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| Loan Amount | ₹100,000 |
| Interest % | 8 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,699 |
| Total Interest | ₹ 4,386 |
| Loan Amount + Interest | ₹ 104,386 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 65,779 | ₹ 3,813 | ₹ 69,592 | ₹ 34,221 | 65.78 % | |||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 34,223 | ₹ 573 | ₹ 34,796 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
We don’t want you to wait further for your first car. Therefore at ReferLoan, we have made the Used Car Loan process as easy and smooth as possible for all applicants. All it takes is just a few steps.
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
One of the most important steps. Now you will have to submit all the required documents digitally.
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
Availing a used car loan from ReferLoan can benefit you in multiple ways. From low-interest rates to minimal documents, the list is quite long.
The age of the applicant always plays an important role in the rate of interest as well as the tenure of the Used Car Loan and the minimum age should be 18 Years and the maximum age decided is 65 Years.
The loan amount is decided by the income of the applicant and the income should not be less than Rs.15,000/- per month
This differs from different bank policies and requires a minimum 3-month job or more.
It was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
The eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Registered rent agreement
Current passport size photograph
Salaried income documents
Self Employed person documents
Before applying for a Used Car Loan, it is good to do your homework and stay prepared. Below mentioned are a few factors that could help you make an informed decision while applying for a Used Car Loan.
A used car loan is financial aid that helps to buy a used car. This type of loan is most useful for those people who do not have enough money to buy a new model and want to get a good secondhand car. First-time buyers are better off getting pre-owned cars as their cheaper and often better quality than newer cars. That's because they were owned by someone else before and have had their pick of the cream of the used car market. If you live in a country where new cars are numerous and inexpensive, that can mean a lot of competition for used cars.
Yes, you can surely apply for a used car loan offline. For that, you will have to visit the branch of the bank and submit the application along with the required documents.
The car you will avail of a loan on will automatically act as a security, so you won’t be asked to provide any collateral or security.
The required minimum age to apply for a Used Car Loan is 21 years.
This may differ from lender to lender, but the repayment tenure of a Used Car Loan can go up to 7 years.
Consultant
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