What is a Used Car Loan?

Used Car Loans are given to individuals who are interested in buying a used car for their personal/professional needs. Various banks provide Used Car Loans, up to a certain percentage of the price of car or even on zero down-payment, based on their offers.

Characteristic of Used Car Loan

  • Applicable for both Used Cars
  • Interest rates can be fixed or variable
  • A tax deduction maybe applicable if car is to be used for business/professional purposes
  • Flexible time period for repayment of loan is also made available
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How we can help?

  • As one of the leading loan & finance Compant in India. Royal Finserv provides you with an unbiased platform to analyze and decide upon the available deals in the market.
  • A one-stop-shop for comparing the various rates offered by different banks/NBFCs, Royal Finserv allows you to make a calculated and knowledgeable decision by evaluating the deals based on loan amount, interest rate, repayment period, eligibility criteria etc.
  • we do provide doorstep document pickup at customers place, which can give value added services to used Car Buyers in Mumbai & many other locations in India
  • Get a professional support for Car Refinance at best competitive rates.
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Eligibility Criteria of Used Car Loan

  • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
  • The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
  • Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
  • Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
  • For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.

Documentation

  • Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
  • Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
  • Income proof: ITR / form 16 / pay slip / salary credit bank statement.
  • Asset Proof: Latest land/building/house tax receipt
  • Recent passport size photo.
  • 2 Photographs
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