All About Used Car Loan Tenali
Own car has always been a dream of every person. Car can be a new car or a used car. The value of the car is the same for the user. You need to see a dream, and we will fulfill it for you by providing car loan on easy terms and conditions. Avail car loan today only with DialaBank and fulfill all your dreams.
Documentation for Used Car Loan Tenali
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
The interest rate charged on used car loan is 14% of total amount. This interest is applied on the basis of reducing method.
The Loan gets disbursed in your bank account in just 2-3 days.
Eligibility for Used Car Loan Tenali
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
- 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.
Benefits of Used Car Loan
- Firstly, Banks offer car loan for 5-7 years, so the applicant can choose the time for which he wants to avail the loan.
- 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.
- The customer can modify the car according to his wish and use the car without any hesitation.
- 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.
- 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 Tenali
- 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 the the customer can take starts from Rs.1 lakhs.
- A customer with CIBIL 1,0 and -1 can also apply for loan.
- Time period for which the customer can avail the loan is 24 months to 60 months.
- The amount of loan that the customer will get is 85% of Insurance Value.
How to Apply for Used Car Loan?
Tenali is a city located in Guntur district of the Indian state Andhra Pradesh.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 Tenali
- 2 Documentation for Used Car Loan Tenali
- 3 Eligibility for Used Car Loan Tenali