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March 14, 2014 14:40

Used car market and used car finance in India is considered to be one of the biggest on a global platform. The concept of driving used cars in India is widely popular among the masses as these cars are offered at nearly half the price of buying a new car. Moreover, some of the used cars come with warranty coverage and regular maintenance offers that you would otherwise find while purchasing a new car. Call it, used car financing or vehicle finance, private and national banks are always ready to be at your service.

Getting a used car finance is easy. There are many private and national banks who indulge in used car financing. Eligibility under normal circumstances are:

  1. Minimum age of applicant should be 18 years (Salaried) and 21 years (Self Employed)
  2. Maximum age of applicant at Loan Maturity shall be 60 years (Salaried) and 70 years (Self Employed)
  3. For Salaried Employees, they should be working in the current company for one year
  4. For Self Employed, they should be in business for at-least 2 years
  5. Minimum Loan Amount generally given is Rupees One Lakh

Interest rates charged by different banks for used car finance may vary slightly, but most often charges are almost the same, so you need to discuss with their representative for the same. The most popular option chosen by buyers is the Hire Purchase System, whereby EMI used car loans are adjusted towards repayment of the principal amount and the accrued interest. Some of documents that you may need to present while applying for used car loans would be:

A) For Salaried Personnel’s:

  1. Address Proof (Any one) – House Lease/ Leave & License agreement, Ration card, Driving license, House Tax chalan, Housing Society bill, Voter card, Passport, Telephone bill, Electricity bill, Water Tax chalan, Wireless Land-line bill or Credit Card Statement.
  2. Income Proof - Latest salary slips with the Form 16 document
  3. Identity Proof (Any one) - Passport, Photo Credit Card, PAN Card, Voter Identity card, Driving license, Employee ID issued by Government of India/ PSU/ Limited companies, Local Panchayat Identity card or Notary certification with Photograph.

B) For Self Employed:

  1. Address Proof - The documents collected towards identity proof to reflect the current address of the concern/firm
  2. Identity Proof (Any one) - Passport, PAN Card, Voters Identity card, Driving license, Latest Sales Tax assessment order or Sale Tax registration certificate.
  3. Income Proof - Latest Income Tax Return 

 

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