Car Loan-EMI, Compare Interest Rates for Auto Loans-CarWale

When you take a used car loan from a lending institution, you receive the loan principal in lump sum after the submission and verification of the relevant documents. You will have to repay this principal amount along with the applicable interest on the loan over a pre-determined tenure. You can apply for a used car loan online for faster loan processing.

Availing a used car loan offers the following benefits – Easy car purchase – Bring home your desired four-wheeler in only a few effortless steps. No collateral needed – The vehicle you purchase will itself be the loan security. You need not fear risking any additional assets. High loan amount – You can apply for a loan principal as high as Rs. 50 lakhs and purchase the car of your choice. Minimum paperwork – You can apply for a used car loan online. This all-digital approach can save you hassles related to heavy paperwork. Repayment flexibility – For a comfortable repayment experience, get flexibility in terms of the loan tenure and EMI payment – fixed or flexi EMI plans.

Used car loan interest rate refers to the rate at which interest is to be charged on the principal loan amount for a pre-determined tenure. Used car loan rates start at just 15%.

Used car loan tenure refers to the period within which a borrower needs to repay their loan, which is equal to the principal amount plus the applicable interest on the loan. The maximum tenure is 60 months or 5 years.

For salaried individuals, the used car loan eligibility criteria are – Age of the applicant must be between 21 and 65 years. Salary must be at least Rs. 20,000 per month. At least one year work experience is mandatory. Salaried individuals need to furnish – Photo identity proof documents Income proof documents Salary slips for the past three months Address proof documents Vehicle Registration Certificate Telephone or mobile bill