All About Used Car Loan Aizwal
All cars are not made for hilly areas. If you love to visit hilly areas in your car, buy a used car today only. Visit DialaBank online today only and get all the information that you should know for having a used car loan.
for apply for car loan click on this Apply For Car Loan
Interest Rate for Used Car Loan Aizwal
The interest rate charged on used car loan is 14% of total amount. This interest is charged on the basis of reducing method.
The Loan gets disbursed in your bank account in just 2-3 days.
To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates
Documentation for Used Car Loan Aizwal
A person must review the documents required for car loan before selecting the loan.
Documents required for Used Car Loan are as follows:
Income Proof: Latest 3 months salary slip and 6 months bank statement is required for salaried employees and Last 2 ITR filed and 6 months bank statement is required for self employed persons.
Identity Proof: Passport copy/ PAN Card/ Voters ID card/ Driving License/ Aadhar Card
RC and Insurance Copy
Rent agreement is needed only in case of government employees
Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy / PAN Card / Aadhar Card
Bank Statement: Bank statements for the last six months should also be available with the applicant
Eligibility for Used Car Loan Aizwal
The Eligibility criteria for car loan, as well as the procedure, must be examined.
For self employed
- The age of the applicant should be 30 years. In case the applicant is less than 30 years, he would need the co applicant.
- The co applicant should be of 25 years and currently working.
- CIBIL of the applicant needs to be 700.
- The applicant must have filed an ITR of Rs.2.5 lakhs for past 2 years.
For salaried employees
- The income of the applicant should be Rs. 24,000 per month.
- Minimum age of the applicant needs to be 21 years and maximum age should be 60 years.
- CIBIL of the applicant should be atleast 700.
- Bank’s internal customer are given used car loan in case they are rented.
Note: Used Car Loan is not given to rented customers.
Benefits of Used Car Loan Aizwal
- The cost of a used car will be less than a new car.
- Applicant can avail a used car loan easily in case he is not eligible for new car loan.
- Interest rate on these loans is less as compared to new car loan.
- The time required in processing of these loans is also very less.
- The car is of the customer only and the bank does not have any right on it unless he is paying the EMI’s.
Additional information for Used Car Loan Aizwal
- The amount of loan the the customer can take starts from Rs. 1 lakhs.
- Car Loan is given on car models of after 2013.
- A customer with CIBIL 1,0 and -1 can also apply for loan.
- The amount of loan that the customer will get is 85% of Insurance Value.
- In case of luxury cars, the loan can be given for models after 2011.
- Time period for which the customer can avail the loan is 24 months to 60 months.
How to Apply for Used Car Loan Aizwal?
About Aizwal
Aizawl is the capital of Mizoram state in India. For more information on Used Car Loan, you can visit our official website.
