Used Car Loan Valanchery

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All About Used Car Loan Valanchery

Banks offer used car loans with the benefits of faster processing. These Used Car Loans make it possible to own pre-owned cars pretty conveniently and quickly. Used Car loan Valanchery is the best way to finance a car when you are short of money. This loan comes with easy documentation and formalities.

Interest Rates for Used Car Loan Valanchery

The banks usually provide the used car loan at the 14% rate of interest, which is reasonable as well as convenient.

Eligibility for Used Car Loan Valanchery

To take the used car loan, the borrower must be either Self Employed or Salaried.

Self Employed

  1. The applicant must be currently working.
  2. He must be of 25 years or, he can add a co-applicant to take the loan.
  3. The applicant must have CIBIL of 700.
  4. Moreover, he must have filed an ITR of Rs. 2.4 lakhs for the last 2 years.

Note: Used Car loan is not given to the clients who live in a rented house.

Salaried Employees

  1. The salaried employees must be within the age of 21-60 years.
  2. He must be earning a monthly pay of Rs. 24000 at least.
  3. He requires having a CIBIL of 700.
  4. Also, rented people cannot apply except those who are government employees.

Benefits of Used Car Loan Valanchery

  1. The loan is available with many repayment choices.
  2. The documentation method is hassle-free.
  3. There is no need to submit any security or asset to the bank.
  4. The cost of the used car is much less than the new car which makes this loan more suitable.
  5. Also, the loan disbursal period is very less.

Documentation of Used Car Loan Valanchery

Following documents are to be submitted for the approval of the loan:

Self Employed

  1. The borrower needs Pan Card and Aadhar Card.
  2. All the documents related to ITR are required.

Salaried Employees

  1. The borrower requires Pan Card and Aadhar Card.
  2. He also needs to submit 3 months’ salary slip and 6 months bank statement.
  3. Also, he needs a copy of RC and Insurance.
  4. The borrower must submit his rent agreement in case the applicant is living in a rented house. ( Only for government employees)

Additional Information for Used Car Loan Valanchery

Used Car Loan Valanchery

  1. Used Car Loan is provided only on the models after 2013.
  2. The customer will get 85% of the insurance value as the loan amount.
  3. The customer with CIBIL score of 1, 0 and -1 can also apply for the loan.
  4. The loan amount starts from Rs. 1 lakh.
  5. In the case of luxury cars, loans can be given on models after 2011.

How to Apply for Used Car Loan?

Firstly, you require to visit our site, i.e., Dialabank.

Then, apply online for the Used Car Loan.

After that, we will contact you as soon as possible. We will help you to get the loan in the fastest way.

About Valanchery

Valanchery is a town in the Malappuram district of Kerala state India. Also, here, the local language is Malayalam.

Car Loan Providers

  1. HDFC Car Loan
  2. Kotak Mahindra Car Loan
  3. Yes Bank Car Loan
  4. Axis Bank Car Loan

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