Used Car Finance: Avail Instant Pre-owned Car Loans Online

Nowadays, several organised used-car dealers ensure second-hand cars are damage-free, well-maintained, and certified. And, if you are getting a good deal off purchasing a used car, what could be better than that? But if you lack the necessary funds to buy a pre-owned car, it makes financial sense to opt for a used car loan.

Various financial institutions offer pre-owned car loans at lucrative used car interest rates and zero down-payment options.

But, if you think that taking out a used car loan can be a hassle. Fear not; it isn’t. You can get an instant used car loan online in just a few easy steps.

1. Check Your Eligibility

The first step towards getting an instant used car loan is to see if you are eligible. Many financial institutions have similar eligibility criteria to qualify salaried and self-employed individuals, as mentioned below:

For Salaried Individuals:

• Minimum Age: 23 years
• Maximum Age: Retirement age
• Minimum Income: Rs.2.5 lakhs per annum
• Employment stability: At least 1 year in current employment
• Residence: 1 year in the current residence and a minimum of 2 years in the same city

For Self-Employed Individuals:

• Minimum age: 25 years
• Maximum age: Retirement age
• Minimum Income: Rs.2.5 lakhs per annum
• Employment stability: the applicant must have completed a minimum of 1 year in current employment

2. Check the Interest Rates and Apply Online

Before you move forward with the application process, it is a good idea to calculate your EMI payments using an online EMI calculator. This will help you know how much EMI you will have to pay monthly and if it is affordable for you.

Further, financial institutions offer used car loans to purchase vehicles under different categories. The interest rate is determined by considering factors like your debt-to-income ratio, income level, repayment history, and more. Based on your eligibility criteria, used car loan interest rates may differ.

Once you are satisfied with your EMI and the interest rates of the bank, you can proceed to fill in the online application form with your basic details like your name, mobile number, and address.

3. Upload Your Documents

Once you’ve filled in your personal details, the next step is to upload the documents. To get an instant used car loan,be very careful while uploading the documents. The standard list of documents that you may require to upload are:

Income Proof:

• Latest Income Tax Returns
• Balance Sheet for the previous financial year
• 3 months Bank statements
• Business Incorporation Certificate

Asset documentation:

• RC copy with the original verified seal
• Valuation report & Vehicle inspection report
• Copy of Insurance Policy

4. Submit the Form

The final step in online applying for a used car loan is to submit the form. At this stage, don’t forget to verify your entered details and submit the form; you can sit back and relax.

After this, your bank will verify your details and validate your documents for approval. And once the lender approves your pre-owned car loan application, the used car loan amount will be disbursed into your account in no time.

 Over to You

Thanks to digital lending, securing a used car loan has become convenient and hassle-free. All you need to do is visit the bank’s website and fill in the application form to get started.

Now that you know how convenient it is to apply for a used car loan look for an affordable loan from top banks like IndusInd Bank, and enjoy flexible repayments at attractive interest rates.