Used Car bank loan process in India

Are you on the fence of buying new car? Apart from looking into the fabulous car models and features you might be thinking of credit situation also, may be you are frustrated that whether you can finance for a new car or a used car. Due to lengthy loan terms many of us thinks twice of buying a new car that is the reason why most of us get inclined to buy a used car!

If you now really want to buy a used car and you really want to finance a loan for it, then you might be thinking that from which banks you want to finance a loan and what are the features and benefits that you can enjoy from the banks and most importantly what are the procedures or process for applying for the loan. Then this article will help you to answer the questions at its best.

If you go for a thorough research you can easily come to the conclusion that in recent times HDFC bank can be perfect option for financing a loan for the used car loan.

  • The benefits that you can enjoy from HDFC bank are as follows:
  • You can get loan for any car that is being produced in India.
  • You can repay loan amount between the months ranging within 12 to 60 months.
  • For self-employed applicant then can get the loan amount which will six times of the annual salary whereas on the other hand for the salaried employee, they can get the loan amount, which will be three times of their annual salary.
  • If you want to get a loan from HDFC bank then you can get lower rates of interests and flexible and easy EMI’s.

The next we will have a glance of what are the things that are required for the procedures of the used car loans.

  • When you are applying for the first and foremost things that are important is proper documentation and a thorough knowledge about the terms and condition of the loan.
  • For the salaried employees the minimum age limit to apply for loan is 21 years and the maximum age limit is 60 years.
  • For applying the loan the minimum employment tenure is 1 to 2 years without which you cannot apply for the loan.
  • In application form of the loan you have to put the gross hold income within this gross hold income you have to include the income of your spouse.

The above stated points are the eligibility now let’s just has a glance what are the documents that are require for the loans process.

  • The first and foremost thing that you required is the age proof which includes, passport copy, PAN card, voter ID card and driving license.
  • During loan application you require your income proof for that you have to place income assessment order.
  • Along with the age proof and income proof you need also to place to give address proof for that you have to place voter ID card, ration card with date of birth.
  • Another important part of the used car loan application is the signature verification that will be done by the bank manager.
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