All About Used Car Loan Balod
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Documentation for Used Car Loan Balod
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
Interest Rate for Used Car Loan
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
Eligibility for Used Car Loan Balod
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 Balod
- Firstly, Banks offer car loan for 5-7 years, so the applicant can choose the time for which he wants to avail the loan.
- Furthermore, the procedure for claiming the car loan is very easy and simplified.
- The customer can choose the type of interest rate, which can be floating or fixed.
- Lastly, the customer can modify the car according to his wish and use the car without any hesitation
- Next, the interest rate can be negotiated in case of car loan if the customer has a good credit score and is a good customer for the bank.
- Moreover, the customer does not need to keep any collateral with the bank. The car of the applicant is itself security for which the bank is lending the loan to the customer.
Additional information for Used Car Loan Balod
- 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 Balod?
Balod is a city located in Balod district of state Chhattisgarh, India. For more information on Used Car Loan, you can visit our official website.
Leading Used Car Loan Providers (Click to Apply)
Table of Contents
- 1 All About Used Car Loan Balod
- 1.1 Documentation for Used Car Loan Balod
- 1.2 Interest Rate for Used Car Loan
- 1.3 Eligibility for Used Car Loan Balod
- 1.4 Benefits of Used Car Loan Balod
- 1.5 Additional information for Used Car Loan Balod
- 1.6 How to Apply for Used Car Loan Balod?
- 1.7 About Balod
- 1.8 Leading Used Car Loan Providers (Click to Apply)