Used Car Loan


used car loan in India

Cheapest Used Car Loan

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COMPARE USED CAR LOAN OFFERS ACROSS MULTIPLE BANKS

Used Car Loan Features

Drive Home Your Dream Car with Quick, Easy and Hassle-free Used Car Loan

Turning your dream into reality is now easy. Own your favourite car that you have always dreamt with attractive features of a Second Hand Car Loan. We offer car loans for New Car, Pre-Owned car and even a loan against car.

Features

  • Loan up to 80% of Car’s value
  • Loan tenure up to 5 years
  • Pre-Qualified Car Loans for existing customers
  • Attractive rate of interest
  • Easy documentation

Benefits

  • Flexible repayment options
  • Tailor made schemes
  • Fast, Reliable and Personalised Service
  • Attractive deals from associated car dealers
  • Insurance cover for Loan Liability available, repayable along with EMI
  • Zero Pre-payment charges under ‘MultiAdvantage Car Loans’ product

Convenient and Fast

Get a used car loan with minimum documentation. Loan Disbursement within 72 hours* of document submission.


Used Car Loan Eligibility

Loan Amount

The minimum loan amount for taking a used car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.

New Car

  • Loan up to 100% of ex-showroom price of the car.

Pre-owned Car

  • Loan up to 80% of the valuation of car with maximum tenure of 60 months* (can go further depending on profile)
  • Hassle-free processing

Eligibility

Particulars
Salaried Individual
Self-Employed Individual
Partnership Firm
Private / Public Ltd Co

Age Criteria*

The applicant should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan.

Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity.

Limited companies should have been in existence for at least 3 years.

Income Criteria*

Gross annual income of at least Rs. 2.50 lakh

Gross annual income of at least Rs. 2.00 lakh

Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakh Business income as per ITR or Profit as per P/L.

Minimum PAT (profit after tax) of Rs. 2.00 lakh Business income as per ITR or Profit as per P/L.

Stability

The total employment stability should be more than 2 years and current employment stability of minimum 1 year.

Current business stability should be 2 years or total more than 3 years.

Current business stability should be 2 years or total more than 3 years.

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Used Car Loan Documents

Documents Required

We offer the most convenient, flexible & quick used car loan at the click of a mouse. Keeping your convenience in mind, we ask you for minimal mandatory documents for the sanctioning of your pre-owned car loan.

Income Proof

  1. Salaried individuals: Latest Salary Slip or Form 16
  2. Self-Employed individuals: Income Tax Returns of 2 previous financial years.
  3. Partnership Firms, Societies & Companies: Income Tax returns of 2 previous financial years along with complete financial/audit report.
  4. Documents supporting customer information: Identity Proof, Signature Proof,Recent passport size colour photograph and Address Proof as per Bank norms (Dialabank representative will help you choose suitable documents).
  5. Business / employment stability proof
  6. Ownership proof required if self-employed individuals
  7. Bank statements

Other Documents

  1. Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Used Car Loans documentation.
  2. Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).

Our representative will help you with the formats of documents and the information required.


car loan banks in India