How second hand car loan works?
The loan offered for the Used Car ranges from 60% to 80% of the on-road price of the car. As the risk associated with the used car loan is higher. So, the rate charged on used car loans is on the higher side and starts from 7.29%. The time period for the payment of Used Car Loan lies up to 7 years.
Different banks and financial institutions have different sets of rules applicable for the second hand car loans. However, there are some criteria through which banks gauge the eligibility of the individuals. They are:
- Age of the Applicant: The age requirement for a used car finance is 21 years to 65 years.
- Income: An individual must have a regular source of income. The minimum income requirement to get a second hand car loan is Rs. 18,000 for salaried and Rs. 1.5 Lakh per annum for businessmen.
- Work Experience: Banks ask for a minimum of 1 year of experience in case of salaried individuals and business existence of 3 years for businessmen.
- Credit Score: A credit score above 700 is considered as a good score for a used car loan.
- Age of the Vehicle: The vehicle must not be less than 10 years at the time of loan maturity.
Documents required to opt for the old car loan are:
- Identity proof: Aadhaar card, PAN Card, Voter’s ID, Passport, Driving license, etc.
- Proof of Residence: Aadhaar Card, Electricity Bill, Ration’s Card, Passport, Driving License etc.
- Proof of Income: Salary slip, Form 16, Bank statements of the last six months, Profit and loss statements, etc.
- Signature proof
- Photograph
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