Savings: Car loans eliminate the need for individuals to dip into their savings or endure prolonged waiting periods, providing a quicker path to acquiring their dream vehicle.
Flexible Tenure Choices: Banks extend car loans with tenures of up to seven years, granting borrowers the flexibility to select a repayment period that aligns with their convenience.
No Additional Collateral Requirement: Car loans do not necessitate additional collateral, as the vehicle itself serves as security. In the event of payment default, the bank retains the right to seize and sell the vehicle to recover the loan amount.
Payment Mode Flexibility: Borrowers can opt for varied payment modes, including post-dated cheques or automatic deductions through the auto-debit facility, offering flexibility in repaying the equated monthly instalments (EMIs).

Used Car Loan Eligibility

To qualify for a pre-owned car loan, certain conditions must be met:

1. Age Requirement: Applicants should be within the age range specified by Shivay Financial Consultants, typically between 21 and 65 years.

2. Income: The applicant's annual income must be ranging from minimum 2-4 lakh.

3. Credit Score: A satisfactory credit score is essential. Typically, a credit score of a certain threshold, such as 750 and above, may be preferred.

4. Employment Type: The nature of employment, whether salaried or self-employed, may be considered in the eligibility criteria.

5. Work History Applicants must also demonstrate a work history of at least 2 years in the same professional field.

Documents Required for Used Car Loan

The following documents are required in order to apply for the used Car Loan from People Grow Financial Solution:

Photo Identity Proof (Any one):

PAN Card
Aadhar Card
Passport
Latest Passport Size Photo
Voter’s ID

Address Proof (Any one):

Aadhar Card
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Passport
Driving Licence
Current and Permanent Address Proof

Proof of Income:

For Salaried Professionals:

Salary slips (Last 3 months)
Form 16 of Latest 2 years
Last 6 Months Saving Account Bank statement
If the current employment of the applicant is less than one year then the current Appointment letter and the last company’s relieving letter will be required.

For Self-Employed Professionals / non-professional:

ITR Return for the last 3 years along with income of computation, Financial Report, Audit Report, P&L Statement and Balance Sheet.
GST Registration
GST Return of Last 2 years.
Current & savings Account Bank Statement of past 6 months.
26AS of the latest 2 years

For Partnership Firm:

Partnership Deed
Shareholder Certificate
Director’s List and Director KYC
Firm’s PAN Card
26AS of the latest 2 years

For Private Limited Company:

MOA
AOA
LOD
LOS
BRB
Director’s KYC
Company's PAN Card
26AS of the latest 2 years

Fees and Charges for Used Car Loan

The fees and charges of Used Car Loan 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 Loan:

Particulars	Charges
Loan Processing Fees	Rs. 4000 to 9000
Loan Cancellation	Rs 2000 plus taxes
Stamp Duty Charges	Payable as per the state law
Prepayment Charges	3% + Taxes
Used Car Valuation Charges	Rs.800 + applicable Taxes

Used Car Loan Reviews

Anjali Sharma

Marketing Executive

The personal loan process was incredibly smooth. The interest rates were competitive, and I received the funds quickly without hassle.

Rahul Kumar

Software Engineer

Very professional service. I appreciated the transparency in charges and the timely communication throughout the loan approval.

Pooja Nair

HR Manager

Hassle-free documentation and quick disbursal. I’d recommend this to anyone looking for a personal loan with minimal delays.

FAQs

We Are Available In Cities

Ludhiana

Raipur

Hazira

Vadodara

Gujarat

Nashik

Valsad

Mumbai

Hyderabad

Jalandhar

Indore

Mangalore

Daman

Umbergaon

Jodhpur

Pune

Udvada

Ahmedabad

Vikramgad

Surat

Bhopal

Jaipur

Silvassa

Kevadiya

Kolkata

Vapi

Bharuch

Saputara

Nagpur

Varanasi

Delhi

Diu

Bangalore

Lucknow