All about Used Car Loan Magam
Car is an important asset in today’s time. But sometimes owning a new car becomes difficult due to lack of finance, but you can own a used car. Owning a used car has become very easy now at affordable interest rates. A Used Car Loan Magam is the best option to buy a car if you have limited finance. You just need to be eligible for the loan. Documents required for a used car loan may differ as per the profiles.
Eligibility Criteria for Used Car Loan Magam
- Initially, the minimum age to get a loan is 21 years, and the maximum age cannot be more than 60 years.
- After that, the minimum income should be at least Rs. 24,000 per month.
- Moreover, any government employee who is living in a rented house can also avail this loan.
Note: If a person is working in a non-government organization, then you are not eligible for this type of loan.
- First of all, the minimum age to apply for this type of loan is 30 years.
- After that, the maximum age can reach up to 60 years, not more than that.
- Moreover, the minimum ITR of Rs. 250,000 for the last two years should be filled.
- Besides that, ITR is mandatory for an independent person.
Note: If the borrower wants to avail used car loan and his/her age is 25 years, then co-applicant is necessary, and the co-applicant must be a working person.
Documents Required for Used Car Loan Magam
Following are the documents required for Used Car Loan:
- Identity Proof: Aadhar Card, Voters ID card, PAN Card, Copy of Passport, Driving License.
- Income Proof: For Salaried, latest salary slip of 3 months/ For Self-Employed, copy of ITR filed of last 2 years.
- Bank Statement: Copy of active bank statement of last 6 months.
- Address Proof: Aadhar Card, Electricity Bill (if tenant), Passport Copy, Driving License, Voters ID Card.
Interest Rate to avail Used Car Loan Magam
The interest rate charged on a Used Car Loan is 14% of the total amount. This interest is applied on the basis of reducing method. For example, if you procure an investment of Rs.10 lacs and you have paid off Rs.4 lacs, then the interest would be charged at remaining 6lacs and not the entire amount of 10 lacs.
Additional Information about Used Car Loan Magam
- Initially, the minimum amount of credit that can be incurred by the borrower is Rs. 1 lakh.
- Likewise, the CIBIL score needs to be more than 700.
- Furthermore, the loan is valid only for the car models which were launched after 2013.
- Likewise, the loan amount is given for a time period of 12 months (1 year) to 60 months (5 years).
- Most importantly, the loan amount gets disbursed by bank in 48 hours.
- Besides that, anyone who is having CIBIL 0, 1, -1 is also eligible for the loan.
Benefits of Used Car Loan Magam
- The best part about Used Car Loan Magam is that there are no hidden charges.
- It is instantly available.
- Meanwhile, a flexible monthly repayment option is available.
- There are affordable Interest Rates.
- Furthermore, tUsed Car Loan Magam is easily and quickly accessible.
Why should you choose DialaBank for a Used Car Loan Magam
- We provide a loan with the least interest rates and with hassle free documentation process.
- Further, with our relationship manager, you will be able to avail the best in market loan to value ratio.
- Dialabank Used Car Loan is one of the best options that allow an individual to buy a car at a nominal amount.
- Apply now on our official website for instant approval and faster processing of your car loan.
How to Apply for Used Car Loan Magam Online?
- Firstly, you need to visit our website Dialabank
- Besides that, click on the car loan option displayed on the front page of our website.
- In addition to that, fill an application form with all your required details and apply for a car loan.
- Noticeably, mention your contact information.
Magam is a village in Kupwara District in the state of Jammu & Kashmir, India. It is located 9 KM away from District head quarters Kupwara, and 79 KM away from State capital Srinagar. The native language is Urdu. The total population is 6909 and number of houses are 1150, as per the record of 2011 census.
Used Car Loan Providers (Click to Apply)
Table of Contents
- 1 All about Used Car Loan Magam
- 2 Eligibility Criteria for Used Car Loan Magam
- 2.1 Documents Required for Used Car Loan Magam
- 2.2 Interest Rate to avail Used Car Loan Magam
- 2.3 Additional Information about Used Car Loan Magam
- 2.4 Benefits of Used Car Loan Magam
- 2.5 Why should you choose DialaBank for a Used Car Loan Magam
- 2.6 How to Apply for Used Car Loan Magam Online?
- 2.7 About Magam
- 2.8 Used Car Loan Providers (Click to Apply)