All About Used Car Loan Khamanon
Want to buy a car which is out of your budget? Don’t wait to collect money and buy a new car when you can easily get a used car. Connect with Dialabank, and we will provide you Used Car Loan on easy terms and conditions.
Eligibility for Used Car Loan Khamanon
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.
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.
Note:Used Car Loan Khamanon is not given to rented customers.
Documentation for Used Car Loan Khamanon
Documents required for Used Car Loan Khamanon 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.
Benefits of Used Car Loan Khamanon
- 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. In case the customer does not make the payment of the loan, the bank can seize the vehicle of the customer.
- The customer can choose the type of interest rate, which can be floating or fixed.
- 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.
- Lastly, the customer can modify the car according to his wish and use the car without any hesitation.
Additional information for Used Car Loan Khamanon
- Car Loan is given on car models of after 2013.
- In case of luxury cars, the loan can be given for models after 2011.
- The amount of loan that the customer will get is 85% of Insurance Value.
- Time period for which the customer can avail the loan is 24 months to 60 months.
- A customer with CIBIL 1,0 and -1 can also apply for loan.
- The amount of loan the the customer can take starts from Rs. 1 lakhs.
How to Apply for Used Car Loan?
Khamanon is a city located in Fatehgarh Sahib district of the state Punjab, India. For more information on Used Car Loan, you can visit our official website.
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Table of Contents
- 1 All About Used Car Loan Khamanon
- 2 Eligibility for Used Car Loan Khamanon