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Where Can I Get the Best Loan for Pre-Owned Cars?
Posted on Saturday, September 2nd, 2023 | By IndusInd Bank
With competitive interest rates, flexible repayment tenure, and a hassle-free application process, IndusInd Bank offers the perfect financing solution for a pre-owned car purchase.
When purchasing a pre-owned car, finding the right financing option is crucial. To find the best loan for a used car, you must explore various options and consider factors such as interest rates, loan tenure, and application process. Among the various options available, IndusInd Bank’s pre-owned car loan is an excellent choice. With attractive interest rates and flexible repayment tenure, IndusInd Bank offers a comprehensive and hassle-free financing solution for a pre-owned car purchase. Keep reading to explore the benefits of IndusInd Bank’s used car loan and its online application process.
Benefits Of IndusInd Bank’s Pre-owned Car Loan
IndusInd Bank’s pre-owned car loan has several benefits for customers looking to finance a used car purchase. Some of the key benefits are:
| Competitive Interest Rates | IndusInd Bank offers borrowers attractive interest rates for pre-owned car loans, enabling them to avail of affordable EMIs. |
| Repayment Tenure | Borrowers can choose a repayment tenure of up to 60 months. |
| Minimal Documentation | The bank has streamlined the loan application process, reducing the paperwork burden for borrowers. |
| Quick Loan Processing | The bank has implemented an efficient loan processing system to minimise borrowers’ waiting time and ensure faster funds’ disbursal. |
| High Loan Amount | Individuals can secure a loan amount of up to INR 25 lakhs. The bank offers up to 100% finance, allowing borrowers to borrow the total cost of the pre-owned car they want to purchase. |
Pre-owned Car Loan Eligibility Criteria and Documentation
For Salaried Individuals:
Eligibility
- The minimum age is 23 years
- The maximum age is the retirement age
- The minimum income is INR 2.5 lakhs per annum
- Employment stability of at least one year in current employment
- Residence stability of one year in the current residence and at least 2 years in the same city/ no stability required in case of own house
Documents Required
Asset Documentation:
- RC copy with the original verified seal
- Valuation report & Vehicle inspection report
- Copy of Insurance Policy
Income Proof:
- Form 17
- Last 3 months’ salary slips
- Latest Income Tax Returns
- Bank Statements
No Income Proof:
- Last 6 months’ bank statements
- Business incorporation certificate or business continuity proof for the last 3 years
- Owned residence stability proof
For Self-Employed Individuals:
Eligibility
- The minimum age is 25 years
- The maximum age is the retirement age
- The minimum income is INR 2.5 lakhs per annum
- Employment stability of at least one year in current employment
Documents Required
Asset Documentation:
- RC copy with the original verified seal
- Valuation report & Vehicle inspection report
- Copy of Insurance Policy
Income Proof:
- Latest Income Tax Returns
- Balance Sheet for the previous financial year
- Last 3 months’ bank statements
- Business Incorporation Certificate
Application Process for Pre-owned Car Loan
Follow the instructions below to apply for a used car loanonline with IndusInd Bank:
- Go to IndusInd Bank’s pre-owned car loan webpage
- Simply click the “Apply Now” button and choose the specific car loan option you require
- On the next page, fill in some basic information like your Name, Mobile Number, PAN, and pin code
- After submitting your details, an agent from IndusInd Bank will get in touch with you. They will explain the loan features and guide you through the application process
Whether you are a first-time car buyer or looking to upgrade your current vehicle, IndusInd Bank is here to help you get the financial support you need.
Apply for a used car loan with IndusInd Bank today and unlock the door to affordable car financing!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
