All About Used Car Loan Mansa
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Eligibility for Used Car Loan Mansa
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 is not given to rented customers.
Documentation for Used Car Loan Mansa
Documents required for Used Car Loan are as follows:
Identity Proof: Passport copy/ PAN Card/ Voters ID card/ Driving License/ Aadhar Card
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.
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.
RC and Insurance Copy
Rent agreement is needed only in case of government employees.
Interest Rate for Used Car Loan Mansa
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
- You can save money by buying used car and use the left over money for another purpose.
- The interest rate on these loans are also very less.
- You get the loan amount within 72 hours in your bank account.
- Tenure also varies from 2 years to 5 years, so the applicant the choose the period for which he wants to avail the Car Loan
- The documentation for Used Car Loan is less.
- CIBIL required for Used Car Loan is also less.
Additional information for Used Car Loan Mansa
- 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?
Mansa is a town located in Mansa district of state Punjab, 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 Mansa
- 1.1 Eligibility for Used Car Loan Mansa
- 1.2 Documentation for Used Car Loan Mansa
- 1.3 Interest Rate for Used Car Loan Mansa
- 1.4 Benefits of Used Car Loan
- 1.5 Additional information for Used Car Loan Mansa
- 1.6 How to Apply for Used Car Loan?
- 1.7 About Mansa
- 1.8 Leading Used Car Loan Providers (Click to Apply)