Are you looking to buy a used car and also wanted to avail of second-hand car finance? If yes, then you are not alone! Many people who are looking to bring home a used car opt for a used car personal loan. Many leading banks and non-banking finance companies (NBFCs) may offer you a higher amount to fund your needs.
If you wanted to know more about the features of the second hand car loan and steps to apply for it, then here is a short post that you should go through!
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What is a Used Car Personal Loan?
A used car personal loan is a version of the personal loan that has been created by lenders to help you purchase a used car. Based on your eligibility, you can easily get up to Rs.25 lakh to buy any car of your dreams easily.
What Are The Features and Benefits of Second-hand car finance?
- Quick approval – Once you submit the used car personal loan application, you can easily enjoy instant approval.
- Money in your bank within 24 hours – After you have the loan approval, you can expect the desired loan amount to be disbursed into your bank account within 24 hours.
- Flexi feature – You can borrow an amount out of your total limit and pay only interest as EMI and nothing extra. The rest of the money is adjusted after the end of the tenor. This way, you can save up to 45% on your EMI payments.
- Flexible tenor – You can easily enjoy a flexible tenor of 1 year and 5 years to repay the second-hand car finance as per your repayment capacity.
- Higher loan amount of up to Rs.25 lakh – Instant personal loan can help you borrow an amount of up to Rs.25 lakh. The amount is large enough to help you fulfill your wish of owning a dream car.
What is The Eligibility Criterion For The Used Car Personal Loan?
Once you fulfill the below-mentioned eligibility conditions, you can get a personal loan. Have a look.
- You need to be aged between 23-55 years
- You should be employed with an MNC, private or a public limited company
- You need to be a resident citizen of India
- Submit KYC documents
- Submit Employee ID Card
- Submit Salary Slips of last 2 months
- Submit salaried bank account statements of 6 months
How to Apply For The Second Hand Car Finance?
You can easily apply for the used car personal loan by following some simple steps. Have a look.
- Fill in your personal, financial and employment credentials
- Opt for the loan amount and tenor that you wish to enjoy an instant approval
- Furnish your documents to the concerned representative of the lender
- Receive the desired loan amount in your bank account within 24 hours
Everyone wishes to have their own car. However, not all may have the financial capacity to buy a brand new car. Hence, they opt for a used car which they can easily finance using the second-hand personal loan. Now that you are aware of the features and steps to apply for a personal loan for used cars online, you can get started today only.
Bajaj Finserv offers pre-approved offers on personal loans, home loans, business loans and more. It can simplify your loan procedures and make it less time-consuming.
You can share your basic details such as your name and mobile number to check out your pre-approved loan deals right away.
