Here Are All The Things You Need To Know About Used Car Loans In Varanasi
An affordable alternative to buying a brand-new car is to purchase a pre-owned vehicle. Apart from enjoying the convenience of traveling in a four-wheeler, you can also save money on depreciation and get attractive car financing options if you choose a used one.
Learn everything you need to know about used car finance in Varanasi to make the application process as hassle-free as possible.
How does a loan for used cars benefit you?
- You will apply for a smaller loan amount if you buy a used car because used cars are cheaper. You will also pay smaller EMIs with used cars compared to new models.
- A lender might finance a car to a specific percentage of its value.
- Loans are easy to obtain and convenient. Online applications with minimal documentation and quick approval are the best way to get a used car loan.
- Your business may require frequent driving, so you can get a second-hand car loan for business use and claim tax benefits.
What are the eligibility requirements for used car loans?
An age range
- Between 21 and 65 years old is the minimum age for applicants.
Income
- At least Rs. 20,000 per month is necessary for salaried individuals.
- Self-employed individuals need an annual income of Rs. 2 lakhs.
Stability in the workplace
- Individuals who are salaried must have had a steady employment status for at least a year
- Individuals who are self-employed must have a business of at least three years
What is the interest rate on second-hand car loans?
There are various factors that determine your eligibility for these second hand car finance but you can qualify for more competitive used car loan interest rates if:
- Your income is high and steady.
- You have an excellent CIBIL score and a spotless credit history.
What is the process of applying for a loan to buy a used car?
Step 1-Application: Complete our online application form to begin the process.
Step 2- Documentation: There is minimal documentation required for pre-owned auto loans, as detailed below.
- You are required to submit a photo id such as your Aadhar Card, passport, or voter identification card.
- Submit a copy of your salary slips or salary account statements for the last three months if you are a salaried employee.
- Provide a copy of your income tax returns, audited balance sheet, profit and loss statement, and bank statement for the last three months if you are self-employed.
- Also, submit an electrical bill, a telephone bill, or your ration card.
- You must submit the registration documents for your business or receipt for the property tax if you are self-employed.
- You must submit a copy of the registration certificate for the vehicle you are buying.
- A copy of your signature, along with proof of your signature.
Step 3- Verification: As soon as the lender has reviewed your documents and determined you are eligible, the lender will approve your application.
Step 4- Loan sanctioning and disbursement: Once your loan application is approved, your lender will sanction your loan and disburse the appropriate amount within 36 hours. Bhumi Finance also provides cars insurance in Varanasi for second-hand cars.
Lastly, some thoughts
Utilize used car financing options from a reliable lender to afford a car of your choice without compromising your savings. Explore best used car loans or customized second-hand car loans now. Financing up to 100% is available on certain vehicles, with attractive interest rates and flexible repayment plans. Check out our website for more information and to apply for free!
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