Nowadays the demand of having car has increased to a great extent, as a result of which the demand of both new car as well as the used car are also increasing in an alarming rate. The next thing that comes in to the fore light is that the matter of affordability. Sometimes it’s become tougher to afford a new car so, that is the reason why people are also getting more and more inclined towards the use of the used car. Now banks are also offering loans on the used cars at very cheaper rates. Different banks offerdifferent loans on different rates of interest. Through this article we are going to show you the best bank which can provide you with the loans on the used car with greater EMI’s and at lower rates of interest.
Before you apply for loan for the used car just always have a thorough research about the bank you want to apply for and always keep in the mind about the reliability of the bank.
According to the latest update the best bank that offers you cheap rate loan for the used car is the HDFC bank. It gives you 15.25% – 17.75% that are for 60 months and 15.25% – 17.75% that is for 48 months, 15.75% – 18.25% this is for up to 12 months. The first processing fee is also very low it starts from Rs. 2625 up to Rs. 4950.
Features of the HDFC bank loans:
- For the HDFC Bank they provide loan on the rate of interest of 10.50%-13%
- The term of the loan is between 1 to 7 years
- The next thing is you need not to pay any kind of foreclosure charge for selecting the manufacturer or the brand of the used car.
- Foreclosure charge will be exempted for 6 months.
- For applying for the loan of the used car you don’t need any guarantor.
Documents that are required for applying the loan to the bank are.
- You first require the identity proof which includes passport copy; you can also give the voter ID card, or driving licence.
- Income proof: within this document you have to give the slip of the last salary. This document is applicable only for the salaried employee.
- Next document that you require is the address proof where you can use the voter ID card or the ration card as well any documents that have your residential address like electricity bill or telephone bill.
- For the self-employed individual it is a bit different. The identity proof as well as the address proof will be the same but for the income proof you have to submit the ITR. Bank stamen will be required if the income is more than that of 1.5 lac.
- If you are a salaried person then the age between which you can apply for the loan is between 21 years up to 65 yrs. The age is same for the self-employed group also.
So, you can easily rely on HDFC Bank for the loan for the used car. As they can give you loan on low interest rates and the procedures are very quick and easy